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How are payday loans displayed CRA
Sparky111
Posts: 29 Forumite
Hi there,
A while back I had a loan with lending stream and another with satsuma to cover a shortfall in funds the week before my wedding, seemed much quicker than running around the banks. Now I am far more settled with cash in the bank I want to apply for a mortgage, my credit file shows these as settled 'instalment' loans as they were repaid weekly over 3 and 6 months respectively. Is this how they display payday loans? I'm worried as I have read they can destroy your chances of a mortgage.
Thanks.
A while back I had a loan with lending stream and another with satsuma to cover a shortfall in funds the week before my wedding, seemed much quicker than running around the banks. Now I am far more settled with cash in the bank I want to apply for a mortgage, my credit file shows these as settled 'instalment' loans as they were repaid weekly over 3 and 6 months respectively. Is this how they display payday loans? I'm worried as I have read they can destroy your chances of a mortgage.
Thanks.
0
Comments
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They're not good. But the older they get, the less impact they have, though it varies by lender.
Engage a broker to make sure your application is placed correctly - no point in going to someone who has a blanket refusal on PDLs.0
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