What is a subprime card and/or what is predatory lending?
CFE has never participated in subprime or predatory lending. Subprime cards are a type of credit card issued to people with substandard credit scores or limited credit histories. These cards will typically carry much higher interest rates than other credit cards. They also come with extra fees and lower credit limits. Predatory lending is dishonest actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees and/or a high interest rate, strips the borrower of equity, or places the borrower in a lower-credit-rated loan to the benefit of the lender.
