How We Use Short Term Loans

Approximately 12 million Americans use a form of short-term loan (like an online installment loan) each year. The profile of users and uses might surprise you.

Top Reasons for Taking a Personal Loan (in order):
  • Vehicles
  • Bills:
  • Emergencies
  • Tuition Fees
  • Consolidating Debt
Use by men and women:

How They are Used

69% use to help them manage recurring experiences

8% to buy something special

16% for emergencies

Generational Use

Who take out the largest personal loans

  • A. Baby Boomers
  • B. Millennials
  • C. Gen X-ers

Gen X-ers have an average personal loan amount making them the largest demographic of borrowers