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In contrast, doorstep lenders are loan providers who offer loans and other financial products directly to consumers at their homes. However, cash advances on credit cards also come with some significant drawbacks. Overall, installment loans can be a useful financial tool for those who need to borrow a large sum of money and want to pay it back over a longer period of time.

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It's generally a good idea to keep your credit utilization below 30%. This can be especially beneficial for those who are trying to improve their credit or who have a limited credit history.

Credit counselors can help you develop a budget, negotiate with creditors, and create a plan to improve your credit. And if you live in a rural area, it can be hard to find a traditional lending place nearby.