Do pay day loans affect credit scores?

Do pay day loans affect credit scores? I reside in NY state where they are 100% banned! please advise

6 Answers

Payday loans affect your credit score badly. As they carry outrageously high interest rates, defaulting on the debts will certainly have a detrimental impact on your score. If you can repay your payday loan balance on the day it is due, you can certainly safeguard your score.


In reality, when payday loan is prohibited in your state, it may not affect your credit score.  


Since you live in NY where payday loans are not valid, they cannot have any influence on your credit score in anyway. 


Illegal payday lenders can’t report to the credit bureaus. That means they won’t affect your credit score at all.


Illegal payday loans won't affect your credit score.


Read the forum.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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