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Personal finances 08 Aug 2019

Personal loans: By the numbers

Another page has turned in the calendar and the sun has since long set over the first half of the year. The more the year progresses, the more new data comes from 2018. That includes data on personal loans and consumer habits.

According to LendingTree.com, personal loans are the fastest growing form of consumer lending. That has resulted in a whopping 18% growth in just one year.

That’s a big number.

Looking back at new data from 2018, here are a few more numbers around personal loans:

  • 34.3 million – people who have a personal loan in the United States.
  • 11,700 – Average dollar amount of personal loans taken out in the first quarter of 209.
  • 9,722 – Average dollar amount of loans taken out by Generation X – the generation that take out the biggest loans
  • 353 – average dollar amount of monthly payments
  • 60 – percentage of borrowers who take out personal loans to consolidate debt or refinance credit cards.

Sources: LendingTree.com and Experian.com.

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