CHICAGO—Personal loans are the now the fastest growing consumer debt category, according to new data from TransUnion, which sites new funding sources for the rise.
Outstanding personal loan balances now stand at $120 billion, the company said.
Personal loans can range from $1,000 - $100,000, with fixed or variable interest rates, the study noted.
‘The surge in fintech ventures and corresponding venture funding has led to a proliferation of personal loan lending,’ Forbes said in its analysis.