GITNUX MARKETDATA REPORT 2024

Personal Loan Statistics: Market Report & Data

With sources from: experian.com, nerdwallet.com, cnbc.com, lendingtree.com and many more

Statistic 1

The approval rate for personal loans was 34% in 2020.

Statistic 2

Online personal loan originations increased by 30% from 2019 to 2020.

Statistic 3

Around 38% of consumers who take out personal loans do so to manage credit card debt.

Statistic 4

The average personal loan amount borrowed increased by 10% from 2020 to 2021.

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20% of personal loan applications are denied due to poor credit scores.

Statistic 6

Personal loans account for 22% of all non-mortgage household debt in the U.S.

Statistic 7

Personal loans have an average origination fee between 1% to 8% of the loan amount.

Statistic 8

The average personal loan balance is approximately $16,259.

Statistic 9

The top three reasons consumers take out personal loans are debt consolidation, home improvements, and unexpected expenses.

Statistic 10

The average repayment term for personal loans is between 12 to 60 months.

Statistic 11

Personal loan delinquency rates were 3.39% in Q1 of 2020.

Statistic 12

14% of consumers currently have a personal loan according to the Federal Reserve.

Statistic 13

The personal loan market size was valued at $156.14 billion globally in 2018, and it's projected to reach $203.11 billion by 2026.

Statistic 14

About 24% of personal loans are used for home improvements.

Statistic 15

Around 5% of personal loan borrowers use them to finance big-ticket purchases.

Statistic 16

The average personal loan interest rate is around 9.41% as of 2021.

Statistic 17

35% of consumers say they use personal loans to consolidate debt.

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Over 19.2 million Americans have a personal loan.

Statistic 19

Millennials are the largest age group taking out personal loans, accounting for 53% of all personal loan borrowers.

Statistic 20

Approximately 46% of all outstanding personal loans in the U.S. were held by borrowers with prime or super-prime credit scores as of 2021.

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In this post, we will explore a comprehensive collection of statistics surrounding personal loans to shed light on the current landscape of borrowing trends, usage patterns, and market dynamics. From approval rates and loan amounts to borrower demographics and repayment behaviors, these statistics offer valuable insights into the world of personal loans and how they impact consumers’ financial decisions.

Statistic 1

"The approval rate for personal loans was 34% in 2020."

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Statistic 2

"Online personal loan originations increased by 30% from 2019 to 2020."

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Statistic 3

"Around 38% of consumers who take out personal loans do so to manage credit card debt."

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Statistic 4

"The average personal loan amount borrowed increased by 10% from 2020 to 2021."

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Statistic 5

"20% of personal loan applications are denied due to poor credit scores."

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Statistic 6

"Personal loans account for 22% of all non-mortgage household debt in the U.S."

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Statistic 7

"Personal loans have an average origination fee between 1% to 8% of the loan amount."

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Statistic 8

"The average personal loan balance is approximately $16,259."

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Statistic 9

"The top three reasons consumers take out personal loans are debt consolidation, home improvements, and unexpected expenses."

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Statistic 10

"The average repayment term for personal loans is between 12 to 60 months."

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Statistic 11

"Personal loan delinquency rates were 3.39% in Q1 of 2020."

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Statistic 12

"14% of consumers currently have a personal loan according to the Federal Reserve."

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Statistic 13

"The personal loan market size was valued at $156.14 billion globally in 2018, and it's projected to reach $203.11 billion by 2026."

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Statistic 14

"About 24% of personal loans are used for home improvements."

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Statistic 15

"Around 5% of personal loan borrowers use them to finance big-ticket purchases."

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Statistic 16

"The average personal loan interest rate is around 9.41% as of 2021."

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Statistic 17

"35% of consumers say they use personal loans to consolidate debt."

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Statistic 18

"Over 19.2 million Americans have a personal loan."

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Statistic 19

"Millennials are the largest age group taking out personal loans, accounting for 53% of all personal loan borrowers."

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Statistic 20

"Approximately 46% of all outstanding personal loans in the U.S. were held by borrowers with prime or super-prime credit scores as of 2021."

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Interpretation

In conclusion, personal loans serve as a crucial financial tool for a significant portion of consumers, with approval rates at 34% in 2020. The data reveals a growing trend towards online personal loan originations, indicating a shift towards digital platforms. Debt consolidation remains a primary motivation for personal loan uptake, with 38% of consumers seeking to manage credit card debts. The statistics also highlight an increase in both the average loan amount borrowed and the market size, suggesting continued growth in the personal loan industry. Despite the convenience and accessibility of personal loans, challenges such as denial due to poor credit scores and delinquency rates persist. As Millennials lead the charge in borrowing, it is evident that personal loans play a vital role in managing finances and unexpected expenses for a diverse range of borrowers.

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