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Interest rates are low, but loans are harder to get. Here’s why

Source: Tara Siegel Bernard, N.Y.Times (Paid Registration)

It’s not unusual for lenders to tighten the credit reins during a downturn, but the current situation has made it especially challenging for them to get an accurate read on consumers’ financial health. Borrowers have been able to pause mortgages, halt student loan payments and delay paying their tax bills, while millions of households have received an extra $600 weekly in unemployment benefits. Those forms of government support could be masking an underlying condition.

Read Full Article: Interest rates are low, but loans are harder to get. Here’s why

 

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