Compacom Answers | Compacom

Can a Payday Loan affect my credit score?

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COMPACOM TEAM March 20, 2019 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... Read more

Can I take a Payday Loan if it's not legal in my state?

Payday loans Legal Status State Regulations

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COMPACOM TEAM March 19, 2019 Expert answer

No, unfortunately, if Payday Loans are forbidden by law it means lenders can't operate legally in the state both online and in-store. Even out-of-state companies should obey these rules. But you need to decide whether you need a Payday Loan or just some quick emergency cash. If the latter is fine there are a lot of other options you can take advantage of: Installment Loans, Personal Loans,... Read more

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