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Does paying off a payday loan help your credit

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50. The cost is made up of an 15 establishment fee and a 4 monthly fee.

Does paying off a payday loan help your credit

And to bring the balance due, 6000-7000, court fee bail money. He then continued his threats by stating that someone would be coming to my work place and contacting my supervior.

I feel threaten, I believe this is a scam, and this company needs to be investigated. I am scared for myself and my family.

These people have all my information. I have reported this incident to the FTC, Attorney General and plan to report it to BBB.

Does paying off a payday loan help your credit

Many of these companies claim that because they operate online, state law doesnt apply to them. As with the tribal lands issue, this question is still open to debate. In that regard, the law is ambiguous, said Barden of the Online Lending Alliance. Most of the trade groups members dont loan in states that prohibit it, he said, but the Alliance doesnt take a position does paying off a payday loan help your credit whether or not the practice is illegal.

Though no federal law prohibits payday lending, some restrictions do exist. The Electronic Fund Transfer Act, for example, prohibits lenders from only allowing consumers to repay loans through recurring electronic payments -- something that payday lenders do regularly, consumer advocates say.

Additionally, guidance issued by the Federal Deposit Insurance Corporation in 2005 says that payday loans should not be made to anyone who has already been in debt from a payday loan for three months or more of the previous year. But the agencys guidelines don't have the effect of law and only apply to FDIC-supervised banks.

Does paying off a payday loan help your credit

My wife and I are looking to build a house on two acres we own. We have recently paid completely out of debt(vehicles and credit cards), and have 50k or so in a 401k and 10k in other dividend reinvesting stocks. We are starting to funnel cash into checking account now that debt is paid off. We are both under 30 years old and both have 800 credit scores, yet we are nervous about going to the bank to start the process of getting a mortgage to build a house.

Should we be. Would our land or 401k stock accounts offset our lower cash in accounts. You may want to determine what types of loans you can qualify for and see if reserves are going to be an issue for sure, then compare costs…FHA forces mortgage insurance on its borrowers, whereas you might not need it with conventional financing.

Colin, given that the reserves are in question, is FHA a better way to go.

Does paying off a payday loan help your credit