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Finally, it is important for cardholders to be mindful of their cash advance limit, as going over this limit can result in additional fees and potentially damage their credit score. Only apply for credit when you really need it, and try to avoid applying for too much credit at once.

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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. The lender will hold onto the online loan funds until the loan is paid off, at which point the funds are released to the borrower.