What Is Teletrack and Best Loan Alternatives

Writer and editor - Joseph Smith | Updated on 2020-05-27
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What is Teletrack?

If you’re are looking for a loan, you should know what Teletrack is. Teletrack is a consumer credit reporting firm. They quickly provide information and credit history to lenders who need it fast. Many of the lenders they service offer payday loans and other forms of lending.

Teletrack offers a service to lenders. They do what the major credit bureaus do but at a faster pace and without dealing with a FICO score.

The information the company provides include:

  • Credit scores
  • Credit risk assessments
  • Fraud detection
  • Bankruptcy detection

In this article, we’ll cover no Teletrack payday loans and the best loan alternatives.

Best no Teletrack loans alternatives

Loans Amount Cost / APR ? Bad Credit Features
CashUSA
$500 - $10,000
Individual rates
Bad credit allowed
Allowed
  • Loan terms start at 3 months.
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
QuickLoanLink (Personal loan) $300 - $35,000 APR:
Starting at 6.90% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 550
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
HonestLoans
$400 - $5,000
$30 - $750 ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
CreditLoan (Personal loan) $100 - $40,000 APR:
Starting at 5.34% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 7 years
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
LifeLoans (Personal loan) $500 - $40,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 2 months to 5 years
  • Credit check type: Both ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
GazelleLoans
$300 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OppLoans (Direct Lender)
(Personal loan)
$1,000 - $5,000 APR:
Starting at 99.00% ?
Bad credit allowed
Allowed
  • Loan term 9 months to 3 years
  • Next-day deposit: In some cases ?
  • Low approval rates ?
  • Time for decision: 1.5 min ?
RubikLoan
$100 - $1,000
$1,000 - $5,000
$15 - $300 ?
APR from 6.9% ?
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
Personal Loans (Personal loan) $500 - $35,000 APR:
Starting at 5.99% ?
Bad credit allowed
Allowed
  • Loan term 3 months to 6 years
  • Credit check type: Soft ?
  • Next-day deposit: In some cases ?
  • Min creditscore: 580
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
BadCredit.com
$100 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Next-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?
OpenCashAdvance
$200 - $5,000
Individual rates
Bad credit allowed
Allowed
  • Same-day deposit: In some cases ?
  • High approval rates ?
  • Time for decision: 1.5 min ?
  • Type of service ?

What are no Teletrack payday loans?

No Teletrack payday loans are low principal loans that range from $100 to $1000 that do not check your credit history.

These loans typically command higher interest rates. Lenders can’t see your consumer loans, or credit card history, and raise rates to offset the assumed cost of doing business.

That means even if a borrower missed payments on a previous loan, a no Teletrack payday loan offers easy approval.

Best alternatives

The most common alternatives to payday loans are:

  • Payment plans
  • Personal loans
  • Installment loans
  • Payday alternative loans
  • Credit card cash advances
  • Paycheck advances
  • 401(k) loans
  • Borrow from someone you know

Each of these can be just as beneficial as a payday loan.

The very best alternatives, though, you may not have heard of. These companies offer incentives by creating their own proprietary credit history with the borrower. That means motivation for paying back debts on time. The very best alternatives offer the rewards covered below.

Increased credit score

Paying your rent on time, or making every loan payment on time often does not find its way into credit bureau reports. These firms are more fixated on credit cards. Your history of timely repayment is lost, and your credit score is unimproved.

A reward of some online lenders entails reporting your loan payments to the big bureaus. Over time, this raises your credit score, which in turn, lowers your interest rates, increases borrowing eligibility, and approval rating.

Eligibility for larger sums

Making your loan payments on time, with online independent lenders, creates a unique consumer history between borrowers and lenders. Companies are now capitalizing and incentivizing good behavior with borrowers. Paying your debt on time lets you borrow more significant sums in the future.

Good credit not required

While no Teletrack payday loans often utilize traditional credit checks via Equifax, Experian, and TransUnion, that is not always the case.

The year 2020 brings with it a trend of lenders who are more eager to help. Whether that be for the younger generations who lack credit, or those who’ve struggled to improve damaged credit, a credit check is not necessarily required.

No Teletrack Loans

No Teletrack loans include some installment loans. Most lenders who offer payday loans also offer installment loans. These can be for sums up to $5000. They allow for monthly payments to make handling your debt more manageable. Usually, the life of the loan is from 90 days up to seven years.

Installment loans, like payday loans, can be approved fast and save you when you’re caught in a cash flow crisis.

About same-day deposit

Lenders cannot legally claim a same-day deposit for a loan. However, that doesn’t mean it isn’t possible or realistic.

Within banking hours, the lender needs only to approve the application and transfer the funds. It’s up to the banks to move the actual money. Hence, the lender ultimately has limited power.

Larger loans tend to take more time, but no Teletrack payday loans, installment loans, and emergency personal loans are all eligible for same-day deposits.

Summary

Traditional payday loans, credit scoring, and histories don’t have the coercive control they formally had regarding your spending and borrowing habits. Online lenders are everywhere, some of which offer excellent customer service, education, loan options, reward programs, and crafty ways of getting you approved.

If you need a payday or installment loan today and are worried about the limits of your credit score, cast a wide net online and keep your hopes high.

Joseph Smith

Joseph Smith
Writer and editor

Joseph Smith is an experienced freelance writer with over 11 years of experience. His area of expertise includes finance, loans and lending. His work has been featured on various large websites including this one.
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