Subprime lenders that loan to people with low credit scores include LendUp, an online provider of personal loans, and Springleaf Finance, Inc., which has branch locations across the country and provides personal and auto loans, as indicated on each companies' websites. Providers of subprime mortgages include AmeriHome Mortgage, Bank of America, JMAC and Oaktree Funding, according to Blown Mortgage. Subprime auto lenders include Ally Financial, Credit Acceptance Corp. and Dealer Funding, as noted by Blue Sky Marketing.
LendUp is an alternative to payday loans where customers have the opportunity to climb the LendUp ladder, in which they earn points for on-time payments and taking financial education courses that entitle them to lower interest rates, longer loan terms and higher loan amounts, the company explains. Customers apply for loans online and receive instant credit decisions. LendUp provides customers with an online personal dashboard where they can check the status of loans, make payments and extend loans.
Springleaf Finance, Inc. customers apply online for personal loans and pick up the proceeds from branch offices, according to the company's website. Borrowers typically use the funds for debt consolidation, home improvement, unexpected expenses, vacations and major purchases, such as furniture and appliances.
Subprime mortgage lending fell off drastically after the housing bust of 2008 but began to make a comeback in 2013, notes Blown Mortgage.