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> Sorry but not seeing how they're different. From the founder's post: 1- When customers repay their loans, they can be eligible for larger loans at lower rat
by wpnx 10y ago
> Sorry but not seeing how they're different.
From the founder's post:
1- When customers repay their loans, they can be eligible for larger loans at lower rates (it is almost unheard of for payday lenders to offer better terms).
2- In the top half of our Ladder, customers have the option to have their payments reported to the credit bureaus (payday lenders don’t report).
3- When customers need more time to repay, we don’t charge them extra (payday lenders use rollovers to make more money when their customers struggle).
4- When customers make successful repayments, many can become eligible for a credit card (which is essentially an interest-free short-term loan, if paid on time and in full).
- robinduckett 10y ago1- Payday Loan Companies in the UK do this. 2- Payday Loan Companies in the UK have to do this by law 3- If this is true, which I doubt, it would mean drastically reducing the APR each time they "need more time". How can they do that without having the borrower sign a new credit agreement? Is the financial services system in America so broken? 4- A credit card provided by a Payday Loan company? No thanks.
- oarsinsync 10y ago> > 2- In the top half of our Ladder, customers have the option to have their payments reported to the credit bureaus (payday lenders don’t report). > 2- Payday Loan Companies in the UK have to do this by law I wish I could find some evidence for this, but I read somewhere (I believe it might have actually been YN comments) that this is actually a negative. Having payday loans, like having cash advances on credit cards, are considered a negative on your credit file, regardless of whether you pay them off in the agreed timelines or not.
- scarface74 10y agoI've never taken a cash advance but I don't see anywhere on a credit report where it would be noted whether the credit card was used to charge something or do a cash advance.