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Do payday loans show up on your credit report?

I was dumb and took out a payday loan. I know they charge outrageous interest and take forever to pay off. I know now to never use them again.

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This entry was posted on Saturday, August 1st, 2009 at 9:43 am and is filed under Payday-Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

6 Responses to “Do payday loans show up on your credit report?”

  1. I don’t know of any that do. However, when they transfer your account to a collections agency…that may be a different story.

    Anytime you use a payday advance you want to make sure the company is reputable. I’m assuming they went over the finance fee with you and the fact that you only had until your next payday to pay your loan.

    If you NEED…absolutely need to use them, please do so. But, don’t be irresponsible. Listen to everything they tell you and follow through on your end.

  2. gustavoandkimberly on August 1st, 2009 at 9:43 am

    no, they will check your report and make sure you dont have any pay day loans in collection but they dont report the progress you willl make by always paying on time

  3. They will show up on your credit if you do not pay them back. Just ask my sister.

  4. Payday loan companies do not check your credit, they verify thru another system if you have other payday loans out and similar to the credit report, it will show inquires and how many and the contact # to the payday lender to inquired through. This way your loans are verified to find out how you paid, and how much you borrowed. If you do not pay as it is set up on a pay day schedule they can take you to court, sue you, get a judgement against you, attached a garnishment to your wages making sure they in fact get paid. You should be very careful on getting one and making sure you understand exactly what you are doing when you get one, yes the interest rates are high. State of MS is 18% in deferred fees. I would never use them unless it was absolutely necessary, or a bill popped up and you have to pay it right away. Other than that, you can renew and if you don’t understand the way they work, get into a mess and yes, it ruins your credit should they have to take you to court and sue.

  5. Yes they do, sorry about that.. lesson learned right?

  6. As long as you paid as agreed they usually don’t report. If you were late or not paying as agreed they may or may not report. My best tip to you would be for you to get a coppy of your credit report and review it for error ect. many times there are error on them. Ther are places that you can get them for free. Good Luck.

    You’ll want to research this some more….

    http://loan.deal4-you.com

    Have a nice day.

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