No Credit Check – No Teletrack Payday Loans – Canada


no teletrack pdl canada1 No Credit Check   No Teletrack Payday Loans   CanadaVicky requests a payday loan for one thousand dollars to be approved, processed, granted, and deposited in to her TD Canada Trust saving account by the next morning.

She made a special request for the lender be one that has a really fast approval process, and one that has no Teletrack credit checking – no credit checking of any kind, and no pay stub and/or bank account statements being faxed in.

Pretty high bar to pass here, and the truth is that Canadian payday loan companies will OF COURSE be asking for this information, or most of this information, if the borrower has never taken out a loan with them in the past.

Whenever you see any small consumer loan company in Canada advertise that they provide 100% hassle free, no credit checking, no Teletrack checking, and no faxing, they are talking about loans they make to customers that have previously borrowed from them before. Then it’s just a matter of trust at that point.

If the lender has provided you with a loan in the past (perhaps a few) and you have always paid them back with interest and fees, and never been late, then you can sometimes borrow up to $3000 cash within minutes. You of course don’t want to get into the habit of using these high-yield consumer instruments.

No Faxing Requirements For Payday Loan Approval

no teletrack pdl canada2 No Credit Check   No Teletrack Payday Loans   CanadaBorrowers who want a “no fax” payday loan don’t want credit check, bank account check, or pay stub verification by the lender. These kinds of loan are almost non-existent to be truthful about it.

In some Provinces in Canada, and some State is the USA, there are some purely online payday loan companies that forgo much of the security verification process before approving their loans, but there is ALWAYS some kind of information they want from you. They don’t require any faxing in their approval process however, so that does speed thing up.

Now the problem with these kinds of no faxing approvals is that they always mean you are paying the highest possible APR on the loan. Usually a 30% APR if it’s legal to charge that in the Province/State that they do business in. There is only one reason why they have to charge such a high rate, and that’s because a higher percentage of their borrowers “skip”, meaning they don’t pay any of the money back and they have skipped addresses (that is where the nomenclature came from).

No Credit Check Requirements For Payday Loan Approval

no teletrack pdl canada3 No Credit Check   No Teletrack Payday Loans   CanadaOK – this one is a easy to understand.

In the financial industry, the term “no credit check loan” refers to a 100% unsecured loan whereby the lender does not pull your credit records (repayment history, and outstanding loans) from the major conventional credit scoring agencies. These big three agencies would be Equifax, Experian, and Transunion, and their combined reports on your borrowing and repayment history are gathered in the Fair Isaac database, which in turn spits out your true FICO score.

NOW – above describes the conventional credit check. Payday lenders in Canada don’t use the conventional credit checking model. They just want to see that you have a consistent monthly salary coming in, and that you have not “burned” them, or any of their competing lenders in the past. Payday lenders in Canada (the United States, The UK, Australia as well) use the Teletrack credit checking service. Of course many borrowers don’t want their social insurance numbers or names run through that database as well.

No Teletrack Payday Loans In Canada

What applicants in Canada are referring to when they say “a no teletrack payday loan”, is a PDL in which the borrower’s personal information is not entered through the Teletrack system. There are lenders in Vancouver, Calgary, Toronto, and Montreal (online and offline) who advertise that they don’t use Teletrack while processing their customer loan requests – they’re not lying either – they aren’t using Teletrack to check you out at all. No checking whatsoever is the question you need to be asking the lender, because guess what…….they’re still checking your payday loan and cash advance history out using a different database/service.

Payday loan companies in Canada use sophisticated software modules to “check you out”, so don’t think you are ever getting away with an anonymous loan. Below are some of the modules PDL companies in Canada are using to sniff you out (check your risk factor);

  • On line Teletrack Inquiries, Check Loan Verify Inquires, or Microbilt inquires.
  • Integrated Time Clock
  • Print to Burrell Forms
  • Handles Legal Requirements
  • Handles Expense Tracking
  • Bad Customer Warning Using Teletrack Alternative
  • Thorough Reporting
  • 1 Screen Process Handling
  • Bill Payment Module
  • Laser Printing for Cheques and Money Orders
  • User Defined Borrower Field GUI
  • Video Capturing
  • ACH Interfacing
  • Simultaneous Transaction Module
  • Staff Specific Access Rights
  • Check Cashing and Payday Loan Processing ALL-IN-ONE
  • Customer & Check History
  • APR Export Ready
  • Multiple User Capability
  • Payday Loans Office System
  • Borrower Mail Out Systems
  • Modules For Collections

no teletrack pdl canada4 No Credit Check   No Teletrack Payday Loans   CanadaSo you see that there is no way lenders are going to just transfer money into your chequing or saving account without assessing you as a credit risk. You can see that in the list of software modules that payday loan store employees use, they don’t may NOT initiate a Teletrack query, but they can run the Check Loan Verify or Microbilt systems for checking you out.

I know that many payday loan companies in Edmonton, Calgary, Vancouver, Montreal, and Toronto use Teletrack alternatives because I’ve spoken with at least 50 different payday loan store employees in Canada and they have all said the same thing – they have ways of verifying your employment and past borrowing activity without actually using Teletrack.

It’s a play on words and the devil is in the details.

List Of Payday Loan Lenders That Don’t Use Teletrack

no teletrack pdl canada5 No Credit Check   No Teletrack Payday Loans   CanadaI have one of our staff writers doing some research on exactly which lenders don’t use these checking systems. We’ll add the list of payday loan companies in Canada that don’t use Teletrack below when she is done compiling it.

