No Credit Check, but What about Teletrack?
One of the huge benefits to borrowers needing money when it comes to payday advance loans is that there is no credit check. This means that even if they have poor credit, they can catch a break, get the funds they need, and even boost their credit by opting to take out a payday loan. However, some payday advance lenders, while they still do not run a credit check, do run a Teletrack report. What is this, and how can it affect your ability to get a payday loan?
What is Teletrack?
Teletrack is a company that does not generally work with banks and other traditional lenders, but does work with payday lenders and other similar companies. It offers reports on applicants that include past companies they have done business with, including payday lenders. If there are several payday lending companies on the report and some of them have not been paid, or there are hot checks or other such negative marks included, this report can keep you from being approved for a payday loan.
What Can I Do?
The easiest and most efficient thing to do is to look for lenders that do not use Teletrack reports. They do exist, and all you have to do is ask. If they say yes they use them, simply move along to the next one. You can also ask for a copy of your report and correct any mistakes that may be listed, but that takes time. Most borrowers need money quickly, which is why they are trying to get a payday loan in the first place.
How to Find a No Teletrack Report Lender
There are several ways to go about this. You should be researching lenders as much as you have time to anyway. In the course of your regular research, look for written notification, such as a notice on a website or a sign in the storefront, that says that they use Teletrack. If you can find this, then you can move on to the next lender immediately. If you cannot find any such notification, do not assume they do not run the report. Just ask. If you are asking an online company this may require and email, so it is wise to send several such emails to various companies you are considering in hopes at least one will respond promptly.
Teletrack can keep you from getting a payday advance loan, but that is not necessary. There are plenty of lenders that do not use Teletrack reports. Do your research and find one that offers the right financial product for you and your situation.