Half of Loan Applicants Rejected Since Fed Started Raising Rates

Lenders anticipate loan demand to grow on expectations of lower interest rates.

A credit card is placed into a credit card machine for processing payments in La Puente, Calif., on Sept. 11, 2023. Frederic J. Brown/AFP via Getty Images

Half of loan or financial products applicants have had their applications denied since the Federal Reserve first started raising interest rates in March 2022, according to a new study by Bankrate.

Seven percent of applicants have been rejected for more than one financial product, the survey found.