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Title : Sub-Prime Lending
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Sub-Prime Lending

Sub-prime lending is a class of lending that is also known as B-paper, near-prime, or second-chance lending. It basically involves the offering of loans at a higher rate than the prime rate. In the United States mortgage lending area specifically, the term applies to loans that do not meet the Fannie Mae or Freddie Mac guidelines.

Lending at a sub-prime rate is risky for both lenders and borrowers. It is risky due to a combination of high interest rates, allegedly poor credit histories, and potentially adverse financial situations. The credit histories are risky as frequently people who take out sub-prime loans have a history of defaulting on their loans. Despite this, many people who are given loans at sub-prime levels are actually eligible for prime rates.

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