Lenders Playing Hard to Get with New Borrowers in 2023

Lenders are playing hard to get with new borrowers! A report reveals that only 13% of loans now go to newbies, down from 32% in 2017. With more folks eligible for credit, banks are still clinging to their old pals instead of taking a chance on fresh faces. Even small businesses are feeling the heat, as the share of new borrowers drops. Loyalty is the name of the game!