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This can help you establish a positive credit history, which may make it easier for you to qualify for a credit line in the credit future. These platforms may be more willing to lend to unbanked individuals who may not qualify for a traditional loan. Banks also often have a wide range of loan products to choose from, so the bad borrower can find a loan that meets their specific needs.
While the loans process of obtaining a loan from a bank may require the submission of a significant amount of documentation and potentially have more stringent eligibility requirements, the personalized customer service and support that banks offer can make the process worth it. Doorstep loans often have very high fees and interest rates, which can make them hard to pay back. Credit card cash advances typically have a higher interest rate than regular credit card purchases, but they are still typically lower than the bad interest rates on payday loans.
Another disadvantage of doorstep loans is that they may not be regulated as closely as online loans or traditional loans. Another disadvantage of doorstep loans is that they may not be regulated as closely as online loans or traditional loans.