There has never been a time in consumer history when taking out short term financing has been this easy and quick. Thanks to the internet, anyone, short of a being underage and a non-US citizen, can apply and take out a cash loan without having to fax any documentary proof of employment.
There are also no teletrack direct cash loans where lenders don’t bother checking your loan repayment history and borrowing frequency.
What is Teletrack
Core Logic Teletrack is a Consumer Reporting Agency or CRA which supplies information similar to what the three major credit bureaus have for assessing a consumer’s FICO score. It is another implementing arm for the country’s Fair Credit Reporting Act or FCRA. Its database is fed from submissions by payday lenders, rental property owners, auto financing companies, none prime mortgage lenders and credit card issuers, credit unions, furniture stores that offer finance services as well as cable TV and telecommunications companies.
While the credit bureaus report on your credit worthiness, Teletrack reports on your readiness to take in loans and payment patterns. It does not deny or disapprove loans and only provides data to a prospective lender when asked based on its lending criteria.
Companies that send consumer loan histories to Teletrack may not be clients of any of the three credit bureaus which mean that Teletrack consumer profiles do not necessarily match what is captured on your credit report.
What it means for the Cash loan borrower
The implication is simple. Lenders can advertiser they don’t check your FICO or credit rating, but many will check with Teletrack to see if you have any existing loan or have a habit of lapsing payment maturities. Teletrack information is more relevant among rental and utilities firms as wells a payday lenders.
Consumers may not have a good FICO rating but they could have a good Teletrack profile. The opposite can also happen, or both. But lenders who promise no teletrack direct cash loans may claim they don’t do Teletrack checks though they could do credit checks. Many will also check your employment based on the information you supply in your application form with just a simple call to your HR department.
But there are now a growing number of payday lenders who will gladly forego both credit and Teletrack checks and even verifying employment which makes your cash loan application a breeze.
You can have the proceeds of your no teletrack direct cash loans within a few hours of applying. This is what happens when the lending industry becomes highly competitive that each business will do just about anything to get an account. With interest income that ranges from $12 to $30 for every $100 amount loaned, lenders can take the risk.
Prospective borrowers have an immense number of no teletrack direct cash loans to choose from and it is often just a matter of getting the interest rate at the lowest end of the spectrum. A few are known to offer as low as $10 for every $100 loan. Just be sure to know if there are other processing fees you need to pay.
