Second chance loan

Second chance loan

A second chance loan is a debt offered to a borrower who has prior credit problems. Generally, this type of loan is characterized by restrictive terms and a high interest rate. The borrower generally stays with the second chance loan just long enough to rebuild her credit history, then refinances to a more affordable debt as soon as she qualifies.

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National Rates

Loan Type Today
30 Year Fixed   6.20
15 Year Fixed   5.83
5/1 Adjustable   5.76

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