The times are hard. We know and have seen family and friends lose their jobs and homes. Perhaps you and your family have been affected too. All very true. But is any of that worth losing your shirt over by taking a teletrack loan? The answer is a resounding no.

What Are Payday Loans?

These instant no teletrack loans or more commonly known as payday loans provide quick cash in hand but chances are you will soon find that you cannot get away from your chain and ball. Instant lenders are nothing more than a name for loan sharks. They own you because in order to get a no telecheck loan, you have to give them your social security number. Why do you think they want your social security number as well as the name and contact numbers of your close friends and family? It is simple, so that they can get their hooks into you.

Scam Alert! Identity Theft!

Another thing to consider is that the payday loan industry is notorious for stealing customers’ personal information or in other words, identity theft. Some scam lenders may take the very information that they require that you put in the application and then use it to break the law in your name. For an immediate loan you are willingly giving up your personal information to the industry known for abusing its customer information. Does that make any sense? No it does not. But that is exactly what you are about to do. And once you do, you are giving instant no teletrack loans lenders incredible power over you.

These fax less loans will help you pay the gas and power bills you keep telling yourself. And it is true that you would be able to pay a bill you are staring at with one of these cheap loans today. But that is the rub. Are you willing to satisfy a temporary need and take a risk? Once again refer back to the application which you signed. You provided the instant no teletrack loans lender the name, address and phone numbers.

Why do you believe you were asked for this information? The answer: so that if you were late in paying back the overnight loan, then they could harass you. And that would bring about the pressure and unknown consequences to your home life. What is clear is that you will be approached by your lender or a collection agency on their behalf if you do not pay.

Times are tough, but what you have to ask yourself if one of those instant no teletrack loans are worth the pain and headaches. Only you can answer that question. But from the countless victims of the instant no teletrack loan industry, most will say it is not worth it at all.