Financial Services

38% of vulnerable consumers have used a personal loan: J.D. Power survey

The data analytics company found that consumers are increasingly turning to personal loans.
Written by Evan Zimmer

J.D. Power announced last week the results of its 2022 US Consumer Lending Survey. The survey found that 38% of vulnerable consumers -- defined as consumers who have a difficult time making necessary payments, such as bills -- have turned to personal loans to manage their debt.

Additionally, 47% of consumers said an ad influenced them to get a personal loan, and 61% said they would use their lender again. According to J.D. Power, the top three reasons consumers have utilized a personal loan are: debt consolidation, lower interest rates, and lower monthly payments.

Read the full article>>