Big Five Look To Sub Prime Market
by admin on , under Credit, Uncategorized
Once regarded as solely the preserve of sub prime lenders, many of the “Big Five” banks are now looking at credit cards for people with bad credit. In addition to many of their own customers experiencing hardship and credit problems in the current economy, the country has a growing number of people who cannot get prime-rate products but still need the facility to use credit. By providing a higher rate card with fixed upper limits and punitive defaults, many lenders are finding that they can off-set potential risks in lending to a sub-prime sector of the market. As such they are finding themselves able to tap into a huge market, many of whom may have felt uncomfortable with using a lesser known niche lender for their credit type.
