Loan approvals down, conditions tighten: Fed poll

Borrowers in the US face rising costs and tougher conditions for loans, a survey published by the Federal Reserve on Monday shows.

The January 2008 Senior Loan Officer Opinion Survey, which measures demand and supply for bank loans over the past quarter, has found that banks have tightened lending standards and increased the cost of borrowing, including premiums charged on riskier loans, in the wake of the credit crunch.

Business lending

One-third of domestic banks have tightened their lendin