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How the big banks are reacting to COVID-19

Canadian banks are tightening their lending criteria as a result of COVID – 19.

The tougher economic conditions have made the banks more cautious about lending both to their new and existing customers.

It’s harder than ever to get approved for a bank loan.

Banks are very cautious in the current COVID – 19 environment and some industrious are particularly feeling the pinch.

Industries such as hospitality, transport and entertainment are coming under greater scrutiny and self employed people are also finding the going tough.

The big banks are undertaking significantly more checks and this is causing slow turnaround with loan applications and delays across the board.

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