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It's important to note that payday loans can be very expensive and should only be used as a last resort. If you're considering a payday loan, make sure you understand the credit terms and conditions and can afford to pay it back before you accept the loan. Peer-to-peer lending: Peer-to-peer lending platforms allow individuals to borrow and lend money to one another without going through a traditional bank.

There are two main types of revolving credit lines: secured and unsecured. Instead, the loans lender relies on the borrower's creditworthiness and financial history to determine their credit limit.