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Do Cash Advances Improve Credit Rating?
Posted on Monday, June 11th, 2019 at 7:12 pm in Miscellaneous Payday Loan Info
The relationship between cash advances and credit rating is a very interesting one. Many people believe that the simple act of getting a cash advance will hurt your credit score. Others think that cash advance companies don’t even report to credit agencies. Neither of these things is true and it is important to understand how one can affect the other. In many cases getting a cash advance can actually improve someone’s credit rating.
As far as a credit report goes, the cash advance loan will look a lot like any other type of loan. The main difference will be how long the loan lasted and how large the loan was. If you’re able to repay the loan in full and on time without missing any payments then you’re likely to see an improvement on your credit rating. Keep in mind that credit scores often take several weeks to reflect changes so it won’t happen overnight in most cases. Credit scores are a long term look at your credit so having a long history of positive ratings is very beneficial.
This has led many people to actually get a cash advance for the sole purpose of helping their credit score. While cash advances do cost money it can be worth the expense to get the positive rating on your credit report. This is especially true for people who have a poor or average credit score and are working on improving it as quickly as possible.
Keep in mind, of course, that if you are late with payments or worse go into default that it will have a negative impact on your credit score. Taking the time to budget your money and ensure you’re always able to make the payments on time is a great way to avoid any chance at having late payments on your cash advance loan.
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