Payday Loan "Special Shop"
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If you're absolutely certain that it was from your own MSC and not a scammer, it is likely that this is a compliance audit and that they want to make absolutely sure that you cannot give out this information. Depending on which client it is, it may even be their intention that you are turned down for the loan without certain documentation. Perhaps they have had dishonest shoppers or employees in the past, ones who made mistakes, or both. Of course, since you have already done similar shops with this company in the past, that could definitely be a reason you qualified. You could also e-mail your scheduler with any questions or concerns you might have about the assignment.
Edited 3 time(s). Last edit at 08/09/2015 06:00PM by OceanGirl.
Edited 3 time(s). Last edit at 08/09/2015 06:00PM by OceanGirl.
The one I saw does not want you to take any "hard" proof with you but to show it all on your smart phone. Perhaps this one is different. My issue is that you cannot see all the rules until you accept the shop and then if you cannot do it because you do not have what is necessary (such as the cash a check where the check needs to be government issue and a few other very narrow places) you have to cancel a shop you have already scheduled.
I accepted a "Pay a bill" one but the electric bills across the Phoenix valley vary. Some are APS like in my area. The store I was shopping only covered SRP bills like in their area. They wouldn't let me pay my APS bill,
Today I Will Choose Joy!
"Finally, whatever things are good, true, noble, lovely, of good report...if there be any virtue, if there be any praise...think on these things." ....It's a command, not a suggestion!
"Finally, whatever things are good, true, noble, lovely, of good report...if there be any virtue, if there be any praise...think on these things." ....It's a command, not a suggestion!
I did one of the special shops.
Only take an id and a check.
Shop was offered at $150.
Clerk gave me the loan and said next time to bring more documentation.
Shop was accepted and approved
Only take an id and a check.
Shop was offered at $150.
Clerk gave me the loan and said next time to bring more documentation.
Shop was accepted and approved
Maybe I should check them all around here to find the special ones. The ones i looked at now at $75 need a smart phone. They usually go when they get that high but they have not so perhaps i am not the only one without a smart phone...
The shop I took pays $90 and requires a cell phone but only because they give one a fake cell phone number which will ring into my cell phone if the store tries it to confirm the number.
I did a special loan shop last week for $80.00. I only took what was stated in the guidelines and I was approved for the loan. The shop was also accepted and approved.
Ha, I did not qualify for the special shop just a few days ago that required a smart phone (to bring up a pic of your paperwork...bank , check etc). I was sad to not be able to take that shop at $75. Today it popped for the first time at the location a few blocks from my house and this special shop allows hard paper and the fee is up to $100...so I made $25 in a few days by not having a smart phone!
Not to sound dumb, but are you guys (and gals) actually taking out payday loans for these shops? If so, what does that do to your credit scores?
Shopper in California's Bay Area
Yes, I most certainly do take out a loan. Nothing happens to my credit scores because it does not go on my credit report. The only way it would go on my credit report is if I did not pay it back. I make sure I am there on the day it's due or usually the day before.
I would think it would hit on your credit. It is a loan and they have your name, address and ID. I have seen those shops go up to $100 in my area and I would not take them.
Not my circus - Not my monkeys @(*.*)@
~Polish Proverb~
~Polish Proverb~
Do you think I do not check my credit report periodically? It does NOT hit my credit report and will only hit it if I default. I'm glad some people won't do them. Leaves more for me and I do like the pay for the shop as there is so little amount of work involved.
hi @plmccut, thanks for providing some info about this. One more question, does the payday loan company run your credit before the loan? Do you provide your SSN?
When you check your credit report, do the loans show up on the report? I have some closed accounts that say "paid or paying as agreed" or something like that. Do you have those entries on your report for the loans you've taken? Thanks again for providing some info, I really appreciate it!
When you check your credit report, do the loans show up on the report? I have some closed accounts that say "paid or paying as agreed" or something like that. Do you have those entries on your report for the loans you've taken? Thanks again for providing some info, I really appreciate it!
Shopper in California's Bay Area
I am HAPPY for all the mis informaton about these shops.
leaves MORE MORE MORE for me
Never once have these EVER had any effect on my credit score.
NEVER ONCE has any of the "payday loans" ever shown up on my credit report.
NEVER ONCE have I seen a credit pull show up on my credit report.
SO MUCH fear mongering about these that has NO BASIS in real fact.
LOVE IT!!!!!!
But I guarantee you someone will come up behind me telling me how wrong I am and do not know how to read my credit report!!
leaves MORE MORE MORE for me
Never once have these EVER had any effect on my credit score.
NEVER ONCE has any of the "payday loans" ever shown up on my credit report.
NEVER ONCE have I seen a credit pull show up on my credit report.
SO MUCH fear mongering about these that has NO BASIS in real fact.
LOVE IT!!!!!!
But I guarantee you someone will come up behind me telling me how wrong I am and do not know how to read my credit report!!
About a year ago there was another thread with this same question and in the end several people who had done the shop and checked said it never affected their credit. This is a shop you have to be careful with as the interest rate for these very short term loans is sky high. The msc reimburses the interest charged but only if you pay the loan back on the agreed upon date. If you are a person who might "forget" to pay it back on time or get waylaid somehow from that agreement then I would say stay away. It will cost you. That is probably much more of a danger than worrying about a hit to your credit.
The check cashing company does not report to any credit reporting bureaus for payday loans, neither do they check your credit when processing the loans.
