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If possible, it may be a better choice to seek alternative sources of funding, such as a personal loan or a cash advance from a bank. To avoid these pitfalls, it is important for borrowers to carefully manage their credit line and only borrow what they can afford to pay back. This is especially convenient for those who have busy schedules or live in rural areas where access to traditional lending institutions may be limited.
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Installment loans can also help borrowers to build or improve their credit score. Alternative lenders: Alternative lenders, such as online lenders and non-bank financial institutions, may be more willing to lend to unbanked individuals than traditional banks. This means that if the loans borrower defaults on the loan, the lender can seize the collateral to recoup their losses.
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