Most payday loan companies do not report to credit bureaus, and therefore you cannot use the loans to build credit. However, with the increasing concerns over credit scores, some loan companies are now reporting to credit agencies. In fact, these companies have always reported non payment of payday loans faxless to the credit bureaus, but have made no guarantees to report paid loans. This is changing with new laws and policies.
With these changes taking place it is a good idea to check with...