Consumers should be cautious of over reliance on payday or one month loans as these type of loans could creates affordability problems when the consumer need to apply for a long term loan at other financial services providers.

Reputable personal loans providers treat payday or one month loans as revolving credit and will include the loan amount appearing on the credit bureau for a one month loan or a payday loan as active even if the loan is paid-up to avoid being accused of reckless lending practises. If your one month loan or your credit provider is not updating your account status regularly, they could be hurting your credit score and your ability to afford larger amounts of credit as any existing credit on your credit report will used when they review your ability to take on more credit. Some unscrupulous cash loans providers are deliberate in dragging their feet when it comes to updating your account information as it make it difficult for you to get credit or loans at other places and therefore you have to keep coming back to them, others are simply too small  therefore do not have appropriate administrative systems. It also takes time for the credit bureaus systems to update your current credit status. If your credit history is not up to date it affects your credit score and you affordability.

To find out if your accounts are up-to-date get your credit report or SMS the word LOAN to
081 785 4098


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