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The fees and interest rates associated with these loans can be very high, and you may end up paying much more than you borrowed. Another disadvantage of doorstep loans is that they may not be regulated as closely as online loans or traditional loans.
The interest rate on a bank loan is typically based on the bad borrower's credit score and financial history. They can be a useful financial tool for small businesses, as they can provide a source of funds to cover operating costs or invest in growth.