Lender Of Last Resort
Categories: Credit
The lender of last resort has nothing to do with spa visits. Instead, it's the lasssst person in the world you want to have to go to for a loan.
If you have to visit a lender of last resort, it means that you were passed over by Wells and B of A and the various government agencies, like FHA, who administers mortgages, etc. So if you do have to get money from a lender of last resort, expect onerous terms and interest rates and all kinds of other bad things to assault you allong the way.
And for Benny the Loan Shark to assault you if you don't pay up.