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Personal loans are the now the fastest growing consumer debt category, according to new data from credit bureau TransUnion.
Outstanding personal loan balances now stand at $120 billion.
Here what you need to know and what it means for you.
What Is A Personal Loan?
A personal loan is an unsecured loan typically from $1,000 – $100,000 with fixed or variable interest rates that can be used to make a large purchase or to consolidate debt.
Borrowers can use personal loans for credit card debt consolidation, home improvements, medical bills and other major life expenses.
What Has Fueled This Growth?
1. Online lenders
The surge in fintech ventures and corresponding venture f…
Read the full article at: https://www.forbes.com/sites/zackfriedman/2018/07/11/personal-loans-consumer-debt/
