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Thanks
Additional Details
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crazycosmo | What does sub prime mean? |
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 |
 
SNW
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This is the best question.
Sub-prime mean STAY AWAY.
Sub-prime mean CORRUPT.
Sub-prime mean BETTER LUCK NEXT TIME
Sub-prime mean A SUCKER'S BORN EVERY MINUTE.
Sub-prime mean CLEAN UP YOUR ACT.
Hope this helps
Happy Hunting |
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David B
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loans to people with less than ideal credit |
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Frank B
 |
Sub-prime basically implies to people with bad credit or poor credit looking for a mortgage.
We do sub-prime loans
713-429-4304 ext-2238
frank@profolioloan.com |
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Still reading
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These are loans that are not great to make--to folks with low credit scores, or marginal income, or no assets. This market didn't exist in years gone by, but as competition for the best borrowers has heated up, lenders are looking at less traditional borrowers, hoping that a good percentage will do well with this loan. Corporate delusion, in other words. It works while the economy is strong, while the real estate market is rising, etc. But it doesn't work when life gets tough for the borrower and the loan can't be paid. |
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Amanda H
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It means you, as the borrower, are not in "prime shape" for a loan-- either bad credit, low income, non-verifiable income (self- employed?), no /short employment, etc.
Sub-prime loans are at higher rates/terms. A prime loan is like the 'best' loan you can get. |
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Sarge1572
 |
Prime refers to the rate banks pay for money. when you borrow "sub-prime" you borrow and initially pay a rate LESS than what money is usually loaned at. there is always a difference between the LOAN rate, on these and the APR, or annual percentage rate. If you borrow money at 4% (sub-prime) and the APR is 7% you actually end up owing more than you borrowed because you are not paying any of the principal, and only half of the interest. That unpaid interest gets added on at the back end, or as a balloon payment somewhere during the life of the loan.
You should avoid these loans unless you only need the money VERY short term, less than a year.
These are the kinds of loans that used to be illegal, and were made by loan sharks. the kind you never paid off!!!!
Hope you don't have one |
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Beetle Becca
 |
Subprime refers to loan interest rates that are above/greater than "prime" rates. These "prime" rates are determined by the current economy, money market rates, etc. So basically a subprime loan is a loan with a bigger interest rate than average. The people who generally get stuck with "subprime" loans are people that do not have good credit.
Subprime is also a general term used to describe any financial institution that targets their loan and/or credit products for people with less-than-average credit. They are good because they give people credit, for example people who drastically need a mortgage but wouldn't qualify for one from a regular respectable bank like Wells Fargo. But they are bad because they tend to sucker people with tons of excessive fees, and they also tend to con people or rip them off. For example, I've had multiple bad experiences with HSBC falsely accusing me of not making on-time payments when in reality I had the receipt in my hand.
Generally the subprime market targets people who have credit scores less than 625 or 650...generally people who have D-grade or low C-grade credit. |
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Garden by M
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basically, it means you have NO business buying because you can't qualify for a decent loan. |
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derek48316
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A way to rip of poor people who just found a good job. |
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mkb_310
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generally sub prime is people with credit scores below 720...although some banks consider anything below 750 credit sub prime... |
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