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Do Online Payday Loans Report to Credit Bureaus? ?>

Do Online Payday Loans Report to Credit Bureaus?

What Does Your Credit Report Say About You?

A credit report is a detailed document of a person’s borrowing history. There are three primary credit bureaus who prepare these -Equifax, Experian, and TransUnion- when lenders and/or debt collectors report their lending activity to a borrower. They also report late payments, defaults, and complete repayments. There are also secondary credit rating agencies who prepare such reports. However, not every type of loan gets reported, neither every lender reports.
Based on the inputs from the lender/ collector the bureaus prepare the report, and to quantify the quality of the credit status of a borrower they assign it with a number. It is called a credit score. A credit score can be anything between 300 and 850. Those can be classified as-
Excellent: 750 or more
Good: 700 to 749
Fair: 650 to 699
Poor: 550 to 649
Bad: 550 or less
Depending on the type of the loan you apply for, lenders want you to have a score level. For example, a mortgage lender wants its borrowers to have an excellent score. Similarly, a payday lender does not mind even if it is bad. A higher score always helps the lender establish trust with the debtor, though. A high score suggests that you repay on due, while a bad credit shows you make late payments or default loans. That is why, your credit report is an important document.

Do Online Payday Lenders Report to Credit Bureaus?

Usually, payday loans are not big loans. When a borrower can avail maximum up to $1,000, credit scores hardly matter. Both store-based and online lenders do not check the credit while approving loan applications. Similarly, most of them do not report this to credit rating agencies. The only time such a situation occurs when a debtor defaults the loan and the lender assigns a debt collector to collect the repayment.
When the borrower does not come to an agreement on a new repayment or the alternative due set by the collector -or agrees but fails to pay- the debt collecting agency might report a loan default to the credit bureaus. In that case, it might hurt your credit rating. After that, taking out a payday loan may get difficult. So pay your debts on time, or ask your lender for a rollover. Or choose lenders like EZPaydayCash where you can pay back your debt in installments.

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Applying Does NOT Affect Your Credit Score

Consumer Notice: A payday advance is a small, short-term loan intended to cover a borrower's expenses until the next payday. Payday advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory assistance. Consumers are encouraged to learn more about the risks involved with payday advances, local laws and regulations that may apply to payday advances, possible loan alternatives and recent developments in their state.

Legal Disclaimer: EZPaydayCash.com is a legitimate direct lender authorized to lend money to genuine borrowers where the interest rate, term and maximum amount that can be borrowed are solely decided by the company. Without authentic and verifiable information in the application, funding by no means is guaranteed. Upon requirement, the prospective borrower is expected to provide additional document/information- failing which would result in rejection of the loan application. While reviewing loan applications, we typically do not perform credit checks with the three major credit reporting bureaus (Equifax, Experian and TransUnion). However, soft credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained in certain circumstances. You will not be charged any fees to use EZPaydayCash.com's service. Learn more by reading our Rates & Fees section. To change your communication preferences for this website or to submit a comment or question you can contact us.

Availability: Residents of some states may not be eligible for a payday advance based upon lender requirements. EZPaydayCash.com does not guarantee that completing an inquiry form will result in being offered a loan product with satisfactory terms or rates. It also worth noting that any loan request submitted on Friday after 6:00 PM EST will be processed on the next business day. For inquiries related to our services you may Email us at support@ezpaydaycash.com

****Loans are NOT available to residents of Arizona, Colorado, Georgia, Kansas, Massachusetts, Minnesota, New York, New Hampshire, Oregon,
Pennsylvania, Tennessee, Vermont, Washington, West Virginia, Puerto Rico****