Do those pay day loans effect your credit?

I have unpaid payday loans and I would like to know if they are going to have an effect on my credit.

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5 Responses to “Do those pay day loans effect your credit?”

  1. Thomas O said:

    Yes!

  2. deladiva said:

    Yes they will affect your credit and you check writing status. You will be put in check systems if the check bounces. A cash to pay day loan is the same as a signature loan. 90% of the cash to payday place place it on your credit as an open line of credit or a loan. If you default on them, they will report it to the credit agency within 90 day. This is a matter you might want to clear up as it will effect your check writing abililty and you credit status for up to seven years.

  3. Esrum1 said:

    They can effect your credit, and worst case scenario, they can take you to court for a civil law suit.

    Major bummer and I’m sure you’re scared. I’d recommend several things. Number one, I’d secure a new bank account, one that the payday loan businesses don’t actually have access to. That way, you can work on paying back the payday loans without them debiting your account at free will. If they debit your account when ever they want to, you stand a risk of overdrawing your account and creating a massive snowball effect that can really hurt you.

    Once you’ve opened a new account (usually within a day), close the other and advise the payday loan place that you have every intention of paying them off, and that you are willing to establish a pay off schedule with them. You need to determine how much you can afford to pay each month and then bring that figure to the bargaining table when talking to the business.

    When paying the specified amounts, I’d recommend paying with Money Orders (the cost .75 cents at most grocery stores) that way you have a record of the payment on your end (usually the money order stub) and also this way you can ensure that the payday loan establishment doesn’t get a hold of your new account number.

    Keep paying until you can pay the loan off. It will hurt, but you got yourself there in the first place. Negotiation and commitment are the only ways you’re going to clean it up.

    I hate payday loan places, I too was in your shoes not less then 6 years ago. Since then I’ve been an active member in my community petitioning to my local and state civil servants to close these places down. They do way more damage than good. Good luck.

  4. makeloans2 said:

    If the payday loan company you used does not use credit checks before they make you the loan, then it will not likely hurt your credit score, if that’s what you mean. However, they will probably garnish your wages to get their money back, and this will not look good if you try to go to another payday loan place and they want to see your paystub. (Garnishments are listed as such on your paystubs.) So, in the long run, it is likely to ‘hurt’ you in the sense that because you have not paid them back, you have seriously limited your ability to borrow from anyone else.

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