All Bad Credit Loans

When your credit score is in the dumps and you need a loan fast there are a few options that are out there.  No credit check loans are available to most people.  The most common style is the payday loan, but title loans are another option as well.  In this post I want to show you how they can figure out if you are able to borrow money from them without having to check your credit score.

You might be thinking, “why should I care what they do, as long as they don’t check my credit?!”  The reason is that once you understand how the system works, and the things that they check other than your credit score, you will be better educated to make a good decision on which is right for you.

Since payday loans are the most common method for fast cash, we’ll take a deeper look at how they work.  As soon as you submit your application it gets fired off to a few different sources.  They will usually have someone examine it and work to determine how much money you may be eligible to borrow.  Your information is also sent to a company called Teletrack that works as a mini background check.  This isn’t a credit check, or a criminal check, what it is going to do is verify everything that you put on your application is correct.  Doing this prevents a lot of fraud because the lender will verify that everything on your application is true, so no lying on the app!

Another thing that Teletrack does is look into your recent financial past and figure out how often you overdraft your checking account, if you’ve recently filed for bankruptcy, and if you have any outstanding payday loans.  Having these may or may not prevent you from getting a loan, that is completely up to the lender.

Now that you understand what is checked instead of your credit score you can apply with confidence knowing that there is no reason a lender wouldn’t send you money!