A personal loan with an interest rate that is above the prime rate is known as sub prime personal loan, the interest rate being 0.1 to 0.6 percentages higher than the standard interest rate. This is so because since the sub prime borrowers are considered to be risky the lenders try to make up for [...]
Lenders who offer loans to people with bad credit are known as sub prime Lenders. Offering a loan to a sub prime borrower involves high risk, as the chances of default of the loan repayment are more. Sub prime lenders charge higher interest rates on their loans and can be recognized by this easily, as [...]
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