- Personal loans are the fastest-growing consumer debt product, with outstanding debt tripling from $49 billion in 2010. Outstanding personal loan debt is $156 billion, as of Q3 2019.
- About 20.2 million consumers have a personal loan, and the average new personal loan size was $6,382.
- Personal loans represent about 1% of outstanding consumer debt. In comparison, outstanding credit card debt is about $881 billion and comprises over 6% of outstanding debt.
- More than 65% of borrowers take out a personal loan to consolidate debt or refinance credit cards.
- Delinquency rates (60 days or more past due) for personal loans is currently 3.3%, which is higher than mortgages (1.5% delinquency rate), auto loans (1.4%), and credit cards (1.8%).
- In 2017, 5% of American consumers applied for personal loan from a bank, and 38% of those received at least one denial for their requested loan amount. Just 1% of consumers
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