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Lower interest rates: Credit unions are non-profit financial institutions, which means they are not focused on maximizing profits. This means that people with less-than-perfect credit or those who do not own a home or car may still be able to qualify for an online loan.
Banks may also have more stringent eligibility requirements than other types of lenders, which could make it harder for some borrowers to qualify for a loan. This can be especially useful in an emergency situation, such as a car breakdown or medical expense.
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