Payday loans are relatively small short-term loans available from certain high street shops and dedicated internet sites. However, once the debt is placed with a collection agency, it will be added to your credit report. Collection agencies may ultimately file a lawsuit in the attempt to collect the payment. When borrowers can’t pay, they often renew the loan, which makes them vulnerable to crippling financing fees and traps them in a "cycle" of non-payment and re-borrowing. Every licensee shall each year pay…