Why should you find out all you can about Payday Loans before you apply? Even if the amount is smaller than what you’re used to, you need to realize that this is still a financial transaction that can have profound effect on your credit. Consider this – they do not run a credit check on their clients when they apply, but they will most certainly not think twice about reporting you as delinquent to the credit bureaus if you are late with the payment. This can have tremendous effect on your credit score, especially if it is already very low to begin with.