Credit cards by this name may carry interest rates of up to 30%, as well as high fees and low credit limits.
Credit cards by this name may carry interest rates of up to 30%, as well as high fees and low credit limits. It didn't earn its present meaning until 1993 and it previously referred to a low interest rate. Allegations of discrimination in lending practices are among the many criticisms of this type of mortgage, which was developed in an attempt to increase homeownership. Borrowers by this name are typically defined as those with a credit score of 620 or below, and may have a history of bankruptcy, foreclosure, or delinquent payments. FTP, name this risky type of loan with a high rate of default.
Credit cards by this name may carry interest rates of up to 30%, as well as high fees and low credit limits.
{Subprime}