Which banks are giving loans?

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26th Oct 2009 by Burt Carlson

Banks are in business to make loans at least that is the theory. Today due to the strees our financial system has been under some loans are more difficult to get than others but none are easy compared to just a few years ago. The key question is what type of loan are you looking for? The standards vary from loan to loan and frequently from bank to bank. Also, there are other sources of loans besides banks. For example, for a home loan you could contact a reputable mortgage bank or broker.

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26th Oct 2009 by Gary

The answer to this question is of course: all banks are giving loans. That's how they make money. With that in mind though, American banks have cut back on lending in a big way, and have been taking much of their reserves and sening them back to the Federal Reserve to earn interest rates as a means of generating income and keeping it safe, rather than expanding its loan programs during uncertain economic times.

This is going to remain the practice for some time, as nothing but almost perfect credit scores will generate a loan from a bank for individuals wanting to acquire a home.

For business loans, that's largely dried up as well, especially for small businesses, which haven't seen much of anything in the way of loans from banks for some time, and that doesn't look to change any time soon, although there is a push to use some of the remaining TARP funds to make more cash available to small businesses, which are defined as generating under $1 billion in revenue on a yearly basis.

Another factor is what part of America you live in. Obviously states like Georgia, California, Florida and Nevada are much tighter on loans, as they've been hit the hardest with failed loans. Consequently it's more difficult to attain a loan as a result of that.

So until there is a legitimate economic recovery, loans will be hard to come by, and it's really going to depend on the credit score and how much those wanting the loans will invest themselves in the deal, which will determine whether they will successfully attain a loan or not.

Again, all banks are giving loans, but the rules have changed, and it's much harder to get one than before the global recession hit. Until that changes, creditwill remain tight.

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25th Oct 2009 In Banking 2 Answers | 2430 Views
Subjects: bank loans, banks,

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