Yes. It will have a positive
effect on your credit report since it will help to add positive payment
history. Illegal payday loans are not reported on credit report. Hence,
they don't help to boost your credit score as well.
But why are you planning to take out a payday loan, and that too in the
present economic scenario? If you need money, take out a personal loan
instead.
There are alternative options
to take out a loan and boost your credit score than payday loans.
However, if you're taking out a pdl to repay existing one, stop it! Opt
for settlement instead to get out of the loop.
Yes, I agree with Good Nelly.
If you want to improve your credit score, there are a ample ways to do
it. Payday loans have incessantly high-interest rates and due to that,
most of the people are bound to roll over their payday loans.
Rather, I would suggest you charge your credit cards for small amounts
and pay off the outstanding balance amount in full and within time,
Hopefully, it will help you to improve your credit score.
But why are you planning to take out a payday loan, and that too in the present economic scenario? If you need money, take out a personal loan instead.
Sub: #1 posted on Tue, 09/22/2020 - 22:26
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Sub: #2 posted on Fri, 09/25/2020 - 05:58
Industry Expert
(Posts: 2825 | Credits: )
Rather, I would suggest you charge your credit cards for small amounts and pay off the outstanding balance amount in full and within time, Hopefully, it will help you to improve your credit score.
Sub: #3 posted on Sun, 09/27/2020 - 21:17
(Posts: 265 | Credits: )