You may be aware that payday loans are unsecured short term loans and they are available for any adult who is employed or has a provable income. You may also be aware of the fact that payday loans are not dependent on credit history or credit score. Some lenders of unsecured short term loans will conduct a credit check. However, most lenders you would get access to through Payday Pug do not use credit history as a criterion. Most of them would not check your credit score. However, they will report their payday loans, the subsequent repayment or nonpayment to the credit bureaus and relevant agencies.
Not all lenders will report to the credit bureaus in a steadfast manner. Many lenders will only report when you don’t pay an installment or fail to repay the full loan amount along with the accrued interest. Some lenders will report your timely repayment. As a borrower, you should know the standard practice and also how a lender whom you are considering reports the updates to the credit bureaus. It is possible the lender will report the fact that you have borrowed a certain sum of money and all your repayments will be promptly updated. If you fail to repay, that would also reflect on your credit history and this will have a negative impact on your credit score.
Although payday loans are not approved on the basis of credit score, the proceedings do get reported to credit bureaus. Do not presume that failing to repay payday loans will not have any impact on your credit history. Also, make sure that timely repayments are reported to the credit bureaus so you can reap the positive impact of the same on your credit score. It is best to discuss this with the lender so you are certain of their policy and practice.