Do credit bureaus receive a report on payday loans?

Payday Loans Are Life-Savers

The urgent need for money is a very crucial moment and it turns out even more severe when you don’t have a good credit score and are being rejected by various traditional lenders. Payday loan online are the biggest lifesavers in such cases as these can be availed in just one day and you will not have to undergo any teletracking to get this. These loans are smaller in amount that varies between $100 to $1000. It is wholly an online process and you can apply to this even while sitting at the comfort of your home. There is no paperwork or faxing involved in the entire application process which hardly takes 6 minutes.

It is always advisable to take cash advance credits from a direct lender only with no brokers or third party involvement such as PaydayLoanTeller. Direct lenders are more responsible and can be trusted for not charging any hidden costs. By accepting the lender’s term and conditions, you give the access of your checking account to your lender. So, beware whom you are choosing.

Payday Lenders Do Not Directly Report to Credit Bureaus

Generally, payday loans don’t show up on your credit history as they are ‘no credit check loans’. But, sometimes the lenders sell your unpaid accounts to the debt collection agencies and most debt collectors report your account to the national credit bureaus.

Though, your timely repayment information is usually not being reported by the lenders. However, there are still some trusted lenders such as PaydayLoanTeller, reports the credit reporting bureaus on successful repayment of your cash advance loans.