stats

How much money do Americans borrow? Personal loan stats

How many Americans are taking out personal loans?

In the past year, 34% of Americans have taken out personal loans – that’s roughly 83.5 million people. Whether it be through an online lender or a good old fashioned bank, Baby Boomers, Gen X-ers and Millennials seem to have more in common when it comes to borrowing than they’d imagine.

With the help of our research provider, Pureprofile, finder.com surveyed 2,245 American adults to see how personal loans are being used in the US.

Top reasons people have taken out a personal loan

Emergencies happen. Bills stack up on top of each other. You realize the math you’re learning in school can’t begin to help you calculate what you’ll owe in tuition – and then you get into a fender bender on a sunny, Friday afternoon.

Accounting for 31% of borrowers, vehicle related expenses pull ahead – get it – as

Read More