Personal loans are not especially hard to get right now. It is true that when we’re in a recession, or there’s a lot of economic uncertainty, lenders tend to tighten their credit standards. For example, it became more difficult to get a mortgage in the years following the housing crisis of the late 2000s.
Having said that, personal loans aren’t particularly difficult to get right now, especially if you’re a strong applicant. Most personal lenders and online lending marketplaces like Upstart, allow you to pre-qualify for loans without a hard credit inquiry, and many lenders specialize in loans for consumers with imperfect credit histories.
Are credit cards or personal loans worse for credit?
