What Exactly Are No Teletrack Payday Loans?

Usually when a person fills out an application for a payday loan online, their data is sent to an bureau called Teletrack which will match their data against a tracking database. The reason for this is to help the lender mitigate the risks they take by providing short term loans to high risk individuals. The data which is collected and processed may include identity information, work information, bank information an also elements of their credit history. Bankruptcy and/or court records may also be verified as well as determining fraud risk. How exactly this information is processed is of course proprietary, so the exact methods are not known.

Considering how many individuals who need payday loans probably do not have perfect credit histories, not all lenders will send data to Teletrack for analysis. Certain individuals who would otherwise be able to get several payday loans at once and pay them on time may be marked as risks if other factors are considered in the Teletrack system. Fortunately not all lenders will trust every decision to be made by Teletrack seek to lend money to all who can pay the money back in time. For people who are looking to receive several loans, finding a lender who offers no teletrack payday loans would be a smart idea.

Teletrack is not the only way a lender can determine how eligible a person is to receive a loan. Other ways a payday company might determine eligibility is to check the applicant's personal and/or work references and to verify their bank account information. When the lending company goes through this verification process, they will surely not let your employer or bank know the full reason they are calling. While you might think otherwise, your privacy is usually a top concern for online payday lenders because they realize a breach may mean a loss of future business.

If you need money fast, but have a history of bad credit, a no Teletrack payday loan may be just what you need. If you have been having trouble obtaining online payday loans and keep having your applications rejected, it would be wise to find a payday lender which offers loans without using the Teletrack agency. The application requirements may be slightly more strict and require more detailed information if the lender is not using Teletrack, but if you shop around you should have no problem getting a loan.