This applicant, who wanted a payday loan approved with a check cashing company that does not verify the credit histories of their customers, and does not use the Teletrack database(s) for full verification to check to see whether or not the applicant, or would-be-borrow qualifies for approval. This is a rather long document, so you may need to bookmark it, or print it for reading later.

We have divided this submission into sections and provided this table of contents as such;

Table of Contents

1. Introduction – Bad Credit PDL No Teletrack Verfication
2. State Laws for California on Payday Loans
3. Applicant Has Bad Credit Rating and Recent Teletrack History
4. Begin Submitted Application (online form)
5. Why Applicant Needs Loan
6. Denied by Local Check Cashing Companies
7. The Plea for Approval
8. Clarification of Loan Request
9. Amount of Payday Loan
10. Length of Employment
11. Time Residing at Current Address
12. Applicant’s Status Points
13. Bad Credit Score and No Teletrack Approval
14. Denied for Bank Loan – No Collateral & Bad Credit Score
15. Employment Background & Employment Prospects
16. Last Chance for Borrower to Provide Accurate Information to Lender
17. Payday Loan Stores in Huntington Park and East L.A.
18. Suggestions for Applicant/Borrower from Editor(s)
19. Fees On 100% No Verification Payday Loans

Introduction to Bad Credit PDL Without Teletrack Verification

This applicant lives in Huntington Park, Los Angeles, and needs a fast payday loan (or so he thinks) to pay off some bills and pay off some existing overdue payday loans. His credit rating is very bad, and he is talking about finding an online lender that does not verify his credit score, or recent consumer history. He basically wants what many borrowers want, in that he is looking for a cash advance on his paycheck without having to go through the verification process that almost all of these kinds of lenders use – they almost always check out the applicant with the Teletrack, or DP Bureau service.

Furthermore, this applicant states that he has very bad credit and he wants to borrow upwards of $5000 dollars. There are no payday loan companies that lend that much out. Most all of the lenders he has been applying with have a limit to how much they can lend to one customer – in his case, the lenders are bound by the State Laws of California on how much they can approve, and how much they can charge in service fees, penalties, and interest.

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Payday Cash Advance Law for California Lenders

The law in California clearly states that check cashing lenders can carry out their lending as such. You can read the full extent of the law regarding payday loans in California here. But in a nutshell it is as follows;

• After 31 days the borrowers deferred payment check can’t be cashed
• Can’t charge more than a 10% APR
• Can’t lend more than $300
• Cannot roll over the loan (can’t extend)
• Maximum fees and charges can’t exceed 15%

So you can see that our young applicant is dreaming – there is no way he will get enough money to solve his financial woes using a payday loan provider in his State of residence. You can also see that the State Legislators have tied the hands of these high yield lenders with A.B. 207 – way back in 2005.

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Applicant Has a Bad Credit Score and Teletrack Borrowing History

On with the applicant’s information. He was very thorough, so it’s a bit of read perhaps. We’re going to do this a little bit differently today. I will type in my opinion(s), and review each comment made by the applicant. At the end of the loan application form (questioner) we’ll look at the borrower’s submitted monthly budget, and look at the kind of loan product he really needs.

The Online Application (volunteered + name change)

Loan Product Type :: Payday Loan without a Teletrack verification

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Why do you need this Payday Loan? :: My name is Jeremy and I live in Huntington Park, Los Angeles. I need a fast (very fast) personal loan for at least $5000 dollars USD. I need this to be a payday loan but I need to pay it off over 90 days from my paychecks. Really it’s just an installment type loan but with a very fast approval and deposit into my bank account. I have a checking account you (or whoever approves me) can deposit the loan into within minutes, an hour, or maybe overnight. It just has to be approved today and then deposited into my account no later than 72 hours. I owe money to 2 other payday loan companies in LA, and I have let two checks bounce NSF (non sufficient funds) with these two cash advance companies.

