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Pay day advance type loans – good or bad for credit score?

Do pay day advance type loans paid off on time effect a persons credit score? Good or bad?

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One Response to “Pay day advance type loans – good or bad for credit score?”

  1. Jimmyz said :

    It depends on if they’re reporting your payment history to the credit bureaus. Any type of loan that you pay as agreed is going to help you. That said, these are probably short term loans, so they would help you less than a longer-term loan that is paid off over 6 months or more. You might want to check your credit report to see if these are being reported or not.

    Also, remember that if each of these involves some type of a credit check, then that can actually hurt you. A large number of inquiries on your credit report tends to lower your score.


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