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It's important to note that payday loans can be very expensive and should only be used as a last resort. They offer a predictable payment schedule and often have lower interest rates than other types of loans. It's generally a good idea to keep your credit utilization below 30%.
Additionally, doorstep lenders may use aggressive sales tactics to convince consumers to take out a loan, even if it is not in their best interest. Getting a loan from a bank can be a good option for those who need to borrow a large sum of money or who want to take advantage of a low interest rate. 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.