There is such a robust level of competition in the cash advance industry, that many lenders don’t use Teletrack in an effort to speed up the process and get more customers on their books. It used to be (ten years ago) that the only lenders that didn’t use Teletrack charged the highest usury rate allowed by law – coming in as high as 30% APR. That has changed somewhat. As of late 2011 some of the Non Teletrack, Non Faxing lenders are lending out at APRs between 10%-20%.

No Faxing – Credit Check – No Teletrack Loan Request From Actual Borrower

Below is the marketing survey a customer/borrower filled out that has some useful data for the curious to ponder. Vickie here doesn’t want a lender that will check her out in any way at all – she just wants an instant approval, and she wants it yesterday. However, you will notice that she is asking about installment payments paid on a monthly basis. If this is indeed what she wants then she is looking at paying huge fees for a payday loan. She is in essence, begging for a PDL roll-over charge. We talked her out of this loan as well. We always try to talk our visitors out of getting payday loans if we can. There has to be another option before going down that road.

Data Of Loan App = Sum of Loan: $1000, Monthly Installment You Will Pay: $525, TransUnion Credit Score: 640, Your Calculated DTI: 0.62, Province of Loan Request: Alberta, Country Loan Request: Canada, Loan Reason: Tools, Total Term: 10 days, Your Income: $1,100, Months of Employment: 7 months, Your Employment: Advisor, Most Recent Paycheck: $1,100

Level of Urgency: Rush Please, Total Visa Debt: $700, Other Loan Debt: $7,000, Truck/Car Model: Kia Joice, Debt Still Owing: $2,800, Vehicle Year: 84. Special Request: Applicant does not want a credit check, faxing, or Teletrack in the verification process.

Comment: Vicky was granted this loan and she obtained the money in her saving account the next morning after the evening of the online application submission. As mentioned above, we had talked her out of using a payday loan instrument, but she turned around and got one anyway – to each his or her own – right.

Do You Need A Personal Loan?

Legitimate lenders use BFC to find borrowers they can lend money to. We screen them all to make sure they are legal and trustworthy. All fields must be filled out, or the pre-app will not be processed. Thanks for your understanding. NOTE: Lenders generally DO NOT RESPOND to one sentence requests for a loan. They take action if the borrower provides details regarding why they need the money, their Province location, income, outstanding debts in detail. The more in depth your information, the more lenders respond.

Use the loan application below to start the process. Detail your income and purpose of loan please - lenders do not respond to applicants who don't provide it. Thanks for using BFC!


9 Loan Requests

  1. cindy applied for the following loan:

    Loan: 1000

    Speed: asap

    Credit: bad

    Location: welland ontario

    Income: Baby bonus 1300 Ontario works 1045

    Reason:

    Pay gas and hydro

  2. cindy applied for the following loan:

    Loan: 1000

    Speed: asap

    Credit: bad

    Location: welland ontario canada

    Income: 1300 baby bonus 1045 Ontario works

    Reason:

    Pay bills
    Food for my kids
    My little second birthday on Thursday

  3. Tara applied for the following loan:

    Loan: 300.00

    Speed: tomorrow

    Credit: not that great but that was back before I was a mo

    Location: Surrey, BC

    Income: 1184.34 from child tax credit 200.00 universal 1145.84 social assistance

    Reason:

    my van just broke down three days ago its getting fixed right now but its going to cost me about 400.00. I have four kids and my youngest sons father is dying in the hospital in abbbotsford . I really need my van asap. I will payback for sure…for sure pls and thnx u .

  4. Cassandra applied for the following loan:

    Loan: 300

    Speed: ASAP

    Credit: It's ok

    Location: Port alberni British Columbia Canada

    Income: I get $668 in child tax benefit in the 20th of every month and $250 on social asstance on about the 3rd wendsday of every month all direct deposit in my bank account

    Reason:

    To get food and formula for my family of 6

  5. Cari applied for the following loan:

    Loan: 200

    Speed: As soon as is possible

    Credit: Bad

    Location: Kingsville, Ontario, Canada

    Income: I get$275 from Odsp and $1275 for child tax credit and $500 for child support

    Reason:

    I would like to be able to get my 3 boys their Schiller supplies and don’t have the extra $ to get everything

  6. Steph applied for the following loan:

    Loan: 120.00

    Speed: Today

    Credit: not good

    Location: Oshawa

    Income: Child tax $1080, Social Assistance $720, Child support $325

    Reason:

    School Supplies

  7. Fancy applied for the following loan:

    Loan: 500-1000

    Speed: today asap

    Credit: bad

    Location: Ontario Brampton

    Income: 889 from child tax about 500 from.my self employment position as a make up artist and 1021 from notary works.

    Reason:

    I need to take my oldest son back to school shopping and pay the rest of my car lease as well.as well as food for back to school

  8. Cindy applied for the following loan:

    Loan: 400

    Speed: Asap

    Credit: Poor

    Location: Prince Albert, saskatchewan

    Income: Canadian child tax benefit = 850.00, universal childtax benefit = 200.00, child support = 300.00 a month.

    Reason:

    Got my income tax filed late, so I didn’t get my family allowance for a month so owed 2 months rent, now I need to try get some money for my kids back to school cloths and supplies.

  9. Anonymous applied for the following loan:

    Loan: 2000

    Speed: asap

    Credit: bad

    Location: Simcoe Ontario

    Income: $970 from Ontario Works ....... $880 from Child tax ......

    Reason: