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Payday loans and your credit rating
Hi,
I have read in several places that payday loans can help you to build a good credit rating, assuming you always pay them back on time.
How true is this?
Are they really good for your credit rating?
Exactly how effective are they at building a good score from a poor score?
Many Thanks
I have read in several places that payday loans can help you to build a good credit rating, assuming you always pay them back on time.
How true is this?
Are they really good for your credit rating?
Exactly how effective are they at building a good score from a poor score?
Many Thanks
0
Comments
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Anything is better than nowt but I wouldn't want it."We want the finest wines available to humanity, we want them here, and we want them now!"0
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Why choose payday loans, if the bills are getting too much then cut down and save your money0
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My understanding is that they can put mainstream lenders off, as it looks like you were having financial problems to need to take one out.Egg Loan - [strike]£4921.84[/strike] £0!! :j Barclaycard - £3866.47 Legal + Trade - [strike]£2700.96[/strike] £0!! :j Triton - [strike]£1730.89[/strike] £0!! :j Next - [STRIKE]£776.15[/STRIKE] £126.88 Littlewoods - [strike]£217.16[/strike] £0!! :j Housemate - [strike]£1300[/strike] £0!! :j Capital One - [STRIKE]£1652.51[/STRIKE] £1,081.58 Vanquis - [strike]£2337.75[/strike] £375.58
A Payment A Day - £379.02 to Egg.0 -
OP did you manage to sort out the issue with lloyds0
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I thought I read somewhere that payday loan companies only report to credit reference agencies if you fail to repay your loan. If you pay it all back as agreed it doesn't show up on your credit report.There's no sense crying over every mistake.
You just keep on trying till you run out of cake.0 -
OP did you manage to sort out the issue with lloyds
I've only got £300 to go with Lloyds. My bank charge reclaim went to the ombudsman who sadly ruled in Lloyds favour. I'm currently paying them back at £100 a month. Thankfully I got a £9500 pay rise last month which means I'm back on track and will be debt free by the end of the year. It's just that at Christmas time I over extended(yes I know) and ended up having to take a few payday loans to get me through. Just wondering how damaging they will be when I look at getting a mortgage in the next couple of years.0 -
BackOnTrack wrote: »I thought I read somewhere that payday loan companies only report to credit reference agencies if you fail to repay your loan. If you pay it all back as agreed it doesn't show up on your credit report.
It varies.
Wonga report to Experian on a monthly basis for example.
Others may perform a search but not set up an account on your file.0
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