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In order to regulate the industry a little bit more, the the National Credit Act in South Africa now requires all payday loans providers in the country to carry out credit checks and to report repayments. Loan providers are now allowed to pay loans to people under debt review.
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This means that applying for and paying back payday loans can have an impact on your credit score unless you have a no credit check loan that is. This could either be a positive or negative impact. Therefore, it is important that you understand just how long that payday loan will be noted on your credit file.
The exact length of time will be dependent on the type of information that is being recorded.
A credit check will stay on your credit file for 24-months. However, it has less of an impact on your credit rating after 6-months.