The typical client of these stores has poor credit. They know that already. Why pay money to confirm what they already suspect? Their business model is to charge a high interest rate to offset the money that is not going to get repaid.
Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
I have done many of these in the past and will do more in the future. As stated above, the only hit to your credit report is if you don't pay it back on time. Otherwise, it is not reported to the credit bureaus. Because my only income is mystery shopping at the moment, I don't qualify for them. Shortly, I will have another job that will pay regularly, so I look forward to them. They're fast and easy, have multiple locations, and are simply reports. The MSC in my area pays well and quickly. Please - if you haven't done them before, don't take them now!
I pass on these because I'm paranoid. They are not tracked by traditional credit reporting agencies, but I've heard some rumblings of payday loan history factoring in by another when you go to get a mortgage. Just the presence of payday loans, even if repaid on time, indicates cash flow problems and poor money management. I want to buy a house in the next couple years, so I don't want to risk anything. According to this, Experian and Equifax collect payday loan information, even though it's currently not included on your credit report.
[www.investopedia.com]
[www.investopedia.com]
These are scary for me no matter what. I'm always afraid something will go wrong, that someone will make a mistake and ruin my credit or worse. The fact that the MSC wants your phone number protected from the client is alarming. I understand the phone calls need to be recorded but they specifically state that they want to prevent the store from having your phone number.
That said, being paid $75-150 for doing almost no work is tempting, and so far I've had one shop approved without having to take out a loan at all. I'll have to seriously consider whether to continue.
That said, being paid $75-150 for doing almost no work is tempting, and so far I've had one shop approved without having to take out a loan at all. I'll have to seriously consider whether to continue.
Well, I did this shop today and was not given a loan. The employee said that since I did not have proof of income (bank statement showing direct deposit) he could not give me a loan. Normally, when you get a loan you submit the receipt of the payment transaction as your POV. I saw nothing in the instructions as to what I would submit in lieu of the receipt other than if they gave me a denial letter. And I always hate when they do these special type of shops using a regular shop form so that it is half geared for the special shop and half for the regular shop. Let's hope the MSC accepts my report.
Please re-read the investopedia article more carefully. In particular, note that it says
"Where payday loans typically hurt is when default occurs. The demographic groups that take out payday loans tend to have higher default rates. If a payday loan default shows up on your credit report, it is likely to hurt your chances of being approved for a mortgage. "
The key word in this paragraph is DEFAULT which is what we have been saying all along. The loans only show up when someone defaults.
But again, I say, please don't take these shops and leave them for me to do.
"Where payday loans typically hurt is when default occurs. The demographic groups that take out payday loans tend to have higher default rates. If a payday loan default shows up on your credit report, it is likely to hurt your chances of being approved for a mortgage. "
The key word in this paragraph is DEFAULT which is what we have been saying all along. The loans only show up when someone defaults.
But again, I say, please don't take these shops and leave them for me to do.
@plmccut wrote:
Well, I did this shop today and was not given a loan. The employee said that since I did not have proof of income (bank statement showing direct deposit) he could not give me a loan. Normally, when you get a loan you submit the receipt of the payment transaction as your POV. I saw nothing in the instructions as to what I would submit in lieu of the receipt other than if they gave me a denial letter. And I always hate when they do these special type of shops using a regular shop form so that it is half geared for the special shop and half for the regular shop. Let's hope the MSC accepts my report.
I did mine today and was also denied for not having all the requirements. The fee had gone up right after I accepted today's shop and I was sad I had not held out another day. But there is still another shop there for me today so because I was denied my loan today I accepted another shop for next week at the higher fee. But yes, plmcut I was not really sure how to answer the questions. I called but had to leave a message. Hoping we both filled the denial loan out correctly.
I love these shops, especially if there is a bonus attached. They are fast and easy and my credit has never been dinged.
Just so I understand, if you are denied a loan, that is acceptable to the MSC? Even if you know in advance that you need a direct deposit receipt and know when you accept the shop that you won't have one? I guess if the goal is see if the payday loan place is following procedures, that would be fine. If the goal is to see if they follow procedures all the way to the end (the end being paying back the loan), it would not be.
Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008
I do not know of any MSC that tells you what their goal is and I am only assuming in this case, that they are checking to see if the employee is following the company's established procedures. It was called a "Special" shop. The usual shop is the one where you take in the proper documentation, get the loan and then pay it back when it is due.
I did the "special ID" shop last month. I was to bring in nothing else but ID and a blank personal check. No other documents were allowed. I was approved. How? She used my blank personal check to confirm that I had adequate income at my credit union. The purpose of the shops is not always to actually get the loan- but also to see if they are using proper procedures and being innovative in order to approve my loan. It would have been simple for the associate to just say "sorry- you need proof of income." But she went the extra mile and got a loan out of me anyway.
I have done about 8 payday loans. NONE has affeced my FICO. Make sure you pay you loan off on time and you won't have any problems.
I have done about 8 payday loans. NONE has affeced my FICO. Make sure you pay you loan off on time and you won't have any problems.
My guy did ask if I had the CU app on my cell phone and I do but I told him I did not. He made no attempt to cal the CU to check whether I had my pension and SS direct deposited. I had a loan at that same store previously and I suggested he look at that info. and he said he needed current info. Now I am just wondering (since I have no POV other than the name and description of the employee) if I will get paid.
The article I posted did specify default, but I have read that in the UK, payday loans are bad for a mortgage whether you default or not. I did say I was paranoid!
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