Menu

Does having a payday loan affect your credit rating

The borrowers bad credit no longer is an obstacle since many cash lenders and cash lending companies run no credit check. With many cash advance lenders or payday lenders, no credit check is a very common practice.

It happens so because payday lenders or cash advance lenders use different tools to verify the borrowers capability to repay the loan.

A decisive factor in the loan approval process is the borrowers income and not hisher bad credit score. Provided that the borrower has a fixed income, no credit check will be performed and hisher bad credit will not be an obstacle. Payday lenders or cash advance lenders who perform no credit check arent afraid of the risk involved in lending to people with bad credit because the borrowers paycheck is treated as a security against the loan.

Online loan application. In order to obtain a loan, one needs to file the application form in a lending company does having a payday loan affect your credit rating of his choice, or fill out a short application form available online on the lenders website. Online loans are constantly gaining on popularity because they are fast, convenient and easy to get.

Does having a payday loan affect your credit rating

You just have to submit this application form by entering all the required information. Once your application is approved, money will be directly transferred into your bank account. Our online payday loan application form is secure and confidential. Your personal information is kept safe with SSL encryption. Fill out this no obligation loan application form to get payday loans online. Based on 44 reviews on Repugen. DISCLAIMERS. NOTICE: This disclosure is being provided to you pursuant to our terms of service with Google®, Inc.

It is not required by any federal, state or local law.

Does having a payday loan affect your credit rating

Reasons for needing money range from critical automobile maintenance, unexpected medical expenses, much needed family vacation, basic home improvements, etc. Whatever your reason, we respect your privacy. Thus, we work with lenders familiar with your situation and are ready to help. Important Disclosures. Please Read Carefully. This service is not available in all states. If you request a loan in a particular state where such loans are prohibited, or in a location where WhiteRockLoans.

com does not have an available lender, you will not be connected to a lender. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps.

Does having a payday loan affect your credit rating

In 2011, The Wall Street Journal reported that more than a third of states allow borrowers who cant or wont pay debts to be jailed, even in states that prohibit debtors prisons.

Debt-collectors and other financial firms, the newspaper reported, are suing borrowers over unpaid credit cards, consumer loans, auto loans and other debts. Many people report never receiving a notice of the lawsuit and end up with an arrest warrant obtained through the courts. However, in Tillmans case and others in Texas, some payday lenders have found an even more direct way to harness the power of the criminal-justice system.

The Observer has found a justice of the peace in Harris County who has handled almost 300 hot-check cases, a Class C misdemeanor, for Cash Biz, an Ohio-based payday lender with 24 locations in Texas.

Though Class C misdemeanors rarely carry jail time, at least does having a payday loan affect your credit rating few people have served time in the Harris County jail to work off their debt, at 300 a day. Christina McHan failed to repay a 200 loan from Cash Biz near Houston. In November 2012 she was arrested, pleaded guilty, and was assessed 305 in additional fines and court costs.

Does having a payday loan affect your credit rating