No Teletrack Payday Loans
When you’re in a financial bind and need money fast, you might be looking for a payday loan. Most payday loans have historically required little to no financial background information or credit check beyond proof of employment and a bank account with which to repay the loan.
However, that is changing today because even payday lenders may check your credit and financial history.
Defaulting on any loan may negatively impact your credit. Previously, the impact on your credit from defaulting on a loan may not have been an issue when applying for a short-term payday loan.
Today, however, more companies are checking an applicant’s credit even for short-term payday loans, and this credit check could affect whether or not you get the short-term cash that you need. A potential option for people in this situation is a type of loan called “No Teletrack PayDay Loans”.
What Is Teletrack?
Teletrack is a credit monitoring and scoring tool that goes beyond traditional scoring methods. Until recently, traditional scoring methods developed by Equifax, TransUnion, and Experian didn’t track payday or short-term loans on a consumer’s credit history.
Now that those loans are being reported and used in scoring, Teletrack has been developed to incorporate consideration of short-term and payday loans into the determination of a borrower’s creditworthiness. Teletrack makes this determination using two unique products:
- Decision Manager: This product combines data on employment history, credit score, payment frequency and history, and earnings to come up with a score of creditworthiness.
- CyberScore: This system finds consumers’ entire history of applications for credit cards and loans, including short-term online payday loans.
Teletrack belongs to a company known as CoreLogic and many of CoreLogic’s clients are payday lenders and short-term lending companies.
These lenders are using CoreLogic’s products, including Teletrack, to assess whether applicants have a solid credit history, including their payday loan repayment history.
The use of Teletrack’s products has likely resulted in consumers being rejected for loans based on past experiences with payday loans.
What Are No Teletrack Payday Loans?
No Teletrack Payday Loans are a type of a payday loan for which the application process does not include the use of Teletrack products to check your previous borrowing and repayment history with other short-term loans.
Missing a payment or defaulting on a prior payday loan is not likely to negatively affect your approval odds for a No Teletrack Payday loan.
No Teletrack Payday Loan lenders may approve an application even if the applicant has defaulted on previous payday loans.
Getting a No Teletrack Payday Loan from LendUp
With No Teletrack Payday Loans from LendUp, your previous payday loan repayment history will not prevent you from applying for a loan. And LendUp will use tools other than Teletrack to assess you qualifications for a LendUp loan.
LendUp is focused on your future and committed to helping you climb the credit ladder to get back on your feet financially using our short-term lending solutions.
LendUp is licensed as a direct lender, except in Texas where we operate as a Credit Access Business (CAB), as required by state law.
LendUp does not use Teletrack for making underwriting decisions. Applying for a short-term loan with us doesn’t require a hard credit check, and it won’t affect your FICO score.
What LendUp Offers
Other perks of working with LendUp include:
- 24/7 online access to applications and financial education
- Mobile-friendly website with instant loan decisions
- Good credit not required
- No hidden fees or debt traps. Ever.
At LendUp, we believe everyone deserves access to quality credit and financial solutions. Whether your paycheck just fell short or you have unexpected expenses, you’re not alone.
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