Teleloans offers online business loans, small cash loans and bad credit loans with variable loan options.
Comparison of Payday Loans
Whilst we don't compare Tele Loans Payday Loans, here is a comparison of other Payday loan providers that you may find useful.
Types of personal loans from Teleloans
The two basic types of loans offered by Teleloans are simple cash and business loans, aimed at providing emergency cash relief for borrowers. Teleloans states that its intention is to provide useful cash sources for clients to manage financial situations.
Teleloans cash loans are small payday loans. The term of these loans may be up to days, with first payments required to be made within 20 days of funding. Cash loans amounts vary from $50 to $200 for first time borrowers and up to $1,000 maximum.
Business loans from Teleloans are unsecured. Business loans may be up to $1000 with variable terms depending on borrower preferences.
Teleloans additionally offers borrowers an option to conduct loans through their services or directly with the credit provider, Finance and Direct Loans Pty Ltd, advising the benefits and costs of this alternative.
You can also have a guarantor for your Tele Loans. This method is generally used as a risk management option for lenders and may also be appropriate for some borrowers who are unable to document sufficient income for approval.
Fees and charges are applicable, with additional fees and charges calculated according to the terms of specific loans.
Features and benefits of a Teleloans personal loan
- Teleloans is an emergency payday advance provider. Their basic cash loans are small, and may assist borrowers with short term cash needs. Business loans are similarly configured to provide cash for short term coverage of temporary costs and business expenses.
- Bad credit loans. Teleloans advertises a small loan option for those with credit history issues, stating that borrower 'Credit history is history', which is for emergency loans only. The company provides other documentation which states that for larger loans, credit history is taken into consideration for loan approvals.
- Loan choices. Teleloans offers borrowers a choice of terms for loans. Loans may be taken out under the National Consumer Credit Protection Act, or under the terms of their Guaranteed and Managed Loan service. Different conditions apply to each type of loan. The different terms of loans include different fees and conditions. Under the Guaranteed and Managed Loan service terms, a credit check is not conducted.
- Flexible repayments. Loans payments may be made through credit cards, direct debit or money orders in emergency situations. This level of flexibility in repayment options may be suitable for some borrowers in preference to other alternatives.
How to apply for a personal loan from Teleloans
Depending on the type of loan you need, you can choose the Payment Advance tab for cash loans, and the Business Advance Tab for business loans. These pages are the Teleloans loan application forms.
Eligibility requirements
Personal payday loans
Applicants must be over 18 and meet one of the following criteria in order to apply:
- In paid employment
- Have a mobile phone in the borrower’s name
- Have a landline in the borrower’s name
Documentation in the form of two forms of identification and bank account information is required.
Teleloans business loans
- Businesses must have an ACN or ABN
- Proof of payment information
Documentation requirements include bank account information and may include requests for other documentation of business information if required.
At a maximum of $1,000, Teleloans cash loans are smaller than the cash loan market average of around $1500. These cash loans are structured to act as emergency cash, rather than financial fixes for major budget issues. They may be useful to borrowers for managing expenses.
The Teleloans business loans are also notably smaller than the short term market average, at $1,000. This amount is geared to providing cash for current cashflow issues. For business borrowers, these loans may be suitable for managing small business costs.
