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Another disadvantage of doorstep loans is that they may not be regulated as closely as online loans or traditional loans. As long as the loans borrower makes their payments on time and in full, they can demonstrate their ability to manage debt responsibly, which can have a positive impact on their credit score. This is especially convenient for those who have busy schedules or live in rural areas where access to traditional lending institutions may be limited.
These platforms may be more willing to lend to unbanked individuals who may not qualify for a traditional loan. Consider a secured credit card: If you have a poor credit score, you may have a difficult time getting approved for a traditional credit card.