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What are payday loans listed as on Credit File.
Hi, there I made a stupid decision and got out a payday loan without realising the repercussions of it effecting my mortgage applications in the future. However when I looked at my credit file, accessed by Experian, it is classed as a loan. I was just wondering if payday loans are supposed to be classed differently. Thank you.
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They are not listed seperatly as they are loans, but other potential lenders can usually tell what they are from duration etc. and mortgage lenders from the names of the of the payday lenders on the bank statements you supply to them.
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Thank you for clarifying that, I'm not looking to get a mortgage for another 4 years at least. I know it will still be on my credit file but at least I know what they're looking at now.
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