Loan

How much money do Americans borrow? Personal loan stats

How many Americans are taking out personal loans?

In the past year, 34% of Americans have taken out personal loans – that’s roughly 83.5 million people. Whether it be through an online lender or a good old fashioned bank, Baby Boomers, Gen X-ers and Millennials seem to have more in common when it comes to borrowing than they’d imagine.

With the help of our research provider, Pureprofile, finder.com surveyed 2,245 American adults to see how personal loans are being used in the US.

Top reasons people have taken out a personal loan

Emergencies happen. Bills stack up on top of each other. You realize the math you’re learning in school can’t begin to help you calculate what you’ll owe in tuition – and then you get into a fender bender on a sunny, Friday afternoon.

Accounting for 31% of borrowers, vehicle related expenses pull ahead – get it – as

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Personal Loan Calculator


Monthly Pay:   $212.47

Total of 60 Loan Payments $12,748.23
Total Interest $2,748.23
Origination Fee $500.00
Total Interest + Fee $3,248.23
Actually Received $9,500.00
Real APR 12.240%
Payoff Date Apr. 2025


Payment Breakdown

Loan Amortization Graph


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The Personal Loan Calculator can give concise visuals to help determine what monthly payments and total costs will look like over the life of a personal loan. Since most personal loans come with fees and/or insurance, the end cost for them can actually be higher than advertised. The calculator takes all of these variables into account when determining the real annual percentage rate, or APR for the loan. Using this real APR for loan comparisons is most likely to be more precise.

What are Personal Loans?

Personal loans are loans with fixed

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What Is a Personal Loan

The Lopez family was excited about finally getting to remodel their kitchen, something they’d been wanting to do for over a year. However, their excitement transformed into anxiety when their contractor told them the bills for the project would come to around $20,000. They knew they could charge it all on their credit card, but the most they could possibly squeeze out of their budget to pay it back would be $500 a month. At that rate, they’d take nearly six years to pay off the debt and pay more than $7,000 in interest.

The Lopezes were all set to scrap their plans for their dream kitchen when their contractor told them about another possible way to fund the remodel: a personal loan. With their good credit, they could get a five-year loan at an interest rate of around 7% – half of what they’d have to pay on their

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