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Will an Unpaid Payday Loan Go On My Credit Report? ?>

Will an Unpaid Payday Loan Go On My Credit Report?

Do Payday Lenders Report to the Credit Bureaus?

Payday loans, unlike any other loan, are not just easy and fast ways of availing cash, but also quite flexible when it comes to the borrower’s credit part. Payday lenders such as EZPaydayCash do not run through credit to fund you as up to as $1,000. Needless to say, when the credit score is not so important while approving the loan application, why would they report your borrowing activity to the credit bureaus, namely Equifax, Experian and TransUnion? A very few financing companies report to the credit bureaus. That is not a bad thing necessarily. Because, if you pay back the debt on time, it would actually help you build a credit history.
One of the main reasons why usually lenders do not report payday loans to the bureaus is, the term of such payroll loans are 14 days or 1 month. For a short-term like this, and for cash between $50 and $1,000 it does not make much sense for lenders to go through a hectic process of reporting to the credit agencies. Apart from that, more people- especially the low and medium income groups- apply for payday advances compared to other loans such as a mortgage or an auto loan. Therefore, it is very difficult for financing companies to just report every loan they approve.

Will an Unpaid Payday Loan Go On My Credit Report?

As we mentioned, lenders do not take the pain to report your loan activities to rating agencies. However, there is still the possibility of your unpaid payday loan being reported. The debt collectors are responsible for those reporting. Let us explain how it works.
As long as you are making payments on due, you are good. When you default a loan, the lender might assign a debt collection agency to recover the money from you. The debt collector first approaches you and tries to help you with a repayment plan. If you still did not pay, it goes ahead and reports to the secondary credit rating agencies, and that goes into your credit report. Therefore, an unpaid loan might hurt your credit rating. Once reported, it remains there for 7 years. That is why it is advised to pay off the debt on time or approach the lender to inform your difficulty. You might get a rollover or can pay in installments.

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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: 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'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. 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

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