TheBestCompanys.com analyzes how consumers feel about personal loans and when they might be used
San Francisco, CA -- (SBWIRE) -- 12/02/2014 -- Personal loans continue to become a more viable solution to help consolidate debt, tackle a home improvement project, etc.. TheBestCompanys.com (TBC) ran surveys to collect information from consumers about personal loans and when consumers would consider using a personal loan.
"Personal loans are a relatively new solution," TBC's Bryce Morgan said. "We wanted to see what consumers knew about personal loans and if they have used one before."
Consumers were asked "How familiar are you with personal loans?" The results were interesting with 35.1% saying that they know what they are. Of those not as familiar with personal loans, 20.3% replied they have never heard of them and 20.0% knew personal loans by name only. Surprisingly, 18.9% replied they have used a personal loan before. Last of all 5.6% said that they have considered using one.
Of those that were knew about or have used personal loans, the age group 25-34 seemed by far most familiar with what personal loans offer.
When asked "For what purpose would you consider using a personal loan," 54.7% of consumers replied that they would not consider using a personal loan. Of those that considered using a personal loan, a home improvement project was the most common answer getting 12.9%. Consolidate debt came in at 8.5%, while paying off student loans was chosen 7.0% of the time. Travel, business loans, and credit card debt all received less than 6% each of the vote.
Among each age bracket, the responses were nearly identical.
Personal loans continue to grow and often times present a healthy alternative for financial needs.
TBC reviewed the following personal loan lenders to give consumers a transparent look into each company: Lending Club, Prosper, Upstart, Springleaf, NetCredit, Amone, AvantCredit, OneMain Financial, and FreedomPlus.
For more information regarding personal loan companies, visit http://thebestcompanys.com/loans/
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