Loan Industry 12% Year Over Year Growth!


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Personal loans continue to hold their place as the fastest-growing debt category in the U.S., with balances reaching $305 billion in the second quarter (Q2) of 2019. That’s an increase of 12% year over year—double the growth of credit card debt, the next-highest category, according to Experian data. The following will take an in-depth look at the most important personal loan statistics. Here is a summary of the key statistics to consider when analyzing the consumer lending industry.

  • In 2019, there were 6.8 million new personal loans accounts for a total of 38.4 million. In other words, 11% of consumers had a personal loan.
  • Personal loans are one of the fastest-growing consumer debt products. At the end of 2019, the existing personal loan debt (secured and unsecured) was $305 billion.
  • Since 2012, unsecured personal loan balances have more than tripled ($46 billion vs. $148 billion).
  • The average balance for new unsecured personal loans is $6,217, which is nearly $1,000 more than in 2015.
  • Interest rates were low compared to credit cards: an average APR of 9.41%.
  • The average personal loan balance was $16,259 and the average monthly payment was $360.
  • Washington has the largest average personal loan balance with $27,188. Hawaii is the state with the lowest average personal loan balance: $12,802.
  • The most common reason for obtaining a personal loan is to consolidate debt and refinance credit card debt.
  • In 2019 originations grew by 8.4% year-over-year. This is a much slower rate compared to the 24.5% growth in 2018.
  • In 2020, unsecured personal loans had a delinquency rate of just 3.04%. That is a 0.79% drop since 2016.
  • The share of non-profit originations taken by subprime borrowers has dropped slightly to 63%. It was 64% in 2018 and 68% during the recession of 2007.

Profit as a Credit Star Funding Agent

Credit Star Funding works with individuals with all credit scores. These days millions of people have troubled credit scores and a diminished income because of the current pandemic and job loss.  What makes Credit Star Funding stand out in the lending world is that they often get their customers to qualify for loans even with a credit score as low as 620 and gets customers more money than other traditional lenders. Many traditional lenders may limit a person loan to $25,000-$50,000 and they may limit a business loan to $75,000. However, with Credit Star Funding, unsecured loans are possible as high $250,000.

For customer with really poor credit Credit Star Funding has a special department that performs effective credit repair legal services with 100% customer satisfaction. We can remove anything from a credit report and even cloak debt out of it.

You can take advantage of this enormous market and our special lending platform by joining Credit Star Funding as an agent.
Just a couple of $100k loans a month could pay your bills. You can also earn $500 for every credit repair package you refer. This service is in huge demand.  Credit Star Funding has over 3,000 agents in the US, Canada and Australia. We have a place for you!

Your Market – Baby Boomers Lead in Average Personal Loan Balance.

In line with the growth in higher personal loan balances, most consumers take out personal loans for large purchases or debt consolidation, according to an Experian survey of people who had at least one personal loan. The survey indicated that:

  • 28% used the personal loan for large purchases
  • 26% used the loan for debt consolidation
  • 17% used the loan for home improvements
  • 9% used the loan to refinance existing debt
  • 30% reported using their loan for another reason not listed

Join our team today!