Hello Jeremy. Thanks for stopping by Californialoanfind.com. I’m sorry to be so blunt, but the loan you are inquiring about simply does not exist. In California the most a paycheck cashier can lend you is $300. If you want to borrow $5000 and pay it back like a typical, conventional loan product, you will need to apply with a local bank or credit union.

Your options for getting a payday loan are still there, but it won’t be enough money to solve your financial problem. With a cash advance option, like this, you could only hope to ever borrow between $2500 and $3000 from an out-of-state payday lender. Regarding your wish to find a lender that does NOT use a Teletrack type verification process – that is not likely to happen on any check cashing product – online or offline.

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Denied by Local Cash Advance Shops

I have tried repeatedly to get approved with other payday loan shops in my area of Huntington Park, but no-one will approve a loan for me. I have pretty much given up on getting approved for a loan with any local lenders, and now I am going online to try and get approved by a payday loan company that lends money to borrowers 100% online, with no verification, and no teletrack checking.

There are MANY check cashing companies surrounding your residence, and from your submission we see that you have only applied with 3 different lenders. As a courtesy (to be nice) we developed a list of all the check cashing companies in, and around, the Huntington Park and East L.A. area. You are right about one thing – if you want approval, considering your bad credit rating, and your history of default (NSF checks), you will be looking at getting approved online, and out-of-state.

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Applicant’s Employment and Plea for Approval

I will be able to pay off this loan over a 90 day period no problem, because I just started a good paying job with Warner Bros, and I will be making over $5000 dollars a month. My budget has been made for all my expenses which I attached in this email I am sending. Please let me know if you think my budget is realistic or if there any improvements you think I need to get approved for a loan with you.

Well we looked at your budget that was attached to your email, and we noticed a few key things about your out-going expenses, your gross projected income, and your actual net income. You would not be able to comfortably pay off a $5000 loan from a payday lender over a 90 day period (3 months). Don’t mean to be rude – we are just trying to help you fully understand what you are up against financially. When we did the math it revealed that you would be struggling to pay back the principal, fees, and interest on such a short-term note. Use a Payday Loan calculator to understand the true APR these lenders charge.

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Clarification of Loan Request

Is this a personal loan? :: This is not for business. This is a personal loan. This is so I can pay off some existing payday loans I have in arrears, and clean up (pay off) some of my outstanding bills. My rent is due tomorrow and I am already a month behind in rent. My landlord is very patient and understanding. She said she won’t evict me for being one month behind on rent.

Sorry to hear about your landlord and that you are behind on your rent. We suggest dramatically changing your spending habits, and your earning habits.

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Amount of Payday Loan Request

How Much Do You Want To Borrow? :: Between $5K – $6K

You can’t borrow more than $300 dollars with a check cashing loan in the State of California

Employment Length

Length of Employment :: Under 6 Months

This is not seen as a good thing by conventional banks and lenders. You would have to have collateral, and in your submission you stated that you do not have any kind of collateral to offer as security – on any kind of note.

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Time at Current Address

Time at Address :: Between 6 – 12 Months

This is also a problem with most lenders, and I understand why you think a payday loan lender will approve you when a conventional lender won’t. You’re only error is not realizing that payday lenders can’t legally lend you $5000 under any kind of circumstance – or in ANY State.

Applicant’s Status (Age, Marital, Sex,  Address, Bankruptcy)

Age :: Over 21

Sex :: Male

Marital Status :: Single

Ever Claimed Personal Bankruptcy for any Reason? :: No – never

What Country is Your Primary Address :: United States

What City, Town, County, or State is your primary address in? :: Huntington Park, Los Angeles, CA

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Credit History (Score) and Teletrack Rating – No Collateral for Bank Loan

Have you looked into to see exactly what your FICO score is? :: No, but think it is below 600 though.

