Interest rates are lower. But loans are harder to get. Why?

 

Source: Tara Siegel Bernard, New York Times ( Paid Registration )

The economic crisis caused by the pandemic has driven interest rates to rock-bottom levels, meaning there has hardly been a better time to borrow. But with tens of millions of people out of work and coronavirus infections surging in many parts of the country, qualifying for a loan—from mortgages to auto loans—has become more trying, even for well-positioned borrowers.

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