SECOND CHANCE LOAN
Second Chance Loan is a kind of loan related to borrowers who have a bad credit history and with subprime lending. Second Chance Loan is as its name indicates, a second chance to clear the bad credit history of a borrower. A borrower is allowed to refinance and repair their credit history despite subprime loans having the feature of a standard term-to-maturity that is usually 30 years of mortgage. The condition is that because Second Chance Loans have higher risks therefore higher interest is also collected.
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