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Another disadvantage of doorstep loans is that they may not be regulated as closely as online loans or traditional loans. For example, if the credit borrower has a credit limit of $10,000 but only borrows $1,000, they will only pay interest on the $1,000 that they borrowed. Community involvement: Credit unions are often closely tied to the bad communities they serve, and they may offer special loan programs or discounts to members who live or work in those communities.
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. That's way faster than waiting for a regular loan from a bank or credit union.