How to Get a No-Teletrack Payday Loan

Teletrack is a service that tracks the loans which are given to subprime borrowers. These are borrowers with previously poor credit or no credit. It is similar to a credit report in that it shows account history. However, it is different because it is aimed at a demographic that has had trouble paying off previous balances. Unfortunately, from time you time you can find yourself in a money crunch in between paychecks. This problem is even worse if you don't have a credit card or have a poor financial history. Here are some tips on how to get a "no teletrack" payday loan next time you are in a cash crunch.

Instructions

Difficulty: Moderate

1. Locate a company who will process your loan request without using the teletrack service. Your best bet is to search the web, as the moment you plug in your search a "kajillion" services will pop up. Also, stores which give payday loans will work without using the teletrack system. Just be sure to call ahead and ask before you head down to the store.
2. Provide basic information such as name, address, and contact numbers on the application.
3. Offer two references who will vouch on your behalf. Because the company is not checking your credit report or teletrack, they need someone to vouch that you'll pay the money back. Provide two quality references who will sound professional over the phone.
4. Be prepared to offer pay stubs to the company. The company wants to see that there is a way they'll get their money back. The best bet they have is your work record. Be ready to provide stubs for at least the past two months.
5. Give the payday loan company your checking account number. Once you are approved, the money will be wired directly to your bank. Beware of a wire transfer fee on both ends of this transaction.
6. Pay the money back according to their payment plan. The way to build trust with any lender is to show that you can pay the money back responsibly.

Tips & Warnings

• After you get out your financial rut, try to establish or repair your credit report. It'll allow you to get a mortgage and an auto loan, which are essential to the American dream.
• Beware of the interest rate you are paying on the loan. Because you are going through a credit service that makes a premium on your risk profile, they will charge hefty finance and processing charges. Look for the lowest interest rate and no pre-payment penalty.