It is easier than you might think to find payday loans that don't use Teletrack and in this article I will tell you how to do that. In many ways it is puzzling why so many payday lenders still insist on using Teletrack and carrying out credit checks on people who apply for loans. Payday loans are entirely different to other types of borrowing such as standard personal loans, and there really is nothing to be gained from carrying out such checks.
When you take out a payday loan, you are almost certainly borrowing less than you get paid every month, and you have to pay it back in less than four weeks. When standard loan companies use Teletrack and other credit agencies they are mainly trying to see whether you have a reasonable track record of keeping up with regular payments over a period of time. None of this matters with payday loans because you are repaying the full amount the next time you get paid.
All the lender needs to know in order to feel confident about lending you money is that you have a job, that your employer will pay you more on your next payday that you are asking to borrow and that you have a bank account that will allow quick repayment of the loan. Carrying out credit checks and asking for faxing of documents only serves to slow down the process of application and approval and causes unnecessary delays in getting you the cash you want.
More and more lenders realise the pointlessness of these checks and so don't use Teletrack or credit checks. The trouble is that it can be difficult to identify which are the fast lenders without actually applying to them first or wasting many hours on research.
A key requirement of payday loans is that they get money to you quickly. People use this sort of cash advance when they need money urgently, so a streamlined application and approval process is essential. Fortunately there are some lenders who have totally online processes that operate 24 hours a day seven days a week.
Whenever you are looking for a good payday loan company, you should bear in mind that there are other factors that should be considered as well as just finding ones that are fast and don't use Teletrack. The internet is full of companies that will provide payday loans, and unfortunately you cannot tell what a company is really like just by looking at its website.
You must at least be aware that there are quite a lot of companies that you are better off avoiding, whether they can get you cash quickly or not. The advantage of getting cash a couple of hours faster becomes irrelevant compared to being stuck with a disreputable company that will try to trap you in a debt spiral with crushingly high fees and late payment charges.
The best advice is to not take out a payday loan unless you are very sure you can pay it back on time, but unexpected things happen to all or us, so you should at least ensure that the company you are dealing with will treat you fairly if you do need to extend the loan period.
You can save a lot of time and potential grief by starting with a list of payday lenders that are known to have fast processes that don't use Teletrack but who are also respectable and trustworthy. Working through a list of recommended lenders is the safest way to find fast lenders and avoid future problems.
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