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Payday Loans and Your Credit

Every day, people struggle with finances and often a little help is all thatís needed to get them back on track until their next paycheck. For some, payday loans may be the answer. Because they often require no credit check, payday loans are ideal for those with little or no credit history. At the same time, they are perfect for someone who may have had credit problems in the past.

Instead of credit, payday lenders are more concerned with your current ability to repay a debt. This means that they will verify your employment and income, but will not typically pull your credit report. In addition, payday loans are not commonly reported to credit bureaus, which means they will not show up on your credit report. If you have concerns about future lenders knowing that you once applied for payday loans, you will be glad to know that it is unlikely.

Although payday loans are not issued based on credit, nor will they commonly appear on credit reports, they must be repaid as any other loan. Because they offer fast cash with very little qualifying, with the exception of steady employment, payday loans do not come cheap. Most lenders will apply fees based on the loan amount and may range from $10.00 to $30.00 per $100.00 loaned. For instance, if you borrow $1,500.00 in payday loans, you may be paying between $150.00 and $450.00 in fees plus the original loan amount. If you request that the loan be extended, and the lender agrees, these fees will continue to roll over as well.

If you would like to access your credit report, you are entitled to request a free copy from each of the three credit reporting agencies on an annual basis. You can either submit your request online, by phone or in writing. In addition, if you are turned down for credit, you will be given a letter of explanation from the lender containing a reason for their decision. The letter will also contain the contact information from the credit reporting agency, which was used during the decision making process. You will have approximately 60 days from the date of the letter to request a free copy of your credit report from the agency listed.

Payday loans are designed to be a short-term fix to a temporary problem. In most cases, they are used when unexpected events arise or the borrower simply falls a little short on cash. Although their fees can be high, they provide many with the instant relief that they so desperately need. When it becomes impossible to wait for the next paycheck to buy groceries, see a doctor or even have your car repaired, payday loans can give you access to quick cash as a quick fix to a temporary financial slump.

Toronto considers licensing city's payday loan outlets, capping number allowed city-wide

Quick cash providers could one day pay more to operate in Toronto. A new report recommends that the city license payday loan stores, and cap the number of those operating in Toronto at 207 - the current number of outlets already licensed by the province.

Published:  Mon, 09 Apr 2018 02:04:00 GMT



Police identify Fast Payday Loan robbery suspects

ELIZABETHTOWN, KY (WAVE) - Three Radcliff men and one Vine Grove man have been arrested, accused of robbing a Fast Payday Loans store. Police were called to the Fast Payday Loans, located 407 West Dixie Avenue around 3:30 Monday afternoon in reference to ...

Published:  Tue, 10 Apr 2018 17:56:00 GMT



Payday loan companies oppose change to 30-day loans

Payday loan companies are fighting a bill that would set the terms of loans at 30 days, instead of 10 to 31 days allowed under Alabama law now. Supporters of the change say it would cut unreasonably high fees that can keep credit-shaky borrowers stuck in ...

Published:  Wed, 07 Feb 2018 20:25:00 GMT



Payday loan companies approved changes to bill regulating their industry, emails show

The CEOs and lobbyists for Florida's largest payday loan companies approved changes to a controversial industry bill as it worked its way through the Legislature this year, emails show. Emails between a Florida House employee and industry representatives ...

Published:  Wed, 07 Mar 2018 09:00:00 GMT



New payday loan bill could save the industry. Or make it more profitable.

For critics of payday lenders, a bill in the Legislature that would result in bigger loans and higher fees is a gift to a ... Lawrence Mower is a staff writer in the Tampa Bay Times/Miami Herald Tallahassee bureau, where he covers state government and ...

Published:  Fri, 02 Feb 2018 03:09:00 GMT



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