Los Angeles, CA (PRWEB) August 21, 2013
Fifty-three percent of personal loan applicants have poor credit scores under 640 according to a new study by loans.org.
For the recent study, loans.org reviewed applications from over 1,900 personal loan applicants to analyze what demographics borrowers fell under. Loans.org reviewed the applicants’ age, loan purpose, loan amount, credit quality, employment status and yearly income.
Cesar Diaz, founder and CEO of loans.org, said that it is important to provide varying options for borrowers of all credit scores, income levels and ages.
“Being able to provide personal loans for all types of borrowers is a vital element of the lending industry,” he said.
Although the majority of applicants are employed, over half have limited access to traditional lending due to their poor credit scores.
For the study, poor credit was deemed at a score below 640, fair credit at between 640 and 699, good credit from 700 to 760, and excellent credit was anything above 760.
For more research data, please read the report at http://loans.org/personal/research/demographics-of-applicants and review the detailed infographic 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/.
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.
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