Payday Loans on Your Credit File And Getting a Mortgage
Quick answer: Seeing payday loans on your credit file can feel like a permanent block to getting a mortgage. It is not — but it does require honesty, the right lender and usually some time since the last loan. Here is everything you need to know.
🔍 What Shows on Your Credit File
Check your credit report via Checkmyfile.com — it shows all three credit reference agencies (Experian, Equifax, TransUnion) in one place. You will see each payday loan listed as a credit account with the lender name, dates, amount, and payment history.
Payday loan lenders that commonly appear: Wonga (now defunct but still shows historically), QuickQuid, Sunny, SafetyNet Credit, Peachy, Ferratum, Moneyboat, 247Moneybox and others. All are identifiable to mortgage lenders.
🏦 What Lenders Look At
- Number of payday loans on the file — one is different to ten
- Dates of each loan — most recent is most important
- Payment history on each loan — on time vs late vs defaulted
- Whether any payday loan debts are still outstanding
- Overall credit profile including any other adverse markers
❓ Common Questions
How do I find out what shows on my credit file?
Use Checkmyfile.com — it shows all three credit reference agencies for £14.99/month (free 30-day trial available). This gives you the complete picture that mortgage lenders see. It is essential to check before applying.
Can I dispute payday loan entries on my credit file?
If any payday loan entry is inaccurate — wrong dates, wrong amounts, showing as unpaid when paid — you can raise a dispute with the credit reference agency. Successful disputes can correct or remove incorrect entries. Accurate entries cannot be removed before the 6-year period ends.
What if I had payday loans with companies that no longer exist?
Companies like Wonga and QuickQuid are no longer trading but their historical loan data was transferred. This data still appears on credit files until the 6-year period ends. It is treated the same as data from active lenders.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.
This page is for general information only and does not constitute regulated financial advice. The Mortgage Geezer is a trading style of Access Financial Services Ltd who are authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 301173. Registered in England No. 04427489. Registered office address Access Financial Services Ltd, Unit 1 Furtho Court, Towcester Road, Old Stratford, Milton Keynes, MK19 6AN.