A No Teletrack payday loan is a loan whereby the lender does not use the tracking services provided by the company Teletrack. This means that there is very little follow up required before the applicant is approved.
If the applicant has a poor credit rating they do not want all of their “dirty laundry” (or bad credit history) coming to the attention of the lender. There are other reasons for avoiding non-conventional lenders that use Teletrack. Read on….
Most payday lenders these days use Teletrack’s services but borrowers (some with legitimate intentions and some with fraudulent intentions) still search online for No Teletrack loans hoping to get a loan faster and with out a credit check hassle.
Usually when someone wants a No Teletrack, No Credit Check, or No Fax payday loan they are applying online. Some non-conventional online lenders do approve these kinds of loans but they charge much higher APRs and much higher fees. They justify these higher rates because of the risk they are taking.
Payday loan skippers take full advantage of these loans by creating temporary checking accounts with false (invalid) SSNs and false names. Any payday loan company that uses Teletrack can trace the borrowers information and avoid most of the fraudulent skippers.
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A LOAN CALCULATOR FOR CRUNCHING YOUR NUMBERS IS BELOW; Enter your loan amount, how many years, the interest rate, and payment frequency (14 for biweekly, 30 for monthly, 7 for weekly. Very helpful so you know exactly what the loan will cost you in interest payments and you will know the total COB (cost of borrowing).
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Interesting. I didn’t know that Teletrack was the name of a company. Thought it was just a process name for verfication. I guess it is a process name but named after their company.
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