Can Payday Loans hit Credit and FICO scores?

What state are you in and are these internet or storefront payday loans?

Read this thread first ndbf.org/searches/Orders/20070824_SFS_Inc_dba_One_Click_Cash.pdf.

Sit down and figure out how much you have paid them in principle. It could be that you have over paid them.


ladybug

I believe they can only report to the credit agencies if they are a legal loan. None of my illegal ones have shown up on my report and I have heard that froma few others also. IMHO

The only agency I have ever heard of a PDL reporting to is Teletrack, which also reports for rent-to-own places, PDL's and other subprime lenders.

If your loan is sold to a third party collector,it may report to the bureaus if collector reports it.

Depending on the collector you may be reported. If you are in collections you have definetely been red flagged. The reason for your high dollar debt is as follows. Due to the contract you agreed to, the extra fees are extension fees. Those 2 week payments are never applied to the principal. They are there because your account was either insufficient or you closed it out. Those fees will build up. Most companies will settle for twice the actual principle. Depending on the age maybe less. Don't let the agent on the other end of the phone harrass you. Just set your own reasonable terms. Perhaps 1/4 of the settle ment terms bi weekly until paid in full. Once paid off have them send you validation letter. Then finally the last step. Dont ever do it again. Yes I am a Collector for a LEGAL PDL company.

Ummm.... let me jump in here. One Click Cash is a d/b/a of MTE Financial. This is a company who is not licensed/legal. This is an illegal - flat out illegal - company. No, they can not tell you that you owe that amount of money for that amount of loan. They will not send you to a "legal" collection agency. An illegal pdl will not do this. They do their own "in house" collections, as they are illegal. (Did I say illegal enough?). If an illegal pdl were to pass your account on to a "legal" collection agency, it would really surprise me. However, if they were stupid enough to do this, all you have to do is send a debt validation letter. Let the illegal pdl try and validate their illegal transaction. When I say illegal regarding this particular pdl, I mean they are not licensed anywhere in the United States to do business. You owe them the principle amount of the loan only. And they're damn lucky to get that, as they are illegal (yes, I said it again). And, Brad, the collector for a legal agency, good for you. At least you work for a legal collection agency. However, this pdl and parent company are flat out illegal. Illegal. Can I say it enough?

Storefront can report you on your credit report. I finally signed up on true credit and Checksmart and Express Payroll are on my equifax section as return check. I even have payment arrangements with them and they still reported it.

ryan, store fronts are licensed/legal - unlike the unlicensed/illegal pdl we were talking about. However, I'm interested. You had store fronts and had payment arrangements & they reported you? Did the store fronts send you to a collection agency & they're the ones that reported you?