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Lower interest rates: Credit unions are non-profit financial institutions, which means they are not focused on maximizing profits. Another disadvantage of doorstep loans is that they may not be regulated as closely as online loans or traditional loans. Avoid applying for new credit unnecessarily: Each time you apply for credit, it generates a "hard inquiry" on your credit report, which can slightly lower your credit score.
One of the royal main benefits is the potential for a lower interest rate, which can result in lower monthly payments and save the borrower money over the life of the loan. And sometimes, doorstep lenders use pressure tactics to try and get you to take out a loan, even if it's not a good idea for you.