Having a low credit score can come at a significant cost, according to recent data.

Americans with a credit score of 620 or below pay about $3,400 per year for essential financial products in what Bankrate, in a new report , calls a "subprime tax."

The "subprime tax" comes in the form of higher interest rates on products such as mortgages, credit cards, auto and personal loans, and pricier premiums on auto and home insurance.

Borrowers with a score of 620 pay, on average, $1,330 more annually in mortgage loan interest than those with credit scores of 700, Bankrate found. Compared with that group, subprime borrowers also pay $745 more annually in auto loan interest, $514 more in auto insurance premiums, $398 more in home insurance premiums, $328 more in personal loan interest, an

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