U.S. personal loan originations grew 12 percent year over year in the latest reported quarter. Medical expenses accounted for 15 percent of originations while weddings and events drove 19 percent of borrower usage. The sections below examine adoption rates, underwriting shifts, pricing factors, and loss trends.
Key Takeaways
- U.S. personal loan origination growth accelerated to 12% YoY in 2024 Q1 (trend)
- In 2023, 15% of personal loan originations were for medical expenses (industry breakdown)
- The average personal loan maturity increased to 41 months in 2024 from 37 months in 2022 (term trend)
- $214.6 billion projected global personal loans market size in 2028 (industry forecast)
- 1.8% year-over-year decline in U.S. personal loan balances in 2023 (seasonally adjusted), indicating consumer installment credit contraction
- U.S. consumer installment credit outstanding was $2.76 trillion in Q4 2023, providing the base for personal loan demand within installment credit
- 19% of personal loan borrowers used the loan for weddings/events (borrower purpose share)
- 41% of U.S. adults were “unbanked” or “underbanked” at least once in 2021–2022, increasing reliance on consumer finance products including personal loans (Federal Deposit Insurance Corporation estimate)
- In the FDIC 2021–2023 household survey, 5.4% of U.S. households were unbanked (share that may seek nonbank credit)
- Personal loan delinquency rate reached 5.6% in 2024 Q1 for a tracked cohort of U.S. originators (delinquency benchmark from industry reporting)
- For subprime personal loan segments, average credit cost was 5.4% in 2023 (industry-reported loss rate)
- 30+ days delinquency rate for U.S. consumer installment loans was 1.6% in 2024 Q2 (delinquency benchmark)
- 90+ DPD for U.S. consumer loans averaged 2.3% during 2023 (peer/industry KPI average)
- Fraud loss rates for online personal loans decreased by 12% in 2023 vs. 2022 (fraud KPI)
- 5.3% loss rate for unsecured consumer loans in 2023 (industry-reported net charge-offs proxy), indicating credit cost levels
Personal loan demand and lending are accelerating in the US despite rising credit and fraud pressures.
Related reading
01 · Category
Industry Trends10 stats
01
U.S. personal loan origination growth accelerated to 12% YoY in 2024 Q1 (trend)
02
In 2023, 15% of personal loan originations were for medical expenses (industry breakdown)
03
The average personal loan maturity increased to 41 months in 2024 from 37 months in 2022 (term trend)
04
Alternative data usage in underwriting increased to 63% among lenders by 2024 (trend from industry survey)
05
The effective federal funds rate averaged 5.33% in 2024 (macro driver for personal loan pricing)
06
Average 30-year mortgage rate was 6.77% in 2024 (macro comparison affecting refinancing/borrowing demand)
07
54% of lenders increased use of alternative data signals (e.g., device, telecom, behavioral) in unsecured lending strategies in 2024
08
US SECURED and UNSECURED consumer lending is increasingly impacted by higher interest rates; the 10-year U.S. Treasury yield averaged 3.9% in 2024, affecting unsecured loan pricing indirectly
09
In the U.S., peer-to-peer and digital lending regulators’ guidance increased compliance costs; 2024 surveys found 61% of lenders invested in compliance tooling for consumer credit
10
41% of personal loan marketing budgets shifted toward performance-based channels (paid search/affiliate) in 2024, indicating changing go-to-market mix
Interpretation
Industry Trends Interpretation
Industry trends in U.S. personal lending show strong momentum as 12% YoY origination growth in 2024 Q1 is pairing with underwriting and go to market shifts, with alternative data usage rising to 63% by 2024 and 41% of marketing budgets moving to performance based channels.
02 · Category
Market Size3 stats
01
$214.6 billion projected global personal loans market size in 2028 (industry forecast)
02
1.8% year-over-year decline in U.S. personal loan balances in 2023 (seasonally adjusted), indicating consumer installment credit contraction
03
U.S. consumer installment credit outstanding was $2.76 trillion in Q4 2023, providing the base for personal loan demand within installment credit
Interpretation
Market Size Interpretation
From a market size perspective, the projected $214.6 billion global personal loans market in 2028 is tempered by signs of contraction in the U.S. as personal loan balances fell 1.8% year over year in 2023 and installment credit stood at $2.76 trillion in Q4 2023 as the demand base.
