Do Payday Loans Affect Your Credit?

March 22, 2021 | Daniel Dewitt

do payday loans affect credit

 

If you’re in a pinch and have been looking at ways to get cash together fast, payday loans have likely hit your radar. Accessible, quick, and simple, they’re often considered one of the best options for handling emergencies, when you’re short a few hundred dollars.

Questions You Should Ask About Mississippi Payday Loans

But if you’re serious about applying for Mississippi payday loans, you should probably dig a little deeper than surface information most sites provide. One such question we’ll be digging into today is “do payday loans affect your credit?”

Do Payday Loans Affect Your Credit?

In an overwhelming majority of cases – no. Mississippi Title Loans, specifically, doesn’t report their loan information to any credit bureaus, so even if we run a credit check, your credit score isn’t likely to get affected.

By the way, a credit check isn’t likely to influence your chances of getting approved. If it turns out you have bad credit or no credit at all, you’re still a perfectly eligible candidate for payday loans, as long as you satisfy our requirements.

Do Payday Loans Affect Your Credit Negatively?

Some potential borrowers seem to fear that their credit score will take a hit if they apply for a payday loan, as it’s not a traditional bank loan – and can thus be seen as “lesser”.

Payday loans won’t reduce your credit score. The loan stays entirely between you and Mississippi Title Loans, thus having no negative effect on your credit history. Your credit score will remain as is. And if it does change, it won’t be due to the Mississippi payday loan.

Do Payday Loans Affect Your Credit Positively?

If you wanted to acquire a payday loan as means to improve your credit score – you need a new strategy. Even if you stay on top of the payday loan, pay it off swiftly with no stalling, and have no problem with us, it still won’t improve your credit score.

The entire purpose of a payday loan is to help you get out of an emergency while you are in between pay periods at work. If you need to improve your eligibility for more traditional forms of loans, you need another strategy – payday loans, unfortunately, won’t be able to help you.

 

Mississippi payday loans

 

Do Payday Loans Affect Your Credit If You Run Into Problems Repaying?

Sometimes things don’t proceed as smoothly as one would want and you might run into trouble when trying to pay off the Mississippi payday loan.

Luckily, you don’t need to worry about overdue payments influencing your credit score. The loan, as stated previously, stays between you and us – so you can easily contact us to figure out how to best proceed forward. Your payoff schedule might get adjusted, or your loan might be “rolled over” – or we might find another way to assist you.

In any case, if you experience any problems, you can skip worrying about it being damaging to your credit.

When Should I Apply For A Mississippi Payday Loan?

Now that you’ve learned how we at Mississippi payday loans could influence your credit, you might’ve felt bolstered to apply and solve all your problems with one swing.

The real question you are asking is probably ‘when should I apply?’ Mississippi payday loans certainly have a lot of attractive points, but that doesn’t change the fact that payday loans are still loans. Getting a payday loan means you have to pay it back; this means it should only be an option when you’ve considered all the pros and cons and know for a fact not applying for it would be more damaging than applying.

Accruing debt for no other reason than it’s the easiest choice means abusing debt. And, like you probably know, no good ever comes out of abusing debt, even if it’s only a few hundred dollars, as is the case here since you can get between $100-$400 with Mississippi payday loans.

Payday loans are a great option if you’re in an emergency. This means the problem you’re facing needs to be dealt with urgently, as it’s likely to either escalate with time or cost you more down the line if you postpone dealing with it.

Medical and vet bills or car problems are a great example of expenses that need to be dealt with right away. If your problem isn’t very time-sensitive then you should try to get cash some other way first.

How Do I Apply For Mississippi Payday Loans?

Applying for Mississippi payday loans is pretty simple and straightforward. And the best part is you can start the process online. Here’s what you’ll need:

  • A government-issued ID, proving you’re over 18;
  • Your most recent pay stub;
  • A blank check from the state account.

Go to our Mississippi Title Loans website and fill out the application form. You’ll be contacted by a loan representative who’ll provide additional information and set a meeting with you at one of our many loan places around Mississippi.

Bring the required items to the meeting so that the loan representative can assess them and determine if you qualify for the loan. If you’re approved then you’ll get the cash the same day.