how long do payday loans stay in the system 
the records of traditional loans may be kept for six to 10 years by credit bureaus the companies that calculate credit scores which in turn may affect your ability to borrow money in the future payday lenders do not usually report to the credit bureaus even in case of overdue repayments however the payday loan may be filed once it is passed to the collectors after the lender sells the debts 15if you repay your payday loan on time then your credit score shouldn t be affected on the other hand if you default on your loan and your debt is placed in the hands of a collection agency then you will see a dip in your score can payday loan debt be forgiven in practice it s very rare for payday loan debt to be written off this is because payday lenders make significant sums from the interest that they charge on these loans this means that you should try and pay off payday loans as soon as you possibly can if you can t pay back a payday loan the account may be sent to a collection agency which will pursue you for the money and interest that you owe this is not only unpleasant but also can add money to your overall debt and it will damage your credit can you get a payday loan without a bank account yes having a bank account isn t universally required to borrow money but lenders that don t require it generally charge high interest rates this includes many payday lenders payday lenders may ask for a bank account but sometimes a prepaid card account may be enough to qualify because these loans cost so much and may be difficult to repay it s almost always best to avoid them if you can t pay back the loan promptly fees can add up leading to a debt trap that s hard to get out of because of this you should only take out a payday loan if you are absolutely sure that you can pay it back the bottom linepayday loans are designed to cover short term expenses and they can be taken out without collateral or even a bank account the catch is that these loans charge very high fees and interest rates borrowers should be wary of these loans they may be considered predatory lending as they have extremely high interest don t consider a borrower s ability to repay and have hidden provisions that charge borrowers added fees as a result they can create a debt trap for consumers if you re considering a payday loan then you may want to first take a look at alternative emergency loans for bad credit 2