Payday Loans

K_Little

I foolishly took a payday loan due to an extreme emergency when I was abroad, now, in retrospect maybe that was not such a good idea. I've just learnt that taking Payday loans could drastically affect a mortgage lenders decision-making if you would like to apply for a mortgage, even though it was all paid in full on time etc.


Is applying for a home mortgage really completely off the cards after taking out a payday loan? I've read that I would need to wait at least 12 months before I could even be considered for a mortgage?


What are my options if any?

Hazzinho

Over time one payday loan won't have a major impact if you've managed credit well since although it is a sign of desperation that may put some lenders off.

PaulW922

It also depends on the lender. I wouldn't worry too much.

nicholaswitchell

A one off p.d. loan will make some companies decide to say no to offering you a mortgage but there are others who will still say yes.

I wouldn't worry too much.

Try a mortgage broker.