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Payday loans can have annual percentage rates (APRs) of up to 400% or higher, while the credit APR on a credit card cash advance is typically around 25% or higher. Borrowers should make sure they understand the loans interest rate, fees, and repayment schedule, and ensure that they can afford the monthly payments. Finally, banks may not be able to offer the online same level of personalized customer service as some alternative lenders, such as online lenders or credit unions.

A revolving credit line, also known as a line of credit or a credit limit, is a type of loan that allows the bad borrower to access a predetermined amount of money as needed. They offer a predictable payment schedule and often have lower interest rates than other types of loans.