Personal Loans Emerge as Critical Financial Lifeline in Challenging Economy

The personal loan marketplace has roared back to life after nearly grinding to a halt during the height of the pandemic. According to the J.D. Power 2022 U.S. Consumer Lending Satisfaction Study,^SM released today, a combination of competitive rates, easy access and a variety of options has driven widespread consumer adoption of personal loans, with some of the most significant growth occurring among financially vulnerable^[1] consumers who are accessing these products to get through a challenging economic period.

"Increasingly, personal loans are filling the void left by the end of pandemic-era relief efforts, which introduces some important new dynamics for the banks, credit card companies and FinTechs at the center of this marketplace,” said Craig Martin, managing director and global head of wealth and lending intelligence at J.D. Power. "While customers are largely satisfied with these products and the market is continuing to grow, it is important for lenders to ensure the experiences they deliver are matching the promises they are making to support improved financial health.”

Read the full press release for additional key findings and brand rankings >