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.