What You Need to Know About Teletrack Installment Loans from Direct Lenders

Michael Collins
April 2, 2021

Whether we like it or not, our credit scores carry a lot of weight when it comes to our personal finances. Having a bad credit score can cause you to get rejected from most loans and credit cards. Further, the loans and credit cards you can get with a bad credit score will oftentimes be more expensive and harder to pay back than if you had a better credit score. 

Wouldn’t it be nice if there was a lender that didn’t check your credit score to see if you should be able to borrow their money? Well, they exist!

What is Teletrack?

Teletrack is a platform where lenders can check the creditworthiness of their potential borrowers. While not as used and not as prominent as the three main credit bureaus,  teletrack is somewhat similar to Equifax, Experian, and TransUnion, in that both lenders and borrowers can have access to credit information. 

In the case of lenders, lenders will use Teletrack’s services to gain access to credit information regarding a potential borrower or other client. For example, if a credit card company wants to gauge the creditworthiness of a potential borrower, they could pay Teletrack to pull the credit information of the potential borrower. The credit card company would then assess the riskiness of the borrower based on their credit information from Teletrack and would use it to make a decision whether or not they should borrow from the individual. Other entities like landlords and insurance agencies also may use this information in regards to their business.

On the borrower side, a borrower could look at a Teletrack report to see their current credit standing. If they have a good Teletrack score, they know that what they are doing in regards to their personal finances is working. On the other hand, if they have a bad Teletrack score they can know to start doing things to improve their credit score. Like the three main credit bureaus, individuals can get one free credit report a year. Anything beyond this and they will need to pay out of pocket.  

Teletrack is mainly used by payday loan and installment loan lenders, but can also be used by just about any other type of loan provider or borrower. 

What’s On a Teletrack Report? 

When looking at a Teletrack credit report, it looks very similar to the credit reports you might find at Equifax, Experian and TransUnion. On this credit report, much of your personal information such as your name, address, and social security number are shown. 

The report also shows “warning factors” as it relates to creditworthiness. If there is some red flag that appears in your credit history, Teletrack makes them easily viewable for the reader of the report. 

Most importantly, Teletrack provides a “credit score” like you see with the other three credit bureaus. This credit score is a three digit number that essentially puts your creditworthiness into a number by summarizing various aspects of your credit report. This three digit credit score makes it easy for both loan lenders and individuals to make sense of one’s creditworthiness. 

However, this is not the same credit score you might think of when you commonly hear “credit score.”  The more commonly used credit score is the credit score bureaus produce known as a Fico credit score. This score ranges from 300-850, with 850 being the best score you can achieve. Teletrack’s score ranges from 200-800, with 800 being the highest score you can achieve. 

What is a Teletrack Installment Loan?

The term “Teletrack installment loan” can be quite misleading. Teletrack does not offer installment loans of any kind. Instead, Teletrack is merely the credit reporting agency that we discussed earlier on. A Teletrack installment loan would instead be an installment loan from a lender that uses Teletrack’s services to pull your credit when you apply for a loan. In other words, a Teletrack installment loan is a loan that checks your credit when you try to get it. A no Teletrack installment loan would be a loan that does not check your credit score through Teletrack and likely doesn’t check your credit score at all. 

As a reminder, an installment loan is a loan that is paid off in oftentimes equal payments over some period of time. For example, a small installment loan could be paid off in four equal payments that are made every week until the loan is paid off a month later. This method of repayment is opposed to a cash advance or a payday loan that requires you to pay back your entire loan plus interest in a week or two. 

Like we mentioned earlier, Teletrack is mainly used for payday loans and small installment loans. This means that when looking for one of these loans, you will likely encounter a lender that uses Teletrack to check out whether or not you can get their loan. 

We now know what Teletrack is and what a Teletrack installment loan is, but let's now take a look at why you would want a no Teletrack installment loan in the first place. 

Need cash? Get a no-credit-check loan with Possible today.

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Why Should You Get a No Teletrack Installment Loan? 

If you have bad credit, chances are you have been denied a credit card or loan approval because of it. This is both frustrating and unfortunate because you may be getting denied the money you really need to make ends meet. You may have made some mistakes regarding your credit in the past and it is not starting to affect your financial well-being. Your life and your personal finances are more complicated than a simple number, so why should lenders be able to make their decisions based on a simple, three-digit number? 

