Payday Loans That Don’t Use Teletrack

| July 5, 2011 | 0 Comments

Teletrack like the three major credit reporting agencies is also a credit reporting agency giving lenders and consumers alike information from the credit report. Like the three major credit reporting agencies it does not give consumer information over the phone to the consumer but will gladly mail a report to the consumer for a fee. Therefore, Teletrack is just another consumer credit reporting agency. Consumers have learned to get payday loans without teletrack simply by asking.

With the advent of the payday loan consumers are able to get a small sum of money to tide them over between paydays. The banks do not loan small amounts of money i.e. one hundred or two hundred dollars. The bank’s loan interests are in large amounts. There is one thing the consumer should remember about a payday loan and that is that the fee, or interest, is high since these loans are considered high risk. Financial institutions that give payday loans receive a post dated check with which the loan will be paid. Some use Teletrack to verify that the consumer has an account in the bank on which the check was drawn. Such an inquiry becomes a permanent part of the consumer’s credit report with Teletrack.

Many consumers do not want their privacy invaded by having the lender checking their integrity with Teletrack. As a result there are now many payday loans that don’t need Teletrack. And they are thriving as well as they did when they did use Teletrack.

Category: Payday Loan

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