Refused overdraft due to pay day loans?

KingElvis

Payday loans are like a week old skidmark on your credit hsitory and they will exclude you from most mainstream credit.

Ben8282

dalesrider wrote: »

Well if you read the thread, you would have realised that OP did not take the loans, out her son did. But used her account to pay into.

I guess applying for O/D would have taken too long to resolve the shortfall of cash, if that option was ever looked at.

These days a bank won't offer you a o/d just for the fun of it. Unlike before.

I have read the thread. It was the OP who took out the loans on behalf of her son. It was not her son who took them out as in that case the debt would be his and showing on his, not her, credit report.

JuicyJesus

Ben8282 wrote: »

I was also wondering why she took out the payday loans rather than thinking about asking for an an overdraft, taking a credit card cash advance or something rather than an expensive payday loan.

It's actually faintly scary to me that we are now at the stage where cash advances aren't the worst possible way of getting short-term cash. It used to be people had to be specifically warned off them, but lo and behold, here we are...

dalesrider

Ben8282 wrote: »

I have read the thread. It was the OP who took out the loans on behalf of her son. It was not her son who took them out as in that case the debt would be his and showing on his, not her, credit report.

In regards to why she's getting pay day loans and worrying about those, it isn't her who is getting them. My brother doesn't have a bank account so has took two pay day loans in the last month with my mother's permission

That reads to me that it is not mother, but son who took them out.

Credit report will have nothing to do with decline. It will simply be a internal matter, when someone has looked at account usage.