The latest Consumer Credit Report by NerdWallet indicates that nearly 50 million Americans are categorized as “deep subprime consumers”. The figure includes more than 30 million millennials. Just like people with excellent credit scores and histories, they are in need of short-term financing. And credit cards are their go-to source. Most Americans who are paying […]
A Case and Cause for Subprime Lending
Subprime lending is offering financing to an individual who won’t qualify for a conventional loan, on account of having a thin credit profile. Not too long ago, subprime lending suffered from a bad reputation. The housing market experienced steady growth from 1995 to 1999. With the stock market crashing a year later, monies shifted […]
Subprime Lending is Back but the Mortgage Industry Isn’t Heading South
There’s plenty to cheer about in the world of mortgage. Ultralow rates are encouraging renters to make the transition into home ownership. Meanwhile, those who own a home are looking into available refinance options. Lenders have become more accommodating as well. Many have since loosened their guidelines to accommodate borrowers with bad credit on their […]
Four Tips to Simplify Your Search for a Subprime Lender
The right lender can make a difference between securing a great deal on a loan and not. This is especially true if you have a credit score below 650 due to unpaid debts or a poor credit history. A huge chunk of people applying for loans today fall under the subprime category. That said, it […]