Teletrack is a system used to cross check the applicant’s checking account and credit history. By using this system, loan companies can expose your credit history, including bankruptcy and outstanding checks against current loans. Since payday loans are short-terms secured loans and do not involve large amount of money, these loan companies do not have the urgency to verify the information provided by the potential borrowers.

Payday loans are a quick way to get cash for individuals who have filed bankruptcy or having bad credit history. Payday loan companies offer instant cash advance for a short-term period, usually between 2-3 weeks. The amounts of these loans normally do not exceed $1,000. To provide fast service and cover the risk that may involve in the process, the loan companies charge interest at a higher rate in comparison to other long-term traditional loans.

How to Apply for Payday Loans

The loan companies make the application process for the loan simple and quick. You will only need to complete a form with basic personal data, employment details, and nominated bank account. Some loan companies may ask you to fax additional paperwork such as driver’s licence and electricity bill. After your application is approved, the funds are wired to your checking account on the same day or the following day. The process is very quick as they do not verify your credit rating, thus your chance of getting approval is almost 100%.

Payday Loan Repayment

The repayment date is specified in your application form, usually it is the date when you receive your next paycheck. The lender is able to automatically debit the fund and the fee from your bank account. If you feel that you need more time to repay, you can always request for an extension a few days prior to the automatic debit. Early repayment is also possible without attracting any additional fees.