Payday Loans: Can They Affect Your Mortgage Application?

Thinking of taking out a payday loan? Perhaps this will make you think again. A recent report by the BBC has highlighted that fact taking out a payday loan has the potential to harm your chances are successfully applying for a mortgage in the future, regardless of whether the loan was repaid on time or not.

“Nearly two-thirds of brokers contacted by trade publication Mortgage Strategy for Newsnight had a client turned down for a mortgage after a payday loan.”
http://bit.ly/1g9Z1Yp

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