Protecting Your Credit Rating

Accessed on 01/03/2007

There are three major credit bureaus that profile a consumers credit history. They are Equifax, TransUnion, and Experian. When you apply for a loan, lenders will go to any or all three of these credit bureaus to determine your willingness to pay back a loan. If they find a good history, they will give you a better interest rate. If not, you will either be denied credit, further loans, or be approved but charged a very high interest rate. Something that might show up is a late bill, an unpaid check advance, or defaulted loans. Many people can make all their bills, but not always all on time. That's why a check advance, if repaid on time, is one way to keep from having negative reporting on your credit history.

A check advance with a payday loan company is a short-term loan with a duration of as little as 5 days and up to 16 days, always depending on your pay cycle. There is no credit check necessary but we may use other resources that many lenders use to help determine that you meet our qualifications. If you are certain the money will be in your account to cover a temporary shortfall, you may want to get a check advance to keep late bills from showing on your credit report. It isn't just enough to eventually pay your bills. You have to pay them on time to build up a good credit rating.

One benefit to paying your bills on time is that you avoid late charges, too. A late charge can be a percentage of the late bill or a fixed amount. Most late bill fees can range around the $30.00 mark. This can end up saving you money if you pay back the loan in full on the next pay period.

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