The personal loan market in the US has exploded over the past decade.
Today, over 19 million people have an unsecured personal loan, nearly double that of 2010 (TransUnion). This was driven by the emergence of tech-based lenders, which make borrowing personal loans quicker and more efficient.
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Once used by a much smaller customer base, personal loans have become a widely used tool for debt consolidation and loan refinancing.
Below, we share some facts and stats to help you learn more about the personal loans industry.
In September 2019, the Federal Reserve estimated the value of all outstanding consumer loans at $1.56 trillion - an all-time high.
From 2015 to 2018, the size of the personal loans sector expanded nearly 60%. In Q2’19, the overall outstanding balance of unsecured personal loans was over $148 billion. (TransUnion Industry Insights Reports Q2’2019)
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Startup lenders in the US are making personal loans more accessible. Consumers are now able to easily apply for a personal loan within minutes — and get funded the next business day. Use Fiona to help you navigate the growing world of personal loans, and find the best fit for you. Click here to learn more.