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12-09-2005, 11:21 AM
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Payday loans and credit scores
I had a question that I was just curious about.
I noticed that payday loans do not require a credit check. Does a payday loan effect your credit score? Brandon Drury 
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12-09-2005, 03:16 PM
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Re: Payday loans and credit scores
no, it does not... unless of course you fail to pay back that loan, then you should prolly expect to see a "ding" from some collection agency on your reports...
but to answer your question... no
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12-09-2005, 03:30 PM
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Re: Payday loans and credit scores
That makes total sense.
What about the collection agencies? I would assume that they can put a mark against your credit rating. Is this assumption correct? Brandon
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12-12-2005, 07:56 AM
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Re: Payday loans and credit scores
I beleve the Feds just passed this new law... in essense it says that one (a collection agency or the like) must make contact with you - and give you an oppertunity(?) to "settle up" before putting that "black mark" on your report(s)
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