Q&A: Do payday loans effect my credit score?
Question by ☆skyblue: Do payday loans effect my credit score?
I took out 6 payday loans in a 12 month span. I paid back all the loans on time. Will it poorly effect my credit score because I took out so many in a short span of time? Or, will it positively effect my credit score because I paid it all back on time? Or, will it have no effect on my credit score whatsoever?
(I live in the US, not UK)
Answer by Kristi H
Payday loans aren’t really “loans” where they check your credit (as far as I know), that’s why they make you write them a check beforehand, so that they can just go collect their money when your check is supposed to hit.
It’s more of an advance than a loan, they just call it that.
Know better? Leave your own answer in the comments!
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They do affect your credit score. Though i would imagine because you paid them back on time it would be in a positive way.
If a payday loan shows up on your credit it may not be looked on positively by prime lenders. They interpret it that you were not able to get a loan at a bank and therefore resorted to the extremely high interest option of a payday loan. I would stay away from that kind of loan all together. The cost is too great. It is better to live on what you make until you can save back enough to do what you want.