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How to get a payday loan fast and easy

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How easy are cash advances

There are payday loan cash advances online nowadays that require no credit check. So it seems easy to get a fast loan, is it really? Yes, if you know where to apply.

Perhaps the easiest way to get a payday loan today is to apply with a company that does not conduct credit checks. People with bad credit are typically overlooked by big banks or required to pay into security accounts in order to have a credit card. They are sent to the bottom of the customer chain, with bad service and high interest rates.

At the same time, by taking out a cash advance online no credit check is required. When it comes to online payday loans bad credit applicants are just as likely to receive funds as people with stellar credit. The company makes the lending decision based on the size of the loan and an individual’s ability to repay the debt, not on past issues with delinquencies, missed payments, bankruptcies, or foreclosures.

Some online payday loans use no Teletrack. Some cash advance companies advertise Online Cash Advance No Credit Check, but then they investigate consumer finances with Teletrack instead. CoreLogic Teletrack is a consumer reporting agency that supplies account and payment information to potential creditors, just like the three major credit bureaus.

Unlike TransUnion, Equifax, and Experian, however, Teletrack is mainly used by companies that work with high-risk consumers or smaller businesses that do not conduct enough transactions to warrant a major credit bureau account.

Examples of Teletrack users include paycheck lending companies, rent-to-own stores, furniture stores with in-house financing, non-prime credit card issuers, subprime mortgage companies, vehicle financing businesses, credit unions, and cable companies. The only information that shows up on a Teletrack report is data that CoreLogic has received voluntarily from its client businesses, so the details on a Teletrack report can be different than the details founds on a major credit report.

From a consumer standpoint, the downside of a Teletrack account is that it can stand in the way of a new payday loan. The short-term loan company may reject an application after seeing that a person already has several cash advances outstanding or is behind on payments to other creditors. With the Online Payday Loans No Teletrack option, the payday loan company does not use a Teletrack report as a basis for granting or denying a payday loan.

The two types of loans above may or may not be advertised as Online Payday Loans No Credit Check. So be sure to do a bit of research before you make an online payday loan application.


Categories: credit