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Sub prime loan

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Sub prime loan
A loan offered to an individual who does not qualify for a loan at the prime rate due to their credit history.
    
Sub prime  lending  is lending at a higher rate than the prime rate. It is also known as B-paper, near-prime, or second chance lending. If a lender thinks that there is an above-average Risk involved in giving a loan to a certain individual, they Will sometimes Offer them a sub prime loan, which has an Interest rate higher than the prime rate. The sub  prime rate offered by the lender can vary from Institution to Institution.
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