Do Short Term Cash Loans Impact Credit Rating?

Emergency Installments loans (although can have repayment terms up to 3 months), and payday loans (need to be paid off by coming paycheck day) are considered to be short term loans. Mostly, private lenders do not bother to report credit agencies like Equifax, Experian and TransUnion when a borrower gets funded with such small cash loans. It is only when the large scale borrowing takes place, reporting the credit transactions makes sense. However, some lenders might report even these financing, and only then they appear on the credit reports and add to the credit history- which is actually good.
The other occasion when the lender or the debt collector (who is assigned the responsibility by the lender of collecting the debt from the borrower) might report to the credit bureaus is when borrowers make late repayments without informing the lender. In this case, the reporting impacts the credit rating negatively.

How Long Do Installment Loans Stay On Credit Report?

If you want to know whether installment loans show up on credit report for a long time, then we have the definite answer for you. As we mentioned, only not making timely payment might hurt your credit- taking out a loan is just fine. Therefore, if you are paying off the installments or making a bulk payment on time, and the lender is reporting the payments to the agencies, it is good for you if they show up in your report for a long time. Similarly, the unruly payments can also hunt you if you need a large funding.
In general –if the lender or debt collector reports the borrowing or late payment- installment loans stay on the credit report for 7 years, which is a considerable amount of time. In some cases, they can stay on up to 10 years. Therefore, you can have the positive impacts of the reporting for up to a decade if you prove to be a responsible borrower by adhering to the due dates. However, with bad credit also you can get an installment loan from CashTodayAmerica with a 3-minute application process online.

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We are registered with Utah’s Department of Financial Institution to provide Consumer Credit. If you submit this application via the internet to us, we will receive and process it the same as if you submitted it to us in person thereby making Utah the place of negotiation, execution and performance of all applications and/or agreement. If we approve your application, the funds will be disbursed from our account in Utah. Utah law governing consumer loan agreements may differ from the laws of the state where you reside. Applicant is responsible for complying with all statutory obligations regarding obtaining loans by internet that may exist in their state of residence. This service may or may not be available in your particular state.

CashTodayAmerica does not perform any credit checks through the three major credit bureaus Experian, Equifax or TransUnion. We collect required information regarding debtors’ creditworthiness from a third party source.

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