Majority of Personal Loan Applicants Are Under 45, Study Reports

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A loans.org report found that 8 in 10 personal loan applicants fall between the age range of 18 and 44. For the study, loans.org reviewed loan applications for demographic information such as credit quality, age and employment status.

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Nearly 8 in 10 personal loan applicants are between 18- and 44-years-old, a recent loans.org report found.

LINK: http://loans.org/personal/research/demographics-of-applicants#age

For the recent study, loans.org reviewed applications from over 1,900 personal loan applicants to analyze what demographics borrowers fell under. They reviewed the applicants’ age, loan purpose, loan amount, credit quality, employment status and yearly income.

The most common age group was the 25 to 34-year-old bracket and accounted for 31 percent of all personal loan applicants in the study.

Andrew Schrage, founder and CEO of MoneyCrashers, said he is not surprised that the majority of applicants belong to this age category.

“This group has struggled to manage financially, especially since the economic downturn,” he said. “The main reasons younger folks need money are for student loans or to pay off credit card debt.”

Some other key findings from the research report include:

One-quarter of applicants requested a loan to cover debt consolidation costs.
The average yearly income of applicants is $46,708.55.
81 percent of applicants are employed.
The most common loan amount is $2,000.

A supporting infographic was created from the report’s results, and can be found at http://loans.org/personal/infographics/who-borrows-and-why.

Additional research, articles and news about the personal loan industry are available at http://loans.org/personal.

About loans.org:

loans.org is a leading lending authority website that covers financial news, produces informative articles, and answers frequently asked questions. In addition to providing lending-related information, loans.org also hosts a variety of free online application forms for prospective borrowers to use when applying for loans.

For more information, please contact:
Rebekah Coleman
Rebekah(at)loans(dot)org
(909) 784-2465
Source: loans.org

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Rebekah Coleman

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