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Personal Loans

NEED MONEY? TAKE OUT A PERSONAL LOAN .0. A closer look at what people use them for today Personal Loans • n. Most Common Reasons People Take Out A Personal Loan Who Borrows? 1 A personal loan can be used for just about anything. It is a loan made for any purpose not specifically defined or secured by a specific asset. Personal loans are usually made for general 49% of personal loan applicants are seeking a loan for consolidation of debt. People who need to take out loans in order to pay off debt, finance their Debt Consolidation business, repair their home or other general expense purposes. expense purposes 16% Business Use 2 There are several types of personal loans out there for borrowers. The two most commonly known are secured and unsecured personal loans. Home Improvement 10% 49% 43% Secured I Unsecured Education 5% 4% A general purpose loan may be specifically secured by a cash flow or asset. Second mortgages are usually loans for short-term Unsecured loans of American families have no specific claim on assets or cash flow. Instead, the lender looks to spend more than they earn each year. Personal O Auto / Vehicle 16% the general creditworthiness of bankruptcies have doubled in the past decade, giving ETC. Other Use the borrower. Americans more Because this is a greater risk for lenders, they charge higher interest rates, cash flow needs. reason to take out a Secured loans personal loan. typically have a lower interest rate. The national average credit card rate is currently 14.68% APR, while peer-to-peer loan interest rates generally range from 6% to 9% with a Peer-to-peer lending on the rise: Interest Rate Breakdown Understanding the financial state of the Primary Types of Personal Loans Average American borrower fixed 36-month term. 14.68 738 $4,402 Peer-to-peer Loans 12.26* 9.00*** Average Credit Score Average Loan Size Home Equity Loans 6.00*** 5.12** Average Personal Loan Size Home Equity Line of Credit By average annual interest rate for a single loan Home Equity Line of Credit Personal Loan National Credit Peer-to-Peer More than 15% Short Term Personal Loans from Commercial Card Rate Loans $5,539 Bank Fast Cash Advance Loans 6.00% to 14.99% 66% $3,593 Peer-to-peer lending will soar at least by 2013 Military Payday Loans Less than 5.99% $5 billion $3,205 No Credit Loans to SOURCES lendingclub.com creditloan.com rebuild.org * National average base rate for a 36-month unsecured $5,000 personal loan as of August 2010. ** $30,000 home equity line of credit. *** According to rates from major peer-to-peer lending institutions such as Lending Club and Prosper. businesswire.com 食 NEED MONEY? TAKE OUT A PERSONAL LOAN .0. A closer look at what people use them for today Personal Loans • n. Most Common Reasons People Take Out A Personal Loan Who Borrows? 1 A personal loan can be used for just about anything. It is a loan made for any purpose not specifically defined or secured by a specific asset. Personal loans are usually made for general 49% of personal loan applicants are seeking a loan for consolidation of debt. People who need to take out loans in order to pay off debt, finance their Debt Consolidation business, repair their home or other general expense purposes. expense purposes 16% Business Use 2 There are several types of personal loans out there for borrowers. The two most commonly known are secured and unsecured personal loans. Home Improvement 10% 49% 43% Secured I Unsecured Education 5% 4% A general purpose loan may be specifically secured by a cash flow or asset. Second mortgages are usually loans for short-term Unsecured loans of American families have no specific claim on assets or cash flow. Instead, the lender looks to spend more than they earn each year. Personal O Auto / Vehicle 16% the general creditworthiness of bankruptcies have doubled in the past decade, giving ETC. Other Use the borrower. Americans more Because this is a greater risk for lenders, they charge higher interest rates, cash flow needs. reason to take out a Secured loans personal loan. typically have a lower interest rate. The national average credit card rate is currently 14.68% APR, while peer-to-peer loan interest rates generally range from 6% to 9% with a Peer-to-peer lending on the rise: Interest Rate Breakdown Understanding the financial state of the Primary Types of Personal Loans Average American borrower fixed 36-month term. 14.68 738 $4,402 Peer-to-peer Loans 12.26* 9.00*** Average Credit Score Average Loan Size Home Equity Loans 6.00*** 5.12** Average Personal Loan Size Home Equity Line of Credit By average annual interest rate for a single loan Home Equity Line of Credit Personal Loan National Credit Peer-to-Peer More than 15% Short Term Personal Loans from Commercial Card Rate Loans $5,539 Bank Fast Cash Advance Loans 6.00% to 14.99% 66% $3,593 Peer-to-peer lending will soar at least by 2013 Military Payday Loans Less than 5.99% $5 billion $3,205 No Credit Loans to SOURCES lendingclub.com creditloan.com rebuild.org * National average base rate for a 36-month unsecured $5,000 personal loan as of August 2010. ** $30,000 home equity line of credit. *** According to rates from major peer-to-peer lending institutions such as Lending Club and Prosper. businesswire.com 食 NEED MONEY? TAKE OUT A PERSONAL LOAN .0. A closer look at what people use them for today Personal Loans • n. Most Common Reasons People Take Out A Personal Loan Who Borrows? 