Would you consider your credit rating to be? :: Poor – Bad

There is no way to truly know how bad your credit rating is without getting it checked with the major credit bureaus. You can do that for a reasonable cost. Is your credit rating considered “bad” with the credit reporting agencies? Is your FICO score below 600? Are you sure there is bad data report on your record with Teletrack?

Collateral? :: No

You can still get approved for a personal loan for $5000 – $6000 AND have no collateral. You will have to have a steady job, and steady place of residence, proof of employment (paycheck stub), and you will likely be paying a high interest rate on the note. The lender will probably try and sign you on to a loan agreement with an APR over 10%.

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Lack of Credit and/or Collateral for Conventional Bank Loan

Down Payment? :: No

If down payment, how much? :: There is no money down or security of any kind. This has to be an unsecured personal loan, and it needs to be fast – this is an emergency situation. Do you think I should try getting approved with another payday loan or cash advance store somewhere else in L.A.? Or should I do what I am doing right now by using the Internet to get approved by a payday loan company that takes applications online only? How much will my fees be costing me, and what is the APR on the kind of loan I am applying for. Will you full disclose how much I am going to have to pay in fees on this quick loan?

Do you require verification regarding my employment history, and do you use the Teletrack system to find out what my credit history is? Will you approve my loan even if my Teletrack record shows that I have had some insufficient fund problems and bounced some checks with other cash advance stores in Los Angeles.

Wow – there are allot of question there to answer, but I’ll try;

• getting another payday loan will not help your financial situation (doesn’t matter if some other lender(s) in Los Angeles is willing to approve you. Which I doubt, after realizing how bad your credit is. As you say.
• Using the Internet to try and get a payday loan in another State is even more costly, and as we have mentioned, an approval will not help you get out of the hole you have put yourself in.
• the fees and interest you would be paying on a paperless, faxless, payday loan would be the maximum of $30 for every $100 you borrow, and check cashing companies in California are not permitted by law to do so.
• we at CLF, do not require ANY kind of employment verification (why can be found below)
• we do not require any collateral on the note (why can be found below)
• we do not use the Teletrack credit history database system(s) (why can be found below)
• we not require any paper work of any kind sent from you (why can be found below)
• we do not have to fax us any of your personal information whatsoever (why can be found below)
• Why – Because we are not a payday lender and have never been a payday lender. We provide useful information for borrowers, debtors, lenders, banks, and students of personal financing and lending. Please read PP&T. We can help borrowers get approved by steering them in the right direction.

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Employment Experience and Prospects

Employment Experience :: I have been going to school learning to be a camera operator, and have been very lucky to finally get hired with a major film studio in Los Angeles. I used to work in a car wash in Pasadena and worked there for over 7 years.

I am a loyal, honest, hardworking employee and I have never called in sick a day in my life. Your loan to me will be a good investment for you, or the people you are representing. Are you a direct lender for California residents, or are you middle-man kind of broker or something like that? What is you fee and what is my cost to get this loan. Please get back to me ASAP, because I am in dire straights and I need this money fast.

This all sounds great, and we’re glad you are on you way to getting your financial matters in order. However, you will be dealing with databases – not breathing and feeling human beings. Your interest rate and terms of lending will be stipulated by a computer. You would have to show the lender all of your employment documents, such as pay stubs, and if you have only been working for your employer a short time, you may need to provide a letter from management on the status of your employment with their company or organization. Regarding your question about getting a loan from us – please read here.

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Last Chance to Provide Further Information to Lending Institution

Any further information you can give us :: If you could find it in your heart to give me this loan, I promise I will pay it all back to you within the 3 month term I am applying for. As you can see by my attached monthly income and monthly bills sheet, I will be in good shape to make the payments on time to you.

I am willing to pay the high interest on this short time loan, and fully understand that I will be paying quite a bit of money each month on fees and interest. I’ve even thought of looking for some kind of “loan shark” to borrow from, but I don’t think I am actually that desperate to get the loan as I originally thought.

