Personal Loan Shops

Has anyone done an online personal loan shop? I assume they are pretty easy, but still hesitant on taking one. They of course check your credit score to give you the loan, but if you are approved does it knock your score at all?

Thanks for the help!

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Any "Hard credit inquiry" will affect your credit score. I'm not sure if the shop will result in that or a "soft" inquiry that does not affect your score. For better information please research the factors that affect your credit score. The FTC has page explaining it. There are many others as well.

Happily shopping Rhode Island and nearby Massachusetts and Connecticut

I have no idea how these shops work. I gather you're not talking about payday loans. They do not check your credit.

I just realized he said "online" personal loan shop. I've never seen any of those. I've done some of the in person payday loan shops and those don't hit your credit.

Who assigned you the shop? I'd suggest you ask your scheduler to find out if there will be a credit hit.

Time to build a bigger bridge.

I don't know what the purpose of the loan shop is, but if it's not with a very reputable or well known lender, I'm not sure putting your social security number and other personal information into their online database is wise.

Interesting that this topic is here as I heard a report on npr about the online loan industry just a few days ago. I had never heard of online loans but by the report they are similar in the fee structure to the retail outlets that charge hundreds of percentage points if your repayment is late. Evidently the Indian nations are heavily involved with these businesses. It is a way for those tribes who are too remote to have a casino business to make some money. The report indicated that generally the "nations" only lend/sell their name to companies run by someone who is not part of their nation and they receive a very low percent of the profits. In one example the tribe involved was getting 1% for the use of their name as "owner" which did not amount to much at all for the tribe. The report predicted they will mostly be exiting this business soon as there seem to be more legal battles than it is worth for them. Please excuse me if my terms are incorrect as I am not up to date on the proper words ..nation, tribe, etc. It was an interesting report and if you want to hear it search npr (National Public Radio).

New York has made payday loans and this type of loan sharking business illegal.

Any assignment whereas you submit your SS # makes me a bit nervous. My understanding is that a credit check (by you or a second party) results in a "soft hit" and this "dings" your credit score by a couple of points. I am told that this reduction only lasts for a couple of months and then rebounds.

If I remember correctly, there is usually very stringent dates for repayment. This was discussed a few months ago. I believe someone missed the date inadvertently and had a large fee to pay out of pocket.
Search the term Payday loans for the last year and you will find the many different scenarios for the loans and the repayment.

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