1 A personal loan can be used for just about anything. It is a loan made for any purpose not specifically defined or secured by a specific asset. Personal loans are usually made for general 49% of personal loan applicants are seeking a loan for consolidation of debt. People who need to take out loans in order to pay off debt, finance their Debt Consolidation business, repair their home or other general expense purposes. expense purposes 16% Business Use 2 There are several types of personal loans out there for borrowers. The two most commonly known are secured and unsecured personal loans. Home Improvement 10% 49% 43% Secured I Unsecured Education 5% 4% A general purpose loan may be specifically secured by a cash flow or asset. Second mortgages are usually loans for short-term Unsecured loans of American families have no specific claim on assets or cash flow. Instead, the lender looks to spend more than they earn each year. Personal O Auto / Vehicle 16% the general creditworthiness of bankruptcies have doubled in the past decade, giving ETC. Other Use the borrower. Americans more Because this is a greater risk for lenders, they charge higher interest rates, cash flow needs. reason to take out a Secured loans personal loan. typically have a lower interest rate. The national average credit card rate is currently 14.68% APR, while peer-to-peer loan interest rates generally range from 6% to 9% with a Peer-to-peer lending on the rise: Interest Rate Breakdown Understanding the financial state of the Primary Types of Personal Loans Average American borrower fixed 36-month term. 14.68 738 $4,402 Peer-to-peer Loans 12.26* 9.00*** Average Credit Score Average Loan Size Home Equity Loans 6.00*** 5.12** Average Personal Loan Size Home Equity Line of Credit By average annual interest rate for a single loan Home Equity Line of Credit Personal Loan National Credit Peer-to-Peer More than 15% Short Term Personal Loans from Commercial Card Rate Loans $5,539 Bank Fast Cash Advance Loans 6.00% to 14.99% 66% $3,593 Peer-to-peer lending will soar at least by 2013 Military Payday Loans Less than 5.99% $5 billion $3,205 No Credit Loans to SOURCES lendingclub.com creditloan.com rebuild.org * National average base rate for a 36-month unsecured $5,000 personal loan as of August 2010. ** $30,000 home equity line of credit. *** According to rates from major peer-to-peer lending institutions such as Lending Club and Prosper. businesswire.com 食 NEED MONEY? TAKE OUT A PERSONAL LOAN .0. A closer look at what people use them for today Personal Loans • n. Most Common Reasons People Take Out A Personal Loan Who Borrows? 1 A personal loan can be used for just about anything. It is a loan made for any purpose not specifically defined or secured by a specific asset. Personal loans are usually made for general 49% of personal loan applicants are seeking a loan for consolidation of debt. People who need to take out loans in order to pay off debt, finance their Debt Consolidation business, repair their home or other general expense purposes. expense purposes 16% Business Use 2 There are several types of personal loans out there for borrowers. The two most commonly known are secured and unsecured personal loans. Home Improvement 10% 49% 43% Secured I Unsecured Education 5% 4% A general purpose loan may be specifically secured by a cash flow or asset. Second mortgages are usually loans for short-term Unsecured loans of American families have no specific claim on assets or cash flow. Instead, the lender looks to spend more than they earn each year. Personal O Auto / Vehicle 16% the general creditworthiness of bankruptcies have doubled in the past decade, giving ETC. Other Use the borrower. Americans more Because this is a greater risk for lenders, they charge higher interest rates, cash flow needs. reason to take out a Secured loans personal loan. typically have a lower interest rate. The national average credit card rate is currently 14.68% APR, while peer-to-peer loan interest rates generally range from 6% to 9% with a Peer-to-peer lending on the rise: Interest Rate Breakdown Understanding the financial state of the Primary Types of Personal Loans Average American borrower fixed 36-month term. 14.68 738 $4,402 Peer-to-peer Loans 12.26* 9.00*** Average Credit Score Average Loan Size Home Equity Loans 6.00*** 5.12** Average Personal Loan Size Home Equity Line of Credit By average annual interest rate for a single loan Home Equity Line of Credit Personal Loan National Credit Peer-to-Peer More than 15% Short Term Personal Loans from Commercial Card Rate Loans $5,539 Bank Fast Cash Advance Loans 6.00% to 14.99% 66% $3,593 Peer-to-peer lending will soar at least by 2013 Military Payday Loans Less than 5.99% $5 billion $3,205 No Credit Loans to SOURCES lendingclub.com creditloan.com rebuild.org * National average base rate for a 36-month unsecured $5,000 personal loan as of August 2010. ** $30,000 home equity line of credit. *** According to rates from major peer-to-peer lending institutions such as Lending Club and Prosper. businesswire.com 食 NEED MONEY? TAKE OUT A PERSONAL LOAN .0. A closer look at what people use them for today Personal Loans • n. Most Common Reasons People Take Out A Personal Loan Who Borrows? 