I used one and already paid it off in full..will that help my credit or hurt it in the long run?
2007-09-04 14:48:27 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
I actually dont think it helps your credit at alll. I would stop using them immediately. Just manage your money a bit better and try to plan your pay out. If you give it a few months, you should be ok!
GOOD luck, Frigga!
2007-09-05 00:26:05 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Payday loans, are lenders of last resort, and since most of them advertise that they don't do credit checks, they likely don't report good credit either. Since you are able to pay off the loans, why not consider a secured credit card, or a credit card with a small limit to get yourself started?
2007-09-04 15:01:37 · answer #2 · answered by CanadianBlondie 5 · 2⤊ 0⤋
You need to find a way to learn to live within your means, get a better job etc.....clip coupons, buy in bulk, no eating out, no extra driving around, not lattes, no clothes that aren't at least 50% off. Buy generic, cut and color your own hair.....
Those payday loans are BAD NEWS! They will drag you into a cycle of poverty you will never get out of. You will always be spending money from a check you don't have yet. It is a very bad habit to get into. I wouldn't do it, not even one single time. Those people are predatory, preying on the poor and desperate.
Good luck and please be careful! Do a google on payday loans! Educate yourself!
2007-09-04 15:31:48 · answer #3 · answered by Lynn 5 · 0⤊ 0⤋
They don't report on your credit, unless you don't pay. It isn't wise to use them unless it is a true emergency. If you take a look at their rates, they charge worse than a loan shark. Something like 300% APR. It just doesn't look that way in 2 weeks time. Your best bet to build your credit is apply to get a small credit card, like capital one, and keep it paid in full. Use it from time to time, make sure you have a descent rate and no monthly or yearly charges. BE SURE TO USE IT WISELY!!
2007-09-05 03:34:22 · answer #4 · answered by Beatngu 6 · 0⤊ 0⤋
Although it was wise to get rid of it fast ,
Only the super desperate use those places so ,
I would Not want that showing up very often on a credit report .
They charge such high % that it shows an extremely poor understanding of $$$$$$ .
>
2007-09-04 14:57:21 · answer #5 · answered by kate 7 · 0⤊ 0⤋
Payday loans are not reported to your credit unless you don't pay them. They report negatively. Please don't go to them again. You may get trapped and it's a very bad thing to be.
2007-09-05 07:43:11 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you paid on time.
2007-09-04 15:09:17 · answer #7 · answered by lbelfer 4 · 1⤊ 0⤋