Immediate Cash Solutions – No Teletrack Payday Loans

Many payday lenders use the promise of no credit checks to build their business, especially from borrowers considered to be a high credit risk. The three major credit-reporting agencies would not be able to give some folks the report needed for them to obtain financing from traditional lenders, often leaving them without the ability to obtain even a short-term loan. Even with bad credit and most lenders saying no, Teletrack payday loans made money available to many otherwise unqualified borrowers.

Teletrack is a consumer-reporting agency that collects information on people with bad credit ratings. It includes information on payday loans they have had in the past as well as other sub-prime loans they may have been approved to receive. The use of Teletrack information is typical in the business, but in order to speed up the lending process and to qualify more people for their loans, many companies are now offering no Teletrack payday loans.

Most payday loan companies, especially those with online applications, will verify employment, income residence and a checking account and then seek a Teletrack report on the borrowers’ repayment history. In most instances, the report would take about a day to obtain and with many potential borrowers needing the money for emergency purposes, no Teletrack payday loans have begun to be available.

Information Verification Remains Important To Process

Currently, there are only a few companies offering no Teletrack payday loans, and while they may not run the report prior to approving a loan, they generally will report the repayment, or lack thereof, to Teletrack at the conclusion of the contract. Teletrack offers the companies protection from those who might be seeking a payday loan to pay off a similar loan at another lender, indicating the individual is getting in too deep and may end up defaulting on the loan.

Companies that offer no Teletrack payday loans remain competitive in their loan fees and interest rates with some offering rates as low as 10 or 15 percent. Comparable rates make them more attractive and more competitive in the payday loan industry. Additionally, those seeking no Teletrack payday loans are aware of the reasons for the extra fee as the prospect for defaulting on the loans may be higher.

The payday loan industry has been rapidly growing in the past few years and with the prospect of receiving a short-term loan without a credit check and the new no Teletrack payday loans being available, more people can qualify for help with their short-term financial needs.

Published by The Money Manager

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