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U.S. Personal Loans Reach Record $138bn

U.S. Personal Loans Reach Record $138bn

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FintechNews RoundupUSA
··1 min read

The U.S. personal loan market has surged in the last 5 years to reach more than $138bn; one of the big drivers behind this growth is fintech lenders who now make up 30 percent of the market, up from 5 percent in 2013; the overall market is up 17 percent year on year according to new data released by TransUnion; traditional banks make up 28 percent of the market, they were previously at 40 percent in 2013; the top reasons for taking out a loan are debt consolidation, home improvement financing and retail. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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