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.
Category: LendingPoint Data Lab Back to blog
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.
The more customers we serve at LendingPoint, the more we notice something striking about them. They’re getting younger.
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.