Bankrate®

Expert Insights

Most personal loan applicants seek to consolidate debt

Debt consolidation and emergency expenses are the most common reasons people are seeking personal loans, according to a new Bankrate study.

We examined responses from more than 160,000 Americans seeking prequalification on a personal loan in the first quarter of 2020 to understand why consumers were seeking to borrow money, how the loan sizes varied by purpose and more.

Here are the key findings:

Most consumers are looking for loans of $2,000 to $25,000.
Debt consolidation and emergency expenses are the most common loan uses.
Emergency expenses require the smallest loans, while debt consolidation requires the largest.

Read our first quarterly personal loans prequalification study for more information on how consumers are using personal loans.

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