More Subprime Buyers in Unbanked or Underbanked Categories

Subprime loan

Subprime News - September 12, 2012

Some sub­prime buy­ers, espe­cial­ly ones doing busi­ness with Buy Here Pay Here deal­ers, might not even have a bank account, which Fed­er­al Deposit Insur­ance Corp. says is on the rise. Accord­ing to FDIC’s 2011 sur­vey, 821,000 more U.S. house­holds have become unbanked since the first sur­vey in 2009, rep­re­sent­ing a 0.6 per­cent­age point increase. More than four US house­holds – 28.3% — are either unbanked or under­banked.

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