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What is a no teletrack payday loan?

A:

Quick Answer

A no teletrack payday loan means that the loan is guaranteed regardless of past credit history. The teletrack system is a reporting system that keeps track of consumer credit histories, and companies that offer no teletrack payday loans do not check this system before offering loans, states Finances Online.

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Full Answer

The teletrack system is used by subscribing lenders who want to reduce their risk of offering loans to fraudulent borrowers, according to Finances Online. The teletrack system keeps track of outstanding debt and unaccounted loans, so the loans may be more difficult to obtain for certain consumers. Those with poor credit histories may opt for loan services that do not utilize the teletrack system in order to obtain a loan, even though the interest rates are likely higher than other services offer.

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