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This may include proof of income, such as pay stubs or tax returns, as well as information about any outstanding debts or assets. They offer a predictable payment schedule and often have lower interest rates than other types of loans.

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Some traditional loans have strict rules about credit scores or needing collateral (like a car or house). Additionally, cash advances on credit cards do not have a grace period, which means that interest begins accruing on the online borrowed amount as soon as it is withdrawn.

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