Mortgage Forum

Mike

What are no Teletrack Payday Loans? It will be a great help for me if you people can explain it to me, i don't want to get one of these PayDay Loans if there is negatives?

Thanks for the help.

Zino

A no Teletrack PayDay Loan is a term that refers to the credit reporting system called Teletrack.

This keeps records of transactions of a borrowers past, however the system mainly reports defaulted or negative balance history. Some of these Payday Loan companies claim they offer a no credit check Pay Day Loan but still do a Teletrack check before approval.

So if a lender does a Teletrack check the system doesn't approve or deny your loan application, it's just a reporting tool to give the credit or loan companies an indication of the risk and assists them in making a decision for approval.

It's less strict then a full credit check, so you may still be able to receive a cash loan even if you have bad credit.

A no Teletrack payday loan means is a term used to signify there is no credit check, so this type of cash advance is more suitable to people who have really bad credit histories.

I hope that helps.

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