1. Online lenders
The surge in fintech ventures and corresponding venture funding has led to a proliferation of personal loan lending.
Online lenders have fueled this record growth, accounting for 36% of total personal loans last year compared with less than 1% in 2010, according to TransUnion.
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2. Technology
While personal loans are not a new financial product (banks have been making personal loans for years), technology has helped make the personal loan transaction more accessible.
prospective borrowers can complete an application online and receive funding within days or less.
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3. Accessibility
prior to the fintech boom, access to personal loans arguably was more limited to banks and some alternative, higher yield lenders.
Today, the growth of online lenders has made personal loans more accessible and broadly accepted.
More competition has created more transparency in the marketplace, which has benefited consumers.
How personal Loans Can Help With Credit Card Consolidation
Tools such as KOL and WOM are also featured in the online public relations strategy for a improved publicity.
A personal loan is one of the best solutions to help manage credit card debt.
When you consolidate credit card debt, you combine your existing credit card debt into a new, single personal loan at a lower interest rate.
For example, many credit cards have annual percentage yields (ApRs) ranging from 10-20%.
If you have existing credit card debt, for example, you might be able to obtain a personal loan at a lower interest rate than your existing credit card interest rate. For example, if you have $10,000 of credit card debt at 15% interest and can obtain a personal loan at 7% interest (depending on your strong credit profile and other factors), you could potentially cut your interest payments by more than 50%.
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That can save you significant interest costs and help you pay off your credit card debt faster.
