No Teletrack Payday Loans

Guest

Can any one tell me what is No Teletrack Payday Loans? It will be a great help for me if you people can explain it to me.

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi Admilson,

Welcome to the forum.

The lenders need to know who you are to sanction the loan so the lenders teletrack that means verify your credit history. But it takes a bit of time. So to avoid the delay they give you the No Teletrack Payday Loans. You can get the loan within 24 hours. But remember these are dangerous traps for you. So better avoid the payday loans.

Feel free to ask if you have any further questions.

Best of luck,
Larry

enriko · Joined: 05 Mar 2008 Posts: 68 0.15 Dollars($)

In the field of payday loans, the concept of teletrack is very common. In fact, most of the payday loans companies use this in managing the application procedures. Teletrack is actually a credit agency that gathers sub-prime consumer credit information. And, most of the loans like payday loans are generally recorded by Teletrack.

Guest

Thanks for the quick reply. Now I understand what is "No Teletrack Payday Loans". Thanks Larry for the answer. May god bless you.

larry · Joined: 27 Jun 2007 Posts: 3328 474.61 Dollars($)

Hi Admilson,

You are most welcomed and it is my pleasure Smile

BTW enriko I think Admilson has asked about "No Teletrack Payday Loans". So can you tell us something about it Smile

Best of luck,
Larry

jbarto65 · Joined: 04 Nov 2007 Posts: 623 -0.14 Dollars($)

You would be better off stasying away form the payday loan companies if at all possible, it is a terrible trap to get into, you should go to the debt forum and read the nightmares there before you jump into.

fireyone_02 · Joined: 20 Mar 2008 Posts: 281 2.21 Dollars($)

Take this advise. I have yet to haer of a good payday loan place. Hopefully there are ither options and this isn't the only resort.

jbarto65 · Joined: 04 Nov 2007 Posts: 623 -0.14 Dollars($)

There are a few that are not to bad but they all have really high intrest rate, some will work with you if you get behind while others will hound you and hound you and hound you.

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

I think that they are predatory lenders who prey on people who have are in a bind. I think that these people should be put out of business. If they had any goodness in them at all they would lower their rates and change their terms to be better serve the people that they are preying on.

If you find yourself in this type of bind, you should re evaluate your spending habits and put what ever money is left towards that area that is falling behind.

People should stay away from these places at all costs.

fireyone_02 · Joined: 20 Mar 2008 Posts: 281 2.21 Dollars($)

erb is it in fact illegal in some states for lenders like this to exist. I think I actually read that somewhere. Either way I would suggest staying away from them but if a person had to use this type of lender they should do their homework.

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

You are absolutely right, I know for sure that they are illegal in the state of Pennsylvania, it is illegal to lend in the state of Pennsylvania, but you can piggy back the state onto another state such as california or nevada, I know the one that is cashnet is licensed under Nevada and still lends to those living in Pennsylvania, you can read it in their terms and conditions on their webpage.

There is a loophole somewhere in the law, they can not set up shop in Pennsylvania but they have somehow meandered around the laws and regulations of the states that do not allow it.

jbarto65 · Joined: 04 Nov 2007 Posts: 623 -0.14 Dollars($)

I wonder how they get a way with this? I have seen this on the debt site with cashnetusa lending in states where they are illegal under a loophole.
I guess if there is one, these companies will find it.

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

Loopholes are like little alerts that show a state that they did not cover all the bases the first time around. I am sure that the next time that pennsylvania approaches this law that they will address the situation.

According to the Pennsylvania department of banking, these loan companies are not tolerated with in the state. The govenor actually filed a lawsuit against their practice and shut the storefront operations down in the entire state. Even when they come out with an alternative product, he was on it and very quickly.

I do not think that Pennsylvania will tolerate very much, if people start complaining with the attorney general's office and the department of banking and they get enough of them, I am sure the state of Pennsylvania will make a move on the consumers end of things.

jbarto65 · Joined: 04 Nov 2007 Posts: 623 -0.14 Dollars($)

True, finding a loophole will alert lawmakers and I am sure that pennsylvania will address it when they readdress the law, they are pretty good about keeping up with people ripping off the residents of this great state.

fireyone_02 · Joined: 20 Mar 2008 Posts: 281 2.21 Dollars($)

I always thought that if that they weren't allowed to operate in PA. I think it is pretty underhanded that they can stilll piggyback. It would be great to have the law revised and get rid of them for good.

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