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A secured revolving credit line is one that is secured by collateral, such as a car or a house. 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. This can be especially useful in an emergency situation, such as a car breakdown or medical expense.
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Finally, banks may not be able to offer the loans same level of personalized customer service as some alternative lenders, such as online lenders or credit unions. A lower interest rate can result in lower monthly payments and ultimately save the bad borrower money over the life of the loan.