People Need Loans as Coronavirus Spreads. Lenders Are Making Them Tougher to Get. - The Wall Street Journal

People Need Loans as Coronavirus Spreads. Lenders Are Making Them Tougher to Get. - The Wall Street Journal


People Need Loans as Coronavirus Spreads. Lenders Are Making Them Tougher to Get. - The Wall Street Journal

Posted: 28 Mar 2020 07:36 AM PDT

Banks and financial-technology firms are starting to toughen their approval standards for new loans to consumers and small businesses. That means many people could find it hard to get credit just when they most need it, as the novel coronavirus pandemic puts thousands out of work.

Large U.S. lenders including JPMorgan Chase & Co., Bank of America Corp., Capital One Financial Corp. and Santander Consumer USA Holdings Inc. are among the companies reviewing and revising certain lending criteria, according to people familiar...

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