Bad credit: it’s the kind of financial baggage that may get in the way when you apply for a new loan. Some lenders may see that you’ve hit some financial speed bumps in the past and may get concerned about your financial ability to make payments on time.
Wouldn’t life be easier if they couldn’t see your bad credit? What if they made their decision based on your current financial abilities, not your past mistakes, so you could apply for what you need to cover an unexpected emergency?
What is a No Teletrack Installment Loan?
No Teletrack installment loans are short term loans that don’t involve a Teletrack brand credit check.[1]
Teletrack is a consumer reporting service which is owned by CoreLogic. Unlike Equifax, Experian, and TransUnion (The Big Three), it generally focuses on subprime lending products, such as payday loans and auto loans.[2]
Usually, these products don’t make their way onto credit reports generated by Equifax, Experian, and TransUnion. And if they do, it’s typically to report something negative, like a delinquency.
Teletrack generally deals with subprime lenders, so this type of credit report may show information beyond the traditional credit history entries.
What Does a Teletrack Report Contain?
Teletrack includes the number of payday loans and other short term loans as part of their scoring methods. But how many details it shows depends on the scoring method in place.
Teletrack uses two distinct methods to determine your creditworthiness.[3]
- CyberScore: This system reveals your history of online applications for short term loans, lines of credit, and credit cards.
- Decision Manager: This product contains more extensive financial information, including your employment history, payment frequency and history, earnings, and credit score. It incorporates all the data normally missing from consumer files.
Why Does “No Teletrack” Matter?
If a lender checks a Teletrack credit report, the information on this file may be used to determine your creditworthiness.
In other words, these lenders use this info to perform a risk assessment of you as a borrower. If they see you have a history of paying your payday loans or lines of credit back on time, they may grant you the funds you requested.
But if there’s anything in your Teletrack report to suggest you won’t pay back your loan, you may have trouble getting approved for payday loans or line of credit loans in an emergency.
Applying for no Teletrack loans, such as no Teletrack installment loans may come in handy when your bad credit may stand in the way of getting the funds you need. These lenders may not check your credit, so they won’t see any delinquencies or defaults in your file. However, some of these lenders may rely on other credit reporting agencies to confirm your creditworthiness. If you need financial help in an emergency situation, there may be other types of online loans that could help you out.
Why You Might Consider Applying for No TeleTrack Installment Loans
These short term loans may help you in an unexpected emergency. If used correctly, they may help you out in a pinch.
Here are some of the reasons why you might consider working with no Teletrack installment loans direct lenders.
1. Bad Credit? Not a Problem
Credit is often a judicious gatekeeper to getting funds. Borrowers with bad credit scores may have a harder time trying to qualify for the average personal loan. And in an emergency, being denied funding only makes a bad thing worse.
If you have a low Teletrack credit score, knowing your credit history won’t make or break your application may come as a relief. It may not affect your chances of being approved for these short term loans. However, keep in mind that creditors might use your credit score from other credit reporting agencies.
2. Fast Access to Funds
Let’s face it — some short term loans may come with a lot of red tape that complicates the borrowing experience. It involves someone dotting the literal “i”s and crossing the “t”s in paperwork, and that takes time.
When you remove your Teletrack credit check from the equation, it’s one less thing bogging down your installment loan application. Some no Teletrack installment loans direct lenders may deliver your funds quickly as a result.
Look Out for High Fees Before Applying for No Teletrack Installment Loans
Fast cash online for people with bad credit sounds like a great idea, but it’s more complicated than that. Before you consider taking out short term loans, make sure you understand what you’re getting yourself into.
One thing to keep in mind are the high fees. There’s a bit of give and take with no Teletrack installment loans. They may be easier to get if you have bad credit, but they may also come with especially high interest rates, finance charges, and other costly fees.
Can you afford it?
Applying for a loan that you can’t afford is risky. If you can’t repay what you owe on time, it’s easy to fall behind.
This may push you into a cycle of debt until it’s impossible to live within your means.
Things to Consider for No Teletrack Installment Loans Direct Lenders
If you’re still considering these installment loans, keep the following tips in mind.
1. Understand the Rates
Besides your principal (the amount you borrow), your interest rates, finance charges, and other fees are some of the most important elements of your loan. These costs add to the principal, sometimes with interest accruing at a daily rate.
Depending on how high your rates are, this may increase the true cost of your loan. Don’t borrow any loan until you’re sure how the costs factor into your payments.
2. Know Your Loan Term
Your loan term provides a timeline for when your loan is due back. The shorter your term, the less time you have to pay back the loan.
When it comes to no Teletrack installment loans, you’ll generally have multiple payments over a short period. In that time, you must repay your loan, plus interest and/or fees, over a series of fixed payments.
Your loan agreement should generally break down how much each of these payments will cost with interest and/or fees added in.
3. Check for a License
You have to have a driver’s license to legally drive a vehicle. A doctor must have a medical license to practice medicine. So why would you choose a lender that doesn’t have a license to provide installment loans?
Partnering with an unlicensed lender is just asking for trouble. Licences require a lender to follow your state’s lending laws.
Also check to see they’re a reputable company that has a good online reputation.
Borrowing Money Online is Possible with Bad Credit
Bad credit can make it trickier to get a personal loan, but it’s still possible. Even without a strong credit score, there are options to help you cover an unexpected emergency.
No Teletrack installment loans may be one of them if you’re worried your past borrowing decisions may hinder your chances of being approved. But don’t accept any credit before you’re sure you’re dealing with a legitimate company that offers something you can afford.
If you need a little help in a financial emergency, contact us to learn more about what we do.
[1] https://www.corelogic.com/solutions/corelogic-teletrack-consumer-assistance.aspx
[2] https://www.consumerfinance.gov/consumer-tools/credit-reports-and-scores/consumer-reporting-companies/companies-list/core-logic-tele-track/
