What Is The Average Size Of Personal Loans In The US?

You cannot wait until your retirement to go on that vacation that has always been on your bucket list or to add some much-needed air conditioning to your house, which is why people opt for personal loans so that their dreams and needs don’t take a back seat due to insufficient savings in the bank. In a world where everyone wants to live life king-size at all times, personal loans are what allow people to fulfill their dreams despite financial constraints.

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Personal Loans – What’s The Average Size

According to Statista.com, the number of people in the United States of America who were living in a household where someone had a personal loan was a whopping 17.41 million in the spring of 2017. Furthermore, Finder.com states that in the past year, 34% of Americans have taken out a personal loan. So what are the benefits of personal loans and why are so many people opting for them – we will tell you all about it today.

Studies reveal that some of the top reasons why people fall back on personal loans are for the maintenance of vehicles, for paying bills and tuition fees, and for medical emergencies. While some may believe that it is the millennials who are always hungry for more and taking out more personal loans, it is, in fact, the Gen-Xer’s that constitute the largest demographic of borrowers, with an average of more than $8,000 in personal loan amount. On the other hand, this average value for millennials amounts to approximately $7,000.

[pullquote]Geographically speaking, California is the state with the highest percentage of borrowers, with an average personal loan amount of more than $11,000, whereas Texas and Florida take up the next two spots with average loan amounts of approximately $5,300.[/pullquote] With more people investing in higher education and desiring better standards of living, these numbers are only expected to multiply in the coming years.

Needless to say, personal loans can be saviors for all those whose aspirations tend to outgrow their pockets, and some smart decisions regarding personal loans can ensure that the sky is the limit as far as your dreams and ambitions are concerned. However, as with any financial move, being well-informed and cautious is the best way to tread forward on the road of personal loans.

One must do ample research before zeroing in on a lender, but if you do not have that much time at hand, there are websites that allow you to apply for a personal loan without having to scan hundreds of reviews of lenders on the internet. Online loan marketplaces such as LendingTree simply require an application from the user, they do all the heavy lifting of sending your applications to different banks and providing the best offers to you.

Online loan marketplaces have made the process of applying for personal loans so simple that you do not need to think twice before submitting your loan request. So do not compromise when it comes to your dreams and enjoy the hassle-free benefits of personal loans to fulfill your future plans today.

If you are interested in even more business-related stories and information from us here on Bit Rebels then we have a lot to choose from.

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