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Peer-to-peer lending: Peer-to-peer lending platforms allow individuals to borrow and lend money to one another without going through a traditional bank. Peer-to-peer lending: Peer-to-peer lending platforms allow individuals to borrow and lend money to one another without going through a traditional bank.
Alternative lenders: Alternative lenders, such as online lenders and non-bank financial institutions, may be more willing to lend to unbanked individuals than traditional banks. Personal loans may have fixed or variable interest rates, and they may be offered with different repayment terms, such as monthly payments over a period of several years. Using a secured credit card responsibly can help you build or rebuild your credit.
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If the loans 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. Here are some strategies you can use to manage your credit and potentially qualify for better loans:.