Forbes on How a Personal Loan Can Save You Money
On August 7, a Forbes personal finance contributor published a piece on how personal loans are the fastest growing type of loan, and how these types of loans can actually help you save money. “You can use a personal loan to consolidate high-interest credit card debt,” the article noted, which could obviously help with saving money on interest fees in the long run. The piece also noted how personal lending can help you improve your credit score.
Personal Loans Are Popular With Americans
Quartz reports that personal loans are growing especially quickly for American borrowers. The outlet reported on July 24 that the stock of personal loans outstanding has risen to around $120 billion as of March, according to TransUnion data, compared to $71.9 billion a decade ago. Quartz reports that about 17 million Americans have turned to this type of personal lending, and Canadian lenders like SkyCap Financial know that Canadians have a similar need for personal lending services.
Personal Loans Are At A Record High in the United States
Personal loans are the fastest-growing U.S. consumer-lending category, according to TransUnion and the Colorado Springs Gazette. In total, personal loans accounted for 1 percent of the total outstanding consumer balance of $12.9 trillion in the first quarter of 2018, the Colorado publication reports. The article quoted Jason Laky, TransUnion’s consumer-lending business lead. who compared personal loan lending to George Bailey and his bank helping consumers in “It’s a Wonderful Life.” Read the full story here.
Personal Loans and Millennials
The Financial Brand reported on July 31 that millennials want to see more flexibility when it comes to personal loans. The Financial Brand piece notes that lenders should consider marketing personal loans to this demographic group in particular, as they are going through life events like weddings and home improvement projects that may do well to have a boost from personal loan lending.