I currently do not have credit, but realize that it is important to have good credit. I did not want to take out any kind of loan where a co-signer was required or that I would need collateral for, so I thought that if I took out some Payday Loans and pay them back on time that the company would report my timely loan payments to the credit bureaus. I was totally wrong! If you are looking to build credit, don’t make the same mistake that I did. Paid payday loans are not reported on your credit report; the only way that payday loans could show up on your credit report is if you do not repay the loan and the company sues you.