Can Payday Cash Advance companies tell if you already have another load out?
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When I went to open an account at a Payday Cash Advance company, they checked on their computer and saw that I already had another loan out with another company. How did they do that? And can all Payday companies do this?
February 9th, 2010 at 6:52 pm
All debts are basically public knowledge, otherwise lenders would have no way to gage what sort of risk you present them if they loan you money…
February 9th, 2010 at 7:18 pm
A lot of these companies have the same owners and underwriters. Sounds like you are already in over your head. These are designed to put you in a trap that will be very hard to recover from. Pay off your first loan ASAP and never get one again.
February 9th, 2010 at 7:44 pm
Payday lenders are creditors just like banks and credit card companies (Although they are generally an even bigger ripoff).
Almost all creditors subscribe to the credit monitoring services (“your credit score”). Every creditor who is a member also reports their activities to the credit service by social security number.
If you check your credit history, you will likely see your Payday loan at all three credit agencies.
February 9th, 2010 at 7:51 pm
hi
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