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Subprime Loans

Subprime loans are also called near-prime, non-prime and second-chance loans, meaning that they are given to people who may have a difficulty of repaying them.

Subprime mortgages have gained a negative reputation with the latest economic crisis. Namely, because of the higher risk, borrowers tend to offer these loans with higher interest rates and less favorable terms than standard loans. Especially problematic are the subprime loans whose interest rate increases dramatically after a certain period.

Subprime loans, however, might be the only option for lenders who have limited debt experience, no possession or property assets that could be used for security, excessive debt, a history of failures to pay debts, etc.