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When the economy is booming, job openings are plentiful, and wages are on the rise. So why then are personal loans growing at such a rapid pace? According to the consumer credit rating agency Equifax, personal loans in 2019 grew 10% from the year before. Experian and Transunion -- the two other major consumer credit rating agencies -- agree; personal loans are growing at a double-digit pace.
If you're in the market for a personal loan, you are not alone. The personal loan market has surged recently, with the total outstanding debt now over $156 billion. And if you are considering a personal loan, it should be clear that there are more lenders than ever before. Fintech startups, online banks, and traditional lenders are all vying for market share in this growing space.
The current total debt for student loans has surpassed $1 trillion with the average student borrower in 2017 holding more than $30,000 in student loan debt. As of March 2019, more than 43 million American had student loans. According to a recent study by Pew Trusts, one-fourth of those borrowing default on their loans within five years of entering repayment.