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Banks are cutting back on lending to the riskiest borrowers (TRU)





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Banks are scaling back on lending to Americans with the lowest credit scores, according to a study from TransUnion.

Lenders processed fewer new personal loans, auto loans, and credit cards for subprime borrowers year-on-year in Q2 for the first time since 2012.

Lenders tightened their standards after the housing crisis a decade ago following several years of reckless lending to subprime borrowers. As the economy rebounded, they opened up access to the subprime part of the market. This new study shows that the trend is turning again.

But now is not a comparable time period to the financial crisis, said read more >>>

Source:: BusinessInsider.Com

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