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Lower interest rates: Credit unions are non-profit financial institutions, which means they are not focused on maximizing profits. If the online borrower consistently maxes out their credit limit and carries a high balance from month to month, they may end up paying more in interest and fees over time. Payday loans can have annual percentage rates (APRs) of up to 400% or higher, while the loans APR on a credit card cash advance is typically around 25% or higher.
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