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Many Americans Are Borrowing to Pay for Basic Expenses

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From 2022 to 2023, the size of the average personal loan taken out in the previous 12 months by those who got one from a financial institution rose 25%, from $5,046 to $6,299, according to a new NerdWallet survey. The increase was driven by a jump in average loan size among millennials, ages 27-42, (up 78%, from $3,305 to $5,891) and Gen Xers, ages 43-58, (up 45%, from $5,276 to $7,668).

Younger generations were more likely to have borrowed using a personal loan, with millennials topping the list at almost 1 in 2 (48%) taking out a loan in the previous 12 months, followed by Gen Zers, ages 18-26, (39%), Gen Xers (38%) and baby boomers, ages 59-77, (13%).

The 2023 survey, conducted online by The Harris Poll over the period Sept. 7-11, 2023, among over 2,000 U.S. adults ages 18 and older, also found divisions in how generational cohorts view borrowing for nonessentials as well as how they perceive the role of personal loans in their financial plans.

Key takeaways

Many borrowers take out a personal loan just to make ends meet. A third (33%) of recent borrowers (i.e., those who took out a personal loan in the past 12 months) say they took out a loan to cover basic expenses, like food and utilities.

Younger Americans have a more favorable view of “buy now, pay later” (BNPL) loans. More than half of both Gen Zers (56%) and millennials (59%) agree that BNPL loans are, in general, a smart way to make purchases. Agreement drops to 40% of Gen Xers and 24% of boomers.

Americans are divided on borrowing for nonessential purchases. Two-thirds (67%) of Americans say borrowing for nonessentials (things other than food, shelter, etc.) is irresponsible. Revealing an age gap, just 55% of Gen Zers agree, though 74% of boomers do.

Personal loans used for survival — and splurging

Borrowers took out personal loans for a variety of reasons , but covering basic expenses topped the list. Around 1 in 3 Americans (33%) who took a loan out in the last 12 months say they did so in part to cover things like utilities, food and clothing.

Vehicle repairs (27%), home repairs or improvements (25%) and debt consolidation (20%) rounded out the top four reasons for taking out a loan. Debt consolidation was the second most popular option for older cohorts, with Gen Xers (27%) and boomers (21%) both ranking it just behind everyday expenses.

On the other end of the spectrum, younger borrowers were more likely to say they've borrowed for nonessential purchases like vacations and items they wanted but couldn't afford. They are also more likely to borrow to pay for nonmedical emergencies and for purchases related to their work.

Rounding things out, about 1 in 5 borrowers (18%) say they took out their loan to pay for medical costs not covered by their insurance. Around 1 in 6 (16%) took out the loan to pay for health and wellness services (like gym memberships or therapy) and 15% took out the loan to finance the purchase of a vehicle.

Making smart borrowing decisions

Choosing the right way to borrow can make a huge impact on how much you ultimately pay and whether you're able to keep up with your debt. Companies that offer buy now, pay later for smaller purchases often don't charge interest, which can help keep payments lower than if using a credit card. Consolidating high-interest credit cards into a lower-rate personal loan can save hundreds of dollars over the life of the loan.

“The key with a debt consolidation loan is to get a lower rate than you’re currently paying,” says NerdWallet personal loans writer Annie Millerbernd. “By doing that, you’re reducing the total interest cost on your debt.”

You can also make sure your budget accounts for repaying any borrowing you've already done. That can help you balance your monthly spending and make more informed choices when you're shopping for those nonessentials.

Americans' borrowing beliefs vary by age group

We found generational divides to be fairly common in attitudes toward borrowing. Generally, younger generations are more open to the use of loans for nonessential purchases and see loans as an important part of their financial plans.

Asked if they agree with the statement, "Personal loans are an important part of my financial planning," 45% of Gen Zers and 51% of millennials agree. Around 3 in 10 Gen Xers (29%) and just about 1 in 7 boomers (14%) agree.

There was a similar divide surrounding buy now, pay later loans. Just over half of Gen Zers (56%) and a similar portion (59%) of millennials say BNPL loans are, in general, a smart way to make purchases. Agreement falls to 2 in 5 Gen Xers (40%) and just 24% of boomers.

When we asked Americans how they feel about borrowing for nonessentials, two-thirds (67%) say borrowing for nonessentials is irresponsible. That's a sentiment most common among boomers, with around three-quarters (74%) agreeing. Boomers were also the least likely (1%) to say they took out a loan to make a purchase they wanted but couldn't afford (Gen Z, 23%; millennials, 25%; and Gen X, 8%).

