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Subprime Loan

   Also found in: Wikipedia 0.04 sec.
Subprime Loan
A loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans.

Notes:
Subprime loans tend to have a rate that is 0.1% to 0.6% higher than the prime rate. Although the additional percentage may seem small, for mortgages and other large loans, this translates to thousands of dollars worth of additional interest payments.


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