Looking At Borrowers: Who Borrows Personal Loans and Why
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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...
UPDATED: Jun 29, 2022
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What makes personal loan borrowers unique?
Small consumer loans are taken out daily across the country, but the identity of those borrowers is often stereotyped, assumed, and generally unknown. In a unique study from loans.org, demographics of personal loan applicants were analyzed.
Loans.org conducted research from over 1,900 personal loan applicants and reviewed their age, loan purpose, loan amount, credit quality, employment status, and yearly income. In the following infographic, this information is organized and reveals several unique findings.
One of the most significant finding from the research was the fact that over half of borrowers have poor credit scores.
Despite having low credit scores, almost all applicants have some form of employment, whether a regular employment opportunity (81 percent), self-employment opportunity (5 percent), or other (5 percent).
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