[robinduckett]

1- 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]

> > 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]

I'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.