We are certain that you are sincere, honest, and forth-coming. However we cannot provide you with a loan, because we are not direct lenders. We can help you understand your options better, and perhaps change your direction with your personal finances. We sometimes provide our users with information regarding lenders in their area.

As such, because this post is all about a payday loan for a borrower with bad credit, and wants to be approved for a cash loan without faxing anything, and without any sort of verification, we have included this list of check cashing companies in your area.

We provide our honest suggestions at the bottom of the page.

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Applicant’s Attached Monthly Expenses (N/A)

This was the monthly expense(s) and income sheet the applicant provided. Not applicable in this loan request. This would be a personal exercise that is a great start for this young man, and a good way to get his finances in better order. We included it because it may be of interest to our readers. Current income is $2700 per month. Job prospect is not solidified so data non-applicable.

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List of Payday Loan Stores in Huntington Park & East L.A.

For those borrowers who only need a small, short-term loan in the Huntington Park and East L.A. area, we have put together this table of check cashing outfits in the area. See below.

This table shows a list of all the check cashing stores in Huntington Park. You will notice that we have also included some of the stores near Huntington Park, such as East L.A., Downey, Commerce, South Gate, Maywood, Lynwood, Vernon, Central L.A., and Los Angeles main.

This applicant has only tried 2-3 payday loan stores right in the Huntington Park area, very close to his home, and has yet to try applying with any of these check cashing companies below. He really needs to consolidate all of his debts with a conventional bank, but if he really insists on going this route, and he indeed has a job starting that pays him $5000-$6000 dollars month – well I suppose one of these lenders may work for him to pay a few bills down. Not a good idea though.

If you live in this area of L.A., and you see that one of these listings is incorrect (maybe one of these PDL shops has gone out of business, or changed location), please leave a quick comment at the bottom of the page pointing out the error – we’ll have it fixed within 24 hours. This goes for the proprietors of these cash advance stores as well.

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Suggestions for Applicant – Regarding Payday Loans

As mentioned above, the amount you want to borrow exceeds any legal limit (in any State of the U.S.A) for payday loan providers. You will not be able to get these small, short-term loans, from multiple sources because they all use the Teletrack System, and will certainly use their verification methods to see if you qualify for approval.

Even if you do use a 100% online lender that operates in a different State other than Ca, who claims not to use Teletrack, and not require the faxing of your personal information to their offices, you would still not be able to come up with $5000. You need to be looking at repairing your credit slowly with a low limit secured credit card, and start being responsible in regards to your spending, and saving. You need to learn how to live within your means.

Stop looking for a payday loan online, down the street, or in a tree. Consider a debt consolidation plan, and begin getting your finances in order. You can do this. Millions of people who are in the same financial situation as you have managed to turn things around and get their life back in order, drop their stress levels, and move on in life.

Once you have changed your direction, try to never use a check cashing service again. This bad borrowing practice has destroyed your credit rating and left you in a desperate situation. You are surely being harassed by collection agencies as you read this – am I wrong?

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Fees on 100% Online Approvals (no faxing – no teletrack verification)

For our last note here we want you to completely understand how much it costs the borrower (you) when you use a payday loan provider that claims to be 100% online and paperless, they will often not require you to fax your personal information to them, or they may not use the Teletrack service – BUT these lenders only lend a maximum of $300-$500 via their website – a purely computer-based approval process.

100% online short-term lenders charge the highest possible APR on their lending product(s), AND they must be operating their business in a State that allows these high rates of interest, and fees, by State law. You can end paying an APR close to 900% – this equates to financial ruin.

Last thing – our hearts go out to you and we realize the situation you are in. Please understand that you are not alone (not even close to being alone). You are young (and that’s your fault), and you will learn from your experiences with debt. You will figure this out and turn around the credit rating in time.

Thanks for allowing us to use your information in this manner. I’ll get Cheryl to email you so we can keep up-to-date on your progress. Good luck.

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