Given the pandemic’s economic impact, borrowers want to know if it has affected loan approval rates, application requirements, or the types of loans available.
How COVID-19 Affected Loan Approvals
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It really had an impact during the pandemic because all the banks understood that many people would lose their jobs and they didn't want to risk their own money by lending to anyone. They decided to make the conditions tougher in order to increase the percentage of loan payments. It also affected meRead more
It really had an impact during the pandemic because all the banks understood that many people would lose their jobs and they didn’t want to risk their own money by lending to anyone. They decided to make the conditions tougher in order to increase the percentage of loan payments. It also affected me because my bank limited the amount for me, although it did not completely ban the loan. But I am glad that I did not need these funds then
See lessThe pandemic affected Loan Approvals because the economy actually shut down and no one was producing or making a transaction, the economy has come to a full halt, no one is making money, hence it's hard for government or micro finance banks to actually approve loans. But after the COVID-19 pandemicRead more
The pandemic affected Loan Approvals because the economy actually shut down and no one was producing or making a transaction, the economy has come to a full halt, no one is making money, hence it’s hard for government or micro finance banks to actually approve loans.
But after the COVID-19 pandemic things were a little bit normalized and nowadays it’s pretty much back to the way it was before the COVID -19.
See lessI think the COVID 19 truly affected loan approval rates, it made it so hard to access loans. This is mainly because of how it impacted the economy negatively, making business hard to run due to the big losses. Financial institutions ended up lacking money to lend people and had to make the approvalRead more
I think the COVID 19 truly affected loan approval rates, it made it so hard to access loans. This is mainly because of how it impacted the economy negatively, making business hard to run due to the big losses. Financial institutions ended up lacking money to lend people and had to make the approval process really hard. You ought to have really good credit score to access the loans.
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