That division in attitude was mirrored when we asked specifically about using loans to pay for vacations or health and wellness services. Around 2 in 5 Gen Zers (38%) and millennials (44%) agree that loans are a good way to pay for vacations. A quarter (27%) of Gen Xers felt the same way, along with just 16% of boomers.

Paying for health and wellness services (like gyms and spirituality classes) with a loan seems worth it to around 3 in 5 Gen Zers (60%) and millennials (58%). That falls to around 2 in 5 Gen Xers (38%) and just 29% of boomers.

How to be a responsible borrower

Responsibility and familiarity with financial products can affect what options are the right fit for a borrower. A loan presented to a 24-year-old with a part-time job and little borrowing experience may be a poor fit, but that same offer may be just right for a 22-year-old working full time.

When considering a loan, a good first step is to assess your existing budget and whether there’s room for monthly loan payments. It can also pay to check your credit and do what you can to elevate your score. Borrowers with strong credit receive the lowest rates on personal loans.

Compare multiple options for borrowing, whether it’s a personal loan from an online lender or a shorter-term buy now, pay later loan.

Finally, it's important to understand how much you'll ultimately be repaying and over what period that payment will need to be made. By comparing types of loans and their costs, borrowers can be sure they're selecting the best possible loan for their financial situations.

“Research is your best friend when you’re about to borrow money,” Millerbernd says. “Ask yourself whether you’ll have enough money when the payment comes due to make it on time and whether you can get a more affordable loan elsewhere.”

Loans spur a mix of emotions, from high to low

Borrowing comes with a range of emotions, from the elation of getting a mortgage to buy a first home to the fear of paying off a large hospital bill on credit.

About 2 in 5 borrowers (41%) say they're planning to repay their loan earlier than they're required to. Conversely, 14% of borrowers say they're not sure how they'll be able to repay their loans. That's a worry more common with Gen Z borrowers. Close to a quarter (23%) say they're not sure how they'll be able to pay back their loan.

Around 1 in 4 borrowers (28%) say taking out their loan was a last resort. That's a sentiment common across generations (27% of Gen Zers, 26% of millennials and 29% of Gen Xers).

Shame showed up more for younger borrowers. Around 1 in 4 Gen Z borrowers (26%) say they felt ashamed to have to take out their loan, compared to 19% of millennials and 12% of Gen X borrowers.

Younger consumers were also more likely to say they felt their lender charged them a higher interest rate for their loan because they were desperate borrowers. About 1 in 5 Gen Z borrowers (21%) and millennial borrowers (22%) expressed that feeling, while just 1 in 10 Gen X borrowers (9%) say the same thing.

Around 1 in 4 borrowers (23%) say their loan allowed them to buy something that made them happy, which they wouldn't have been able to purchase without a loan. Younger generations were more likely to agree with that sentiment (Gen Z, 28%; and millennials, 27%).

Where to find help

Financial advisors (55%) topped the list of sources when we asked who Americans would trust to give them advice on personal loans. Friends and family came next (46%), and Gen Z Americans put it at the top of their list with 3 in 5 (60%) saying they trusted those in that group.

About 2 in 5 Americans (39%) say bank representatives were a trustworthy source, though just about a quarter (26%) trusted bank websites and personal finance websites/apps (25%). Business partners (12%), media personalities who hand out financial advice (8%) and coworkers (8%) filled in most of the back half.

The very bottom of the trust barrel belongs to social media influencers (7%), though there's a generational divide. Gen Zers (17%) and millennials (14%) were more likely than either Gen Xers (3%) or boomers (1%) to trust such influencers.

Finding trusted help

Personal loans are just that — personal. Depending on your comfort with borrowing and the amount you need, there are many different options available to you. Just because you may have taken out your last loan from your primary bank doesn't mean it'll be the best spot for your next loan.

Consumers with low credit scores may need to do additional digging to find reputable lending sources and avoid predatory lending that takes advantage of those in tight spots.

“Many lenders let you pre-qualify to check your rate with no hard credit check, which is a huge advantage for borrowers, because if you don’t like one lender’s offer, there are plenty more to try out before you apply,” Millerbernd says.

Methodology

This survey was conducted online within the United States by The Harris Poll on behalf of NerdWallet from Sept. 7-11, 2023, among 2,049 U.S. adults ages 18 and older, among whom 588 have taken out a personal loan in the past 12 months. The sampling precision of Harris online polls is measured using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected] .

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Personal Loans.

Published by Reynold Glenn Modified over 5 years ago

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4 elements of an effective loan presentation

Tags: Financial Institutions

A loan presentation is one of the most critical documents not just in a credit file, but in the entire credit process.

A well-written, comprehensive loan presentation contains many details to assist the reader in understanding the proposed transaction. An effective presentation should tell a story and