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n High-Interest Rates: Due to the increased risk to lenders, rates of interest are sometimes greater in comparison with commonplace loans.
Potential Debt Trap: Failing to repay on time may end up in a cycle of debt that can be onerous to escape.
Risk of Collateral Loss: For secured loans, defaulting can outcome in the loss of your useful ass

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Fees: Some lenders could charge origination fees, late fees, or early compensation penalties.
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n Age: You should be at least 18 years old.
Citizenship: Proof of citizenship or permanent residency is normally required.
Credit Score: A respectable credit score will improve your chances of approval. However, there are options for those with poor credit as well.
Income Proof: Although you may be unemployed, you would possibly still want to point out some type of earnings corresponding to unemployment advantages, alimony, or rental reve

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