Getting A Payday Loan Homepage

Question: Will getting a payday loan hurt my credit?

(Posted by: TUBBY on 2009-09-30 14:11:23)

My well pump went out and the repair bill was $2400, I only have $2000 in savings, and no credit cards. I need to borrow $400 or the check will bounce. I hate to get a payday loan, but I feel I have no other choice. Will it hurt my credit to get one? Do they put an inquiry on my credit?

Posted by: Mandie on 2009-09-30, 14:20:03

Those type of loans, since they are usually paid back within 30 days do not report to your credit at all. However, a bounced check might. So, in your situation, I think you are doing the right thing.

Posted by: Tien N on 2009-09-30, 14:14:41

No it won't but the interest rates are out the roof AND if you pay it late it will mess up your credit.

Posted by: Charmandor on 2009-09-30, 14:19:48

If you could borrow the $400 from a family member or a friend, that would be better. Try to avoid getting a payday loan because the interest rate is out of control!

Posted by: Judy on 2009-09-30, 14:28:36

My state passed a law that payday places could not charge more than 400% interest. Since then the places have all closed down. Can you imagine 400% profit is not good enough for them? A bounced check will only cost you $39/ week as long as you don't bouce any more checks. Some banks do charge the $39 plus a $6/ day fee. That MAY be cheaper than a payday loan. /

Posted by: Irving B on 2009-09-30, 17:31:45

Honestly its a last resort and it can get you in a lot of debt. But sometimes its the only choice. Good luck.