Category: LendingPoint Data Lab Back to blog
Gen Z may be just getting into their credit-using years, but they are already showing significant differences in their credit profiles from the Millennials and GenXers that preceded them – and our latest Data Lab survey reveals a surprising insight into the economy’s youngest generation.
Most people who take out personal loans do so to help manage their pre-existing debt. That is true of all borrowers, no matter the lender involved. LendingPoint is no exception.
More people are taking out personal loans this year than last but, surprisingly, they’re asking for smaller amounts. And the younger the borrowers, the more their loan amount requests are shrinking.
In this study, the Data Lab team took a close look at monthly variations in loan usage. The team analyzed three years worth of loan data, month by month.
LendingPoint has loaned more than a half billion dollars. What are those dollars earmarked for? The answer often depends on the age of the borrower.