If you have extremely bad credit, or no credit at all, finding a loan provider that does not check your credit when looking at your loan application can be a huge advantage if you are looking for money. Even if your score is horrendous, a no Teletrack installment loan will not use Teletrack to look at your credit score and you can fairly be approved or denied your loan request based on other factors other than your credit score. This is an advantage of no Teletrack installment loans that other loans might not have. If you find yourself needing money but are getting denied time and time again to get access to that money, consider finding a lender that offers no Teletrack installment loans. 

No Teletrack installment loans sound great, but they certainly don’t come without some drawbacks. Let’s take a quick look at the pros and cons of no Teletrack installment loans so you can make an informed decision when deciding whether to get one or not. 

Pros

  • No credit check: As we’ve gone over, the main benefit from a no Teletrack installment loan is that your credit is not checked in the entire process of applying for your financial loan. This is a huge benefit for many reasons. Mainly, the fact you do not get your credit checked means that you can have an equal chance of getting your loan application approved if you have good credit as if you had bad credit. Whatever your credit worthiness is, you can still have access to the money you need. Along with this, you wont get a hard credit check on your account since there is no credit pull being done. This saves you the 5-10 point knock you would have on your credit score if you were to apply for a loan from a lender that uses Teletrack or other credit reporting services. 
  • Quick approval: One of the best aspects about small no Teletrack installment loans is that they are often approved very quickly. The process of lenders requesting your credit report, accessing it and interpreting it, and then making their final loan decision can sometimes take a few days. With a no Teletrack installment loan, this is not the case. Since no credit pull is done, this entire process is essentially removed from the equation. This makes for a quick loan approval process which translates to you getting the money you need much faster! 

Cons 

  • More expensive: A massive drawback for loans like no Teletrack installment loans is that they tend to be more expensive than their counterparts. This is for a variety of reasons. First, loans of this size that are offered to people with poor credit scores tend to be more expensive in terms of interest rates. Many people that get these types of loans default on their loan, and lenders lose a huge amount of money as a result. To recoup some of these losses, they charge their customers huge interest rates that make the loans very expensive for borrowers. In the case of no Teletrack installment loans and other no credit check loans, these loans can get even more expensive. Because most people that apply for the loan are approved, lenders will lose even more money. Again, to recoup some of these losses they need to charge every customer a high interest rate to cover their losses. Overall, getting one of these loans will make it quite expensive and possibly harder to pay back
  • Possible minimum amounts: While not every no Teletrack installment loan will require this, there are some lenders that require a minimum amount for their loans. This might not seem like a big deal, but if you have bad credit or no credit history at all and rely on no credit check loans like this to get funding, you might be forced to take on more debt than you need. As we mentioned in the previous section, these loans are expensive. The more your loan is for, the more interest you will be paying. If you have nowhere to turn and are forced to get a financial loan from one of these lenders that is more than you need, your loan will be unbelievably more expensive than you would like it to be. At a point, it can become so expensive that getting the loan will dig you a deeper hole than the one you might already be in financially. 

Best No Credit Check / No Teletrack Installment Loan

As you can see, there are many pros and cons to no Teletrack installment loans that can make it difficult to know whether or not to get one. Instead of having to spend time you don't have researching lenders to know which loan is best for you, we’re here to tell you we believe here at Possible Finance that we are the best lender for you. 

At Possible, we offer small installment loans of up to $500. These loans are paid back in four installments that make paying back your loan much easier than other lenders that offer loans of this size, like payday loan lenders. If you are struggling with paying back your loan, you can extend your loan repayment up to 29 days right within our app. We don’t want to see you fail and stay stuck in the loan cycle like other lenders want you to. We want you to have access to the money you need without it burdening you. 

Our loans are no credit, no Teletrack installment loans. We understand that debt can be extremely hard to get when you have a bad credit score. Even worse, the debt that you can get is extremely expensive debt that is very hard to pay back. To combat this injustice, we make our loans available to people regardless of their credit score and do not charge unbelievably expensive rates like other loan lenders do. 

We also like to call our loans credit builder loans, well, because our loans build your credit! Many other loans of this type do not build your credit history at all, as they do not report payments to the credit bureaus. If some of the only loans you can get don;t build your credit, how are you ever going to improve your score? As you pay back our loans, we report your successful payments to the credit bureaus. This builds your credit history over time and this translates to your credit score increasing over time. 

Overall, we feel that we take the positive aspects of no Teletrack installment loans while also doing away with the drawbacks to offer our customers a product that not only helps them in times of need but also helps to build value for them.

Interested in getting a loan with us? Download our app today and get started!

Michael Collins

Michael has a passion for writing and has since brought that passion to Possible. He enjoys reading everything there is to know about film, sports, and finance. His studies in college allow him to be on the forefront of business knowledge so he can better inform his readers.

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