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Then a payday loan can be the solution you are looking for. Credit Impact – Delinquent activity, loan defaults and late or missed payments may be reported to credit agencies which could negatively affect your credit rating. 1956: Fair Issac Corporation launches FICO scores, numbers between 300-850 that are used by lenders to assess individuals for all kinds of loans. You should only borrow if you need the money and are sure that you can afford to pay back the loan on time. A loan given for bad credit, will ultimately rebuild your credit score if you pay back the loan on time. If you make all of your payments on time, most lenders will report this to credit bureaus, resulting in an improvement to your credit.
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