Honesty is the Best Policy
When applying for payday loans, honesty is the best policy for getting your application approved.
Overstating financial health and understating existing debt will be discovered quickly.
Even one lie can get your loan application denied and hurt your chances of getting future loans…
Payday lenders do not check your credit rating with major credit reporting agencies. Instead, they use TeleTrack – a consumer credit database for sub-prime lenders.
If you have ever used a cash convenience loan such as a payday or car title loan, chances are Teletrack will have a detailed record of your financial information.
Also, due to the high-risk nature of the payday loan business, successful payday lenders develop a sixth sense that helps them spot false information in loan applications. If something doesn’t seem right, lenders have access to a variety of electronic means to check your information.
Even one false or misleading statement will get your loan application denied.
If your loan application is denied for any reason, the fact that you applied will remain in your record at Teletrack. If your record contains too many applications, you will have trouble getting future loans.
See Only Apply When You Qualify for details on how denied applications can hurt you in the future.
Remember: Payday loans should only be used after all other payday loan alternatives have been exhausted.
Recent Posts:
- 07/12/2011: Expanded Contact Info Page
- 06/11/2011: Internet Crime Complaint Center (IC3)
- 05/18/2011: Added Full Contact Info Page
- 05/15/2011: Payday Loan Site Traffic Comparison Update – May 2011
- 05/10/2011: IP Ban for Ratings Abuse
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