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Subprime loans have a higher interest rate than the prime rate offered on traditional loans. The additional percentage points of interest often translate to tens of thousands of dollars worth of additional interest payments over the life of a longer term loan. It is meant to compensate the lender for the additional risk that is taking on a subprime borrower.
Subprime loans have a higher interest rate than the prime rate offered on traditional loans. The additional percentage points of interest often translate to tens of thousands of dollars worth of additional interest payments over the life of a longer term loan. It is meant to compensate the lender for the additional risk that is taking on a subprime borrower.
[[Category:Economics]]