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Will a payday loan affect my credit score?

Date: Thu, 10/08/2020 20:16
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I had taken out a payday loan. As far as I know, it's not reported in the credit reports. So, will it not affect my credit score?




The answer is no.

Payday loans are not reported to the three major national credit reporting companies, so they are unlikely to impact your credit scores.

Payday lenders do not report any information about payday loan borrowing history to the nationwide credit reporting companies.

So, taking out a payday loan won’t impact your credit score.

Sub: #1 posted on Thu, 10/08/2020 - 23:37

Ryan Miller Ryan Miller

(Posts: 227 | Credits: )

Yes, payday lenders usually don't report to the credit reporting agencies. But if your debts go into collections, it might be reported in your credit report. So, if you are having problem in repaying your payday loan, feel free to call 800-DEBT-913 for immediate assistance.

Sub: #2 posted on Sun, 10/11/2020 - 22:39

Craigh.terry Craigh.terry

(Posts: 265 | Credits: )

What they have said is correct. But I just want to tell you one thing. If you are planning to skip payments, then you will be making a big mistake. As Craigh has said, the collection agencies will report your payday loans to credit bureaus. Even the illegal payday loans, who actually can't report to your credit reports, they use this strategy. Plain Green sends their default accounts to collection agencies. Thereafter, they report to credit bureaus and threaten to file a lawsuit against borrowers.

Sub: #3 posted on Wed, 10/14/2020 - 22:52

David Martin David Martin

(Posts: 382 | Credits: )

To get out of this situation, the best thing you can do is at least try to settle your pdls. Doing so, you can get rid of your payday loans fast.

Sub: #4 posted on Fri, 10/16/2020 - 07:16

Good Nelly Good Nelly
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(Posts: 2825 | Credits: )

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