We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards