Payday Loans And Your Credit
While Payday Loans are mostly based on your paycheck and bank account, your credit will also be put into play. This is most noticeable when you are unable to pay back your loans. Though you will write a post-dated check when you receive your loan, you must pay it back. If you don’t repay your instant payday loans, the check you wrote will be cashed for the store to recover their money. If your account does not have the money, you will be penalized by the loan store and your bank, and your defaulted loan can and will be reported to credit agencies, lowering your credit score.
