NoPaydayDebt

Have you applied for Payday Loans, but are consistently turned down? Many people find it frustrating when they have a short need for a payday loan, even just a very small amount, but they are turned down cold. Aren’t payday loans supposed to be easy to get?

Normally, they are — that’s true. If you’re being turned down for payday loans, then chances are you have a bad payment record with a couple of tracking companies that service the payday loan industry. The two primary companies are TeleTrack and CL Verify.

Now, many people ask me how Payday Loan companies can claim that they “don’t do credit checks” when they actually do run checks with these other companies. When a payday loan company says they don’t do credit checks, what they mean is that they don’t run checks at one of the “big three” credit reporting agencies, namely Experian, Equifax and TransUnion.

But if you check the small print in the contract, it will most likely say they use “verification” companies. These companies check to see if you have a good track record of paying back payday loans, and also do a few other services, such as making sure your social security number matches your name.

If you’re being turned down for payday loans and you have never defaulted on one before, then you should contact the payday loan company to see what verification service they used. It may be that someone has taken out loans using your social security number, and you need to clean up that fraudulent record.

That’s probably pretty rare, though. Most people who are turned down know why they were turned down… they have an outstanding payday loan, and probably more than one!

So how can you requalify for payday loans? I’m afraid there is no mystery to this. You have to settle your debt.

I can almost hear the moan of despair from a lot of you out there! But don’t despair. The biggest secret in the payday loan industry is that you rarely have to pay back as much as they *say* you have to pay back. If you’re smart and knowledgeable about how the industry works, you can negotiate your balance far, far lower than you think. And sometimes you can even force the payday loan companies to zero them out. People don’t believe me when I say that, but trust me. There are things the payday loan companies don’t want you to know.

Next Time I’ll Talk about: The Worst Mistake You Can Make When Negotiating With a Payday Loan Company.

Until then, take care.