My FICO credit score is 600 which is not very good and of course I don't want to damage it even more. I am going to apply for a Payday Loan and wonder if this short-term borrowing will affect my score.
Can a Payday Loan affect my credit score?
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Answers: 1
COMPACOM TEAM
Expert answer
Mostly lenders don't do a hard inquiry to any of the major credit bureaus. In this case taking out a Payday Loan doesn't affect your score. But make sure you pay it off on time. If you default the payment this information may be reported and besides your account may be sold to the third parties or some debt collectors. This information may damage your credit score.
Read about the lender's credit check policy before you apply and do your best to repay the money on time.
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