Personal Loans During the Pandemic at a Glance
As just about everything in our economy experienced some sort of change during the pandemic, so did personal loans. Here’s a look at what happened with personal loans in 2020:
- Personal loan debt growth slowed
- Outstanding loan debt increased by $18 billion
- The average loan balance increased by $199 per borrower
- Consumers opened 3.1 million new accounts
- New loan originations fell 26.5%
- The average loan size fell by $1,197
- Refinancing credit cards and consolidating debt were common uses
- The average credit score for borrowers was 643
read more here: https://www.forbes.com/advisor/personal-loans/personal-loan-debt-statistics-during-the-pandemic/
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