The question of payday loans affecting the credit position and affecting the credit report and vice versa often arises in the minds of persons contemplating taking payday loans. It may be noted in this regard that neither will payday loan taking be affected by credit position nor will the borrowing of such loans affect the credit rating in all normal cases at present. However, there may be some instances whereby the two may cause an effect on each other.
Effect of payday loans and credit reports on one another
It may be that the payday lender is a member of the credit bureau. He might willfully choose to report information about you and your payday loan transactions to the credit bureau. Then the information will be considered, processed and attached to your credit file. Thus your credit rating will be affected. Many a lender, however, does report about your payday loan transaction to the credit bureau. They do so as this proves as a security against loan default. In such case you must pay off the loan in time and also need to make sure that he also reports the payment as soon as you have paid off the loan so that no negative indications are there in the credit...
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