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Personal Loans November 2019

Personal Loans are the Fastest Growing Category of Consumer Debt, with year-over-year growth of 11%. As of the second quarter of 2019, 11% of the US population had taken out 38.4 Million Personal Loans. Personal Loan Balances now exceed $300 Billion but make up only 2% of all consumer debt, including mortgages. As of 2019 Q2, the Average Personal Loan Balance is $16,259, with an Average APR of 9.41% and an Average Monthly Payment of $360. FinTech Lenders and Traditional Financial Institutions now share an almost equal share of the personal loan category.

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