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Another disadvantage of doorstep loans is that they may not be regulated as closely as online loans or traditional loans. They offer a predictable payment schedule and often have lower interest rates than other types of loans. These loans often have much higher interest rates and fees than online loans or traditional loans, which can make them difficult to repay.
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. Learn more about managing your credit and improving your credit score.