1 A personal loan can be used for just about anything. It is a loan made for any purpose not specifically defined or secured by a specific asset. Personal loans are usually made for general 49% of personal loan applicants are seeking a loan for consolidation of debt. People who need to take out loans in order to pay off debt, finance their Debt Consolidation business, repair their home or other general expense purposes. expense purposes 16% Business Use 2 There are several types of personal loans out there for borrowers. The two most commonly known are secured and unsecured personal loans. Home Improvement 10% 49% 43% Secured I Unsecured Education 5% 4% A general purpose loan may be specifically secured by a cash flow or asset. Second mortgages are usually loans for short-term Unsecured loans of American families have no specific claim on assets or cash flow. Instead, the lender looks to spend more than they earn each year. Personal O Auto / Vehicle 16% the general creditworthiness of bankruptcies have doubled in the past decade, giving ETC. Other Use the borrower. Americans more Because this is a greater risk for lenders, they charge higher interest rates, cash flow needs. reason to take out a Secured loans personal loan. typically have a lower interest rate. The national average credit card rate is currently 14.68% APR, while peer-to-peer loan interest rates generally range from 6% to 9% with a Peer-to-peer lending on the rise: Interest Rate Breakdown Understanding the financial state of the Primary Types of Personal Loans Average American borrower fixed 36-month term. 14.68 738 $4,402 Peer-to-peer Loans 12.26* 9.00*** Average Credit Score Average Loan Size Home Equity Loans 6.00*** 5.12** Average Personal Loan Size Home Equity Line of Credit By average annual interest rate for a single loan Home Equity Line of Credit Personal Loan National Credit Peer-to-Peer More than 15% Short Term Personal Loans from Commercial Card Rate Loans $5,539 Bank Fast Cash Advance Loans 6.00% to 14.99% 66% $3,593 Peer-to-peer lending will soar at least by 2013 Military Payday Loans Less than 5.99% $5 billion $3,205 No Credit Loans to SOURCES lendingclub.com creditloan.com rebuild.org * National average base rate for a 36-month unsecured $5,000 personal loan as of August 2010. ** $30,000 home equity line of credit. *** According to rates from major peer-to-peer lending institutions such as Lending Club and Prosper. businesswire.com 食 NEED MONEY? TAKE OUT A PERSONAL LOAN .0. A closer look at what people use them for today Personal Loans • n. Most Common Reasons People Take Out A Personal Loan Who Borrows? 1 A personal loan can be used for just about anything. It is a loan made for any purpose not specifically defined or secured by a specific asset. Personal loans are usually made for general 49% of personal loan applicants are seeking a loan for consolidation of debt. People who need to take out loans in order to pay off debt, finance their Debt Consolidation business, repair their home or other general expense purposes. expense purposes 16% Business Use 2 There are several types of personal loans out there for borrowers. The two most commonly known are secured and unsecured personal loans. Home Improvement 10% 49% 43% Secured I Unsecured Education 5% 4% A general purpose loan may be specifically secured by a cash flow or asset. Second mortgages are usually loans for short-term Unsecured loans of American families have no specific claim on assets or cash flow. Instead, the lender looks to spend more than they earn each year. Personal O Auto / Vehicle 16% the general creditworthiness of bankruptcies have doubled in the past decade, giving ETC. Other Use the borrower. Americans more Because this is a greater risk for lenders, they charge higher interest rates, cash flow needs. reason to take out a Secured loans personal loan. typically have a lower interest rate. The national average credit card rate is currently 14.68% APR, while peer-to-peer loan interest rates generally range from 6% to 9% with a Peer-to-peer lending on the rise: Interest Rate Breakdown Understanding the financial state of the Primary Types of Personal Loans Average American borrower fixed 36-month term. 14.68 738 $4,402 Peer-to-peer Loans 12.26* 9.00*** Average Credit Score Average Loan Size Home Equity Loans 6.00*** 5.12** Average Personal Loan Size Home Equity Line of Credit By average annual interest rate for a single loan Home Equity Line of Credit Personal Loan National Credit Peer-to-Peer More than 15% Short Term Personal Loans from Commercial Card Rate Loans $5,539 Bank Fast Cash Advance Loans 6.00% to 14.99% 66% $3,593 Peer-to-peer lending will soar at least by 2013 Military Payday Loans Less than 5.99% $5 billion $3,205 No Credit Loans to SOURCES lendingclub.com creditloan.com rebuild.org * National average base rate for a 36-month unsecured $5,000 personal loan as of August 2010. ** $30,000 home equity line of credit. *** According to rates from major peer-to-peer lending institutions such as Lending Club and Prosper. businesswire.com 食

Personal Loans

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An overview of personal loans looking at the types and reasons why people take them. According to the statistics, 49% of personal loan applicants are seeking a loan for consolidation of debt.

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