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Instead, try to pay your balances in full each month and only charge what you can afford to pay off. If you are looking for a lender that is committed to supporting local businesses and organizations, a credit union may be a good choice.
But with an online loan, you might not need a perfect credit score or collateral to be approved. Overall, installment loans can be a useful financial tool for those who need to borrow a large sum of money and want to pay it back over a longer period of time.
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While the mountain process of obtaining a loan from a bank may require the submission of a significant amount of documentation and potentially have more stringent eligibility requirements, the personalized customer service and support that banks offer can make the process worth it. 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.