What Is a No Teletrack Payday Loan?

What Is a No Teletrack Payday Loan? by Chris Novaczek


Sometimes people who need a payday loan will look for what is called a no Teletrack payday loan. No Teletrack payday loans are loans in which the lender doesn't pass the applicant's data on to the company called Teletrack. The purpose of Teletrack is to measure risk for the lender. Since sub-prime borrowers are not always the most reliable in terms of repaying loans made them, it is in the payday lender's best interest to use Teletrack. Information which is verified usually includes rental history, court/bankruptcy records and employment info.

Since many people who need a payday loan obviously will often have bad credit records, they may look to subvert the Teletrack system. Even though the Teletrack system most likely allows leniency for individuals with bad credit, some may assume that it does not. On the other hand, obtaining a loan from a lender who offers no Teletrack payday loans is not guaranteed if the applicant's records show they might be unable to repay the loan. Since there are no guarantees a person will obtain a loan regardless of whether a lender uses Teletrack, the best course of action is to just apply and see if you are approved.

More opportunistic online payday loan companies often will not send applicant data to Teletrack for analysis. Since most data needed to verify loan eligibility is collected in a standard application, a lender can use their own judgment in determining whether to provide a loan. Teletrack is a convenience, not a requirement. Often it will be the smaller online payday loan lenders who do not use Teletrack because accepting more sub-prime applications allows them to remain competitive with the larger lenders.

An applicant generally does not need to provide any more information for a no Teletrack payday loan than for a regular payday loan online. Often times a web form will include non-required data fields. It's important to include all the information you can in your application even if the particular piece of information is not required. The more information a lender has about you, the more likely they will be to provide a payday loan.

It may be more difficult to get a payday loan with bad credit, but it is certainly possible. If you're having a hard time getting a payday loan online, you just need to find a lender who offers loans with no Teletrack. You will be hard pressed to find such a service in a traditional payday store, so your best option would be to find a lender online. It should not be too difficult to find a willing lender in the competitive online market. Search around and you should find one in no time!

About the Author

With several years of experience in the personal finance industry, Chris Novaczek is an expert on the subject of online payday loans. If you would like to know more about no teletrack payday loans, stay tuned for more articles in this series.