Consumers and businesses are still in a position where borrowing personal loans or business loans may be be a problem due to the fact that there are some financial institutions that are hesitant to relax the constraints on capital more than has already been seen, but there are also some issues that many feel to be holding some banks back from making these loans to more consumers and businesses. While a great many issues were presented last week when the Federal Reserve Chairman Ben Bernanke was addressing concerns that many in the financial sector may have, as there are some worries that tighter regulations and new policies could be the blame for slow recovery in areas like the employment sector.
However, despite the fact that there are tighter requirements on loans, like mortgages, that homeowners must meet, arguments have still arisen as to whether regulation is what might still be leading to problems that consumers and businesses are experiencing. Yet, there are also some who feel that, in comparison with months or even years past, more personal loans and small business loans are more available to consumers as there are a wide range of banks that are offering not only access to credit for consumers who may not have a perfect credit score, but programs like those from the SBA have also been started as a way to help some businesses get on their feet or further their current enterprise.
While the issue of tighter regulations for the financial sector is a hot topic and a highly debated issue, it seems that there are some situations where regulations could be hindering banks from making loans to companies or individuals, but again there are also ways that consumers have found access to credit even in an economy that many feel is somewhat slow at the present time.
As an example, some consumers are able to take advantage of credit cards that are available that may offer not only access to credit but some have used balance transfer credit cards to consolidate debt, which would act in a similar fashion to a personal loan for debt relief through consolidation. Also, there are businesses that can not only get funding from the SBA, but some have found that major financial institutions are making more loans and banks like Bank of America and J.P. Morgan Chase are just two of these major players that have not only offered loans to small businesses but say they plan to continue doing so at a somewhat aggressive rate this year, meaning their lending could be comparable to last year.
While consumers in some cases do still have issues when it comes to accessing credit, community banks, credit unions, and even new offers on credit cards are just a few of the access points that consumers and businesses may have, even though there are some questions over whether regulation may be slowing economic coverage. While the accessibility of credit is not available for all consumers, there are various routes that are currently open or maybe becoming more available when it comes to borrowing for an individual or a business.