03 · Category
User Adoption9 stats
01
19% of personal loan borrowers used the loan for weddings/events (borrower purpose share)
02
41% of U.S. adults were “unbanked” or “underbanked” at least once in 2021–2022, increasing reliance on consumer finance products including personal loans (Federal Deposit Insurance Corporation estimate)
03
In the FDIC 2021–2023 household survey, 5.4% of U.S. households were unbanked (share that may seek nonbank credit)
04
In a 2024 survey, 21% of U.S. consumers reported using a personal loan in the prior year (survey-based adoption rate)
05
55% of respondents reported using a financial product (loan, credit card, or line of credit) to cope with unexpected expenses in a recent survey of U.S. consumers
06
64% of U.S. borrowers who applied online for a personal loan completed the application in under 10 minutes, indicating digital adoption in origination flows
07
51% of U.S. consumers said they would consider taking a personal loan in the next 12 months if needed, supporting forward demand
08
48% of applicants for unsecured personal loans used a comparison site to research offers in 2024, showing influence of affiliate/comparison channels
09
38% of lenders reported increasing direct-to-consumer acquisition spend for personal loans in 2024, indicating adoption of growth channels
Interpretation
User Adoption Interpretation
User Adoption for personal loans is strengthening as 21% of U.S. consumers used a personal loan in the prior year and 51% say they would consider one in the next 12 months, while fast online completion (64% under 10 minutes) and rising growth and comparison channel use (38% increasing direct-to-consumer spend and 48% using comparison sites) show demand is increasingly being converted through digital and partner-driven paths.
04 · Category
Cost Analysis2 stats
01
Personal loan delinquency rate reached 5.6% in 2024 Q1 for a tracked cohort of U.S. originators (delinquency benchmark from industry reporting)
02
For subprime personal loan segments, average credit cost was 5.4% in 2023 (industry-reported loss rate)
Interpretation
Cost Analysis Interpretation
Cost analysis shows that even as the U.S. originators’ delinquency rate climbed to 5.6% in 2024 Q1, subprime personal loans still carried an industry-reported average credit cost of 5.4% in 2023, underscoring how closely delinquency pressures align with underlying credit losses.
More related reading
05 · Category
Performance Metrics3 stats
01
30+ days delinquency rate for U.S. consumer installment loans was 1.6% in 2024 Q2 (delinquency benchmark)
02
90+ DPD for U.S. consumer loans averaged 2.3% during 2023 (peer/industry KPI average)
03
Fraud loss rates for online personal loans decreased by 12% in 2023 vs. 2022 (fraud KPI)
Interpretation
Performance Metrics Interpretation
Under the Performance Metrics lens, U.S. personal lending continues to strengthen with the 30+ day delinquency rate holding at 1.6% in 2024 Q2 while fraud loss rates on online personal loans fell 12% in 2023 versus 2022.
06 · Category
Credit & Risk3 stats
01
5.3% loss rate for unsecured consumer loans in 2023 (industry-reported net charge-offs proxy), indicating credit cost levels
02
1.9% 90+ days delinquency for U.S. unsecured consumer installment loans in 2024, reflecting severe delinquency stress
03
Automatic income verification was used in underwriting by 58% of personal-loan lenders by 2024 (survey-based adoption of verification methods)
Interpretation
Credit & Risk Interpretation
In Credit & Risk, the latest signals point to meaningful stress and underwriting caution as unsecured consumer loan credit costs sit at a 5.3% loss rate in 2023 and 90+ day delinquency reaches 1.9% in 2024, while lenders increasingly mitigate that risk with automated income verification now used by 58% of personal loan lenders.
07 · Category
Operations & Efficiency2 stats
01
36% of personal-loan applicants received an APR range or offer within 1 day of application submission in 2024, indicating speed of decisioning
02
Average approval-to-funding turnaround was 5.2 days for U.S. personal loan products in 2024 (platform-reported operational KPI)
Interpretation
Operations & Efficiency Interpretation
In the Operations and Efficiency category, 36% of personal-loan applicants received an APR range or offer within 1 day in 2024 and the average approval-to-funding turnaround was 5.2 days, showing that decisioning and funding speed are progressing but still leave room for faster end to end delivery.
Reference
Cite This Report
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APA
Marcus Engström. (2026, February 13). Personal Loan Statistics. Gitnux. https://gitnux.org/personal-loan-statistics
MLA
Marcus Engström. "Personal Loan Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/personal-loan-statistics.
Chicago
Marcus Engström. 2026. "Personal Loan Statistics." Gitnux. https://gitnux.org/personal-loan-statistics.
Sources & references
32 datasets cited across this report · attribution is report-level
+8 additional datasets cited (not shown individually)