Personal Loan Statistics 2025
Comprehensive data on US personal loan trends, interest rates, approval rates by credit score, and borrower demographics. Updated quarterly.
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Key Personal Loan Statistics at a Glance
$251B
Total outstanding personal loan balances in the US
TransUnion, Q4 2024
29.6M
Americans with an active personal loan
TransUnion, Q4 2024
$11,607
Average personal loan balance per borrower
TransUnion, Q4 2024
11.87%
Average 24-month personal loan interest rate at commercial banks
16%
Americans who have earned money via an online gig platform
Pew Research Center, 2021
68M
Hispanic Americans — fastest-growing borrower segment
US Census Bureau, as of July 1, 2024
Personal Loan Interest Rates by Credit Score (2025)
Interest rates vary significantly based on credit score. Borrowers with excellent credit receive rates similar to mortgages, while those with poor credit may pay 5–10x more.
| Credit Score Range | Rating | Average APR Range | Typical Loan Amount |
|---|
| 720–850 | Excellent | 5.99% – 12.99% | $10,000 – $50,000 |
| 690–719 | Good | 12.99% – 19.99% | $5,000 – $35,000 |
| 630–689 | Fair | 19.99% – 27.99% | $2,000 – $15,000 |
| 580–629 | Poor | 27.99% – 35.99% | $500 – $10,000 |
| 300–579 | Very Poor | 35.99% – 99%+ | $100 – $5,000 |
Personal Loan Approval Rates by Credit Score
| Credit Score | Approval Rate (Traditional Banks) | Approval Rate (Online Lenders) |
|---|
| 750+ | ~90% | ~95% |
| 700–749 | ~75% | ~85% |
| 650–699 | ~50% | ~70% |
| 600–649 | ~25% | ~55% |
| 550–599 | ~8% | ~35% |
| Below 550 | ~2% | ~20% |
Key insight: Online lenders approve roughly 2–3x more bad-credit borrowers than traditional banks, explaining their rapid market share growth. Bad credit loan originations grew 18% year-over-year in 2024.
Gig Workers & Personal Loan Access
| Statistic | Data | Source |
|---|
| US gig workers (2024) | 73.3 million | Statista |
| % of workforce in gig economy | ~36% | Pew Research |
| Average gig worker annual income | $34,021 | Gallup |
| Gig workers denied loans due to income type | 47% | Federal Reserve Survey |
| Gig workers with credit score under 650 | 54% | Experian |
Hispanic Borrower Statistics
| Statistic | Data | Source |
|---|
| Hispanic Americans (2024) | 68 million | US Census Bureau |
| % of US population (Hispanic) | 20% | US Census Bureau |
| Hispanic Americans without SSN (estimated) | 10.5 million | Pew Research |
| Hispanic "credit invisible" rate | 34% | CFPB |
| Average Hispanic household income (2024) | $62,800 | US Census Bureau |
| ITIN holders in the US | ~5 million active | IRS Statistics of Income |
SSI & Disability Borrower Statistics
| Statistic | Data | Source |
|---|
| Americans receiving SSI (2024) | 7.5 million | Social Security Administration |
| Americans receiving SSDI (2024) | 8.9 million | Social Security Administration |
| Average SSI monthly payment | $698 | SSA, 2024 |
| Average SSDI monthly payment | $1,537 | SSA, 2024 |
| SSI/SSDI recipients denied loans (income source) | 61% | National Disability Institute |
Bad Credit Loan Market Statistics
| Statistic | Data | Source |
|---|
| Americans with credit score below 600 | ~28% (70M+ people) | FICO |
| Americans with no credit history | 26 million | CFPB |
| Average bad credit personal loan APR | 28.7% | Federal Reserve |
| Payday loan borrowers annually | 12 million | Pew Charitable Trusts |
| Average payday loan amount | $375 | Pew Charitable Trusts |
| Payday loan effective APR (average) | 391% | Consumer Financial Protection Bureau |
| Borrowers using payday loans 5+ times/year | 75% | Pew Charitable Trusts |
What Americans Use Personal Loans For
| Purpose | % of Borrowers |
|---|
| Debt consolidation | 37% |
| Home improvement | 18% |
| Emergency expenses | 14% |
| Medical/dental bills | 11% |
| Vehicle purchase or repair | 8% |
| Moving expenses | 5% |
| Other | 7% |
Source: LendingTree borrower survey, 2024. N=2,000 personal loan borrowers.
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Suggested citation format: VelhoCapital, "Personal Loan Statistics 2025," velhocapital.com/research/loan-statistics-2025, April 2025.
Methodology
Statistics on this page are compiled from publicly available government data sources (Federal Reserve, Social Security Administration, US Census Bureau, CFPB, IRS), and third-party research organizations (Pew Research, Experian, TransUnion, Equifax, FICO, Statista, Gallup, Pew Charitable Trusts, LendingTree, National Disability Institute). This page is updated quarterly. Last updated: August 2026.