{"id":228,"date":"2020-11-19T09:30:53","date_gmt":"2020-11-19T17:30:53","guid":{"rendered":"https:\/\/www.speedycash.ca\/will-a-payday-loan-affect-my-credit-score\/"},"modified":"2025-09-10T15:23:50","modified_gmt":"2025-09-10T15:23:50","slug":"will-a-payday-loan-affect-my-credit-score","status":"publish","type":"post","link":"https:\/\/ppspeedy.com\/blog\/will-a-payday-loan-affect-my-credit-score\/","title":{"rendered":"Will a Payday Loan Affect My Credit Score?"},"content":{"rendered":"\n
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<\/i>Financial Tips<\/span><\/a><\/div>\n\n

Will a Payday Loan Affect My Credit Score?<\/h1>\n\n
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How Can a Payday Loan Affect Credit Scores?<\/h2>\n\n\n\n

There is a popular saying from the movie\u00a0<\/span>Forrest Gump<\/span><\/i>, \u201cLife is like a box of chocolates, you never know what you\u2019re going to get.\u201d A simple statement, but it is true!\u00a0Life doesn\u2019t always wait until payday and sometimes, you find yourself at Speedy Cash Canada<\/a> discussing a loan to get you through.\u00a0\u00a0<\/span><\/p>\n\n\n\n

But\u00a0now\u00a0you\u2019re in the market to buy a new home\u00a0and can\u2019t help but wonder, \u201cWill the payday loan I took out affect my ability to secure a mortgage? What if I want to buy a new car?\u201d\u00a0In today\u2019s post, we will explore how your personal credit score is affected by short-term loans<\/a> such as the ones provided by Speedy Cash Canada<\/a>\u00a0and other payday lending businesses.\u00a0<\/span><\/p>\n\n\n\n

What to Know About Credit Scores<\/h3>\n\n\n\n

First, <\/span>let\u2019s<\/span> cover some background information: <\/span>Trans Union<\/span><\/a> <\/span>and Equifax<\/a><\/span> are the t<\/span>wo main credit <\/span>bureau<\/span>s in <\/span>Canada that gathers information regarding your <\/span>payment history<\/span>, current debts, and how long you\u2019ve been using credit<\/span>.<\/span> <\/span>Financial institutions use this information to determine <\/span>whether<\/span> you\u2019re a risk if you request to obtain a loan <\/span>for a big-ticket item such as a mortgage. <\/span>I<\/span>f you have little debt, make your payments on time, and have been doing so for an extended <\/span>period of time<\/span>, your personal credit score should be in good shape.<\/span> <\/span><\/p>\n\n\n\n

How Payday Loans Can Help with Financial Challenges<\/h3>\n\n\n\n

Let\u2019s now focus back on the main topic of this post; what if you had to take out a payday loan\u00a0to help manage unexpected\u00a0bills?\u00a0Will that short-term loan restrict your ability to secure bigger loans from banks and other financial institutions? The answer, in short, is no!\u00a0<\/span><\/p>\n\n\n\n

Getting a No Credit Check Loan from Speedy Cash<\/h4>\n\n\n\n

Small, short-term loans such as the ones you can obtain from Speedy Cash Canada will NOT<\/strong> affect your personal credit score<\/a>\u00a0PROVIDING<\/strong> you pay them back on time. (More on that\u00a0in a moment.) This is mainly because lending businesses such as Speedy Cash Canada is not required to report these types of loans to credit reporting agencies such as Trans Union and Equifax.\u00a0So, pay your loan and its associated fees back within the required amount of time and you\u2019re good to go!\u00a0<\/span><\/p>\n\n\n\n

If you cannot pay back your loan, there are a few things you can do before you need to be concerned about your credit score. Read all about what happens when you cannot pay back your payday loan in <\/span>this post<\/span><\/a>, but if you still cannot pay back your loan it will likely be sent to a collection agency. The collection agency is then required to create a report for the credit bureaus, which in turn will affect your personal credit score negatively.<\/span> <\/span><\/p>\n\n\n\n

Apply for a Quick Payday Loan<\/h2>\n\n\n\n

Whenever you\u2019re ready, Speedy Cash Canada is here to assist you\u00a0get the cash you need! Visit us at one of our numerous\u00a0locations across Canada<\/a>, or apply\u00a0<\/a>online\u00a0\u2013 today!<\/span><\/p>\n<\/div>\n\n\n\n