It is now very easy to get a cash advance without having Teletrack provide your credit history to the loan company. Because it would require another step in the process in this highly-competitive business, many payday loan companies don’t use Teletrack to perform a credit check. Instead they look at your history of employment to see if you can pay back the loan.
This means that if you really need money and have a poor credit score you can get the money you want.
What Is Teletrack?
Teletrack, which was established in 1989, services non-traditional lenders and credit unions. They provide information so that their clients can make smart decisions. Payday loan companies use Teletrack’s database to check to see if an applicant has any outstanding balances on existing loans or if they have declared bankruptcy.
Because payday loan companies offer relatively small loans for short time periods, instead of checking your credit history with Teletrack, they like to see that you have a steady source of income and that the money you earn is deposited directly into your bank account. If you meet these two requirements you will probably be approved for a cash advance, even if your credit score is terrible.
How to Apply For a Payday Loan
You can apply for a cash advance twenty-four hours a day from your computer. After going on the Internet, take a look at several payday loan companies to see what their interest rates are and if they use Teletrack.
Because interest rates are high and can vary a lot from one company to another, many people look at three or more different lenders before they find the ones with the lowest rates.
Then all you have to do is fill out an online application. They ask for your name, address and phone numbers along with information about your bank account and your employer. You will also need your social security number and driver’s license number. Although it might sound like a lot, it only takes about ten minutes to fill out this questionnaire.
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