To find out if you have outstanding payday loans, contact your payday loan lender, provide the necessary personal information and ask if you have any outstanding payday loans.
Did you a take payday loan but not sure whether it’s satisfied or not?
If so, then find out ASAP. Otherwise, you might end up paying a ton of money on fees. But how do you find it?
The simple answer is to contact your lender. However, that’s not all. So, in this article, I am going to describe how to find out if you have outstanding payday loans in detail, what happens if you don’t repay, and all the necessary queries. So, stay here till the end.
How Payday Loan Works
Payday loans are short-term small loans that you can get instantly from a formal or informal lender without any prior credit checks. However, you have to pay back your lender within 14 days of receiving your next paycheck. This is why they are known as payday loans.
Normally, To get a payday loan you have to write a check for the borrowed amount and interest and provide it to the lender Moreover, you can provide electronic access to your checking account so that your lender can automatically deduct the dues.
To get a payday loan you must have a checking account that is at least 3 months old. However, payday loans have seemingly high-interest rates and fees.
So, if somehow your checking account does not have the necessary amount for the loan after your next payday. Then your debt will keep rising at an insanely high rate.
Every time you miss a payment your debt will keep rising. As a result, finding out if you have an outstanding payday loan is necessary. So, do payday loans show on your credit file?
Do Payday Loans Show On Your Credit File?
No, payday loans do not show on your credit file. Because payday loans are not like traditional loans.
Payday loans are not like traditional loans. So, payday lenders do not require a credit check for providing you with a payday loan. They are also not available in almost 16 states. Moreover, payday lenders are mostly not formal lenders or financial institutions. So, they do not report to the credit bureaus.
As a result, you can not just look at your credit report and find out whether you have an outstanding payday loan. Then how to find out how many payday loans I have?
How To Find Out If You Have Outstanding Payday Loans
To find out if you have outstanding payday loans
- Firstly, if you have taken a payday loan from more than one lender then find out all your payday lenders and contact numbers.
- Then call or message your payday lender.
- They will ask for some personal details like your name, bank account number, etc.
- After that, they will run a veritec check on your profile to find out if you have any outstanding payday loans.
- Lastly, they will let you know the result.
This is how to find out how many payday loans I have.
If you what to find out about teenage loans then check our article on getting a loan as a teenager.
Here, Veritec is a third-party database that keeps track of consumer loans all over the US. But can you check your veritec report?
How can I check My Veritec Report?
As a borrower, you can not check your veritec report. Because only certified lenders can view the Veritec database. A consumer can not find out any veritec check for finding out payday loans.
Veritec helps lenders to meet their state lending laws, check the eligibility of borrowers, and sometimes deny a borrower from taking a loan.
All of these are sensitive data about consumers. So, regular consumers do not have access to the veritect report. As a consumer, you can not check veritec reports and find out no veritec check payday loans.
Now that we have found ways to find out if you have outstanding payday loans. So, it’s time to learn what happens if you stop paying a payday loan.
What Happens If You Stop Paying A Payday Loan?
The result of not paying a payday loan can be devastating for your financial life. As the interest on them is terribly high, so they remain unpaid then your dues can rise up to a level you won’t be able to pay.
When you take a payday loan you give your lender a check or electronic access to your checking account. When the due date comes your payday lender will try to collect the debt by check or electronically.
However, if your checking account does not have enough balance then your bank will show an insufficient balance to your lender and he won’t be able to collect the debt. Your bank will also charge an insufficient balance fee.
This can go on for a few months and your bank will charge a massive amount of insufficient balance fees.
On the other hand, each time you default on a payday loan the interest and other fees will start rising. As a result, the debt amount will also keep rising. By the time you realize your mistake, you will owe the lender a substantial amount.
Furthermore, if your payday lender doesn’t get repaid in time he will contact you or try other means to get the money back.
If he is not successful then he will go to the debt collectors. The collection agencies will try all the methods to get the money back. On the contrary, they will also report the credit agencies and it will have an unpleasant effect on your credit report.
How Long Does An Unpaid Payday Loan Stay On Your Record?
An unpaid payday loan stays on your record for as long as seven years! Payday loans might be small loans. But unpaid payday loans are still debts. So, they stay on your credit report for a long time.
Moreover, unpaid payday loans can substantially lower your credit score. As they are small loans and if they are unpaid then it shows your intention of not paying the debt. So, unpaid payday loans will cripple your ability to lend in the future.
In Summary
By applying simple tactics if you find any unpaid payday loans then try to satisfy them as soon as possible. If you need help then take payday loan relief or talk to a credit counselor if needed. Otherwise, unpaid payday loans can become your financial nightmare.
I hope this guideline on how to find out if you have outstanding payday loans has helped you find out if you have any outstanding payday loans.
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