Banks have been making it tougher for consumers and companies to borrow money

The numbers: Major banks made it tougher for borrowers to qualify for a loan in the spring — and lending standards are likely to get even tighter by year end.

“Banks’ lending standards have tightened since 2022 for all loan categories,” the Federal Reserve’s Senior Loan Officer Survey for the second quarter reported. Tighter lending standards have coincided with reduced demand for loans, especially among home buyers and large businesses planning big projects.Key details: The net percentage of banks tightening standards on crucial commercial and industrial loans rose to 50.8% from 46% in the first quarter and 44.8% in the 2022 fourth quarter.Households were also feeling the pinch. Banks reported tighter standards for credit cards and most consumer loans.

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