Personal Loan Applicants Have Above Average Incomes, Report Finds

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According to a loans.org study, personal loan applicants have above average incomes. The study utilized applications from over 1,900 personal loan borrowers and analyzed the applicants ages and employment status, among other items.

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Personal loan applicants have higher yearly incomes than the average citizen, according to a recently published report from loans.org .

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

Loans.org reviewed applications from over 1,900 personal loan applicants to analyze the demographics of each borrower. In their recent study, they reviewed the applicants’ age, loan purpose, loan amount, credit quality, employment status and yearly income.

The Social Security Administration reports that the average yearly income is $42,979.61 but the loans.org report found that personal loan applicants had an average income of $46,708.55. This equates to a difference of over $3,728.

The study also revealed that most applicants held some form of employment when requesting a new personal loan.

Cesar Diaz, founder and CEO of loans.org, said that it is positive to see the high level of employment among personal loan applicants.

“Having a stable source of income ensures that borrowers can repay their debts,” he said.

Some other key findings from the research report include:

  • One-quarter of applicants requested a loan to cover debt consolidation costs.
  • Nearly 8 out of 10 applicants are between 18 and 44 years old.
  • 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
Loans.org
+1 (909) 784-2465
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