If you have a poor credit score, it could be close to impossible to find a lender willing to lend you any amount of money. A bad credit record prevents people from getting a loan when they need it most. Conventional lenders, such as banks or credit unions, reject your application for a loan right off the bat, assuming that you are not a valuable customer. That’s the classic case of the past haunting you in the presence. Your past credit history is a good indicator of your past actions but not the future. The lender can make an educated guess based on your past but there are better ways of predicting the value of your business in the loan sector.
Most online lenders forego the process of checking your credit score, because they usually run their own, not based on the Teletrack. They simply check if you have current obligations with other payday lenders. If it turns out that you haven’t repaid a previously taken payday loan, the application is usually denied. Most lenders base their decision on the borrower’s income. It sounds reasonable to check if you possess a potential to repay the loan on time and whether you have enough resources. The main factor seems to be your income, and that’s what they focus on. If you happen to have a good income but a bad credit, you are likely to receive the loan that you want.
Telecheck is a non-traditional credit information bureau combined with risk mitigation services. Telecheck specializes in check verification, check guarantees and collection services. Many payday lenders use services of Telecheck.
The network of direct lenders that Online Loans recommends is one of the largest networks that includes many lenders that don’t use the services of Telecheck or Teletrack. Instead the lenders may lend you money on a sole promise of getting their money back on the date you agree upon. You can receive your no collateral payday loan in less than an hour.