GITNUX MARKETDATA REPORT 2024

Personal Loan Possession Statistics

The statistics suggest that a significant portion of the population possesses personal loans as a means of financial assistance.

In the following blog post, we will explore a comprehensive set of statistics related to personal loans, shedding light on various aspects such as outstanding debt, loan purposes, interest rates, borrower demographics, and global trends. From the total outstanding personal loan debt in the U.S. to the average loan amount and popular usage of funds, these statistics provide valuable insights into the personal loan landscape across different countries.

Statistic 1

"In 2019, $162 billion was the total outstanding personal loan debt in the U.S."

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Statistic 2

"34.8% of personal loans were used for debt consolidation in 2021."

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Statistic 3

"Interest rates on personal loans range from as low as 2.49% to as high as 36%."

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Statistic 4

"23% of consumers had a personal installment loan in 2020."

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Statistic 5

"Millennials owe about one-third of total outstanding personal loan debt in the U.S."

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Statistic 6

"As of 2021, personal loan account balances increased 10.3% year over year."

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Statistic 7

"17% of U.S. consumers have an unsecured personal loan."

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Statistic 8

"The average personal loan amount in 2021 was $16,458."

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Statistic 9

"37.2% of personal loan borrowers use the funds for home renovation in 2021."

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Statistic 10

"Consumers with a credit score under 580 received only 4.5% of the personal loans in 2020."

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Statistic 11

"The average interest rate on personal loans for consumers with excellent credit is 10.3%."

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Statistic 12

"Up to 55% of personal loans are taken out for debt consolidation purposes."

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Statistic 13

"A quarter of adults in the UK have a personal loan."

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Statistic 14

"The average personal loan term in Australia is 3 to 5 years."

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Statistic 15

"As of 2021, 40% of personal loan approvals in Australia were for people with a credit score of 625-699."

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Statistic 16

"Around 24% of adults in India have taken a personal loan."

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Statistic 17

"As of 2019, the average personal loan interest rate in the U.S. was 9.41%."

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Personal loans are a prevalent financial tool in the U.S. and globally, with a significant portion being used for debt consolidation and home renovation. The statistics reveal a wide range of interest rates and loan purposes, highlighting the diverse financial needs and behaviors of consumers. The increase in personal loan balances and the distribution of loans based on credit scores indicate both opportunities and challenges for borrowers. As the personal loan market continues to evolve, understanding these key statistics can inform individuals’ borrowing decisions and financial planning strategies.

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