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The fees and interest rates associated with these loans can be very high, and you may end up paying much more than you borrowed. As a result, they may be able to offer lower interest rates on personal loans than banks or other for-profit lenders.

This may include proof of income, such as pay stubs or tax returns, as well as information about any outstanding debts or assets. So, for example, if your credit limit is $10,000, you should aim to use no more than $3,000 of that credit. On the online other hand, doorstep lenders are people who come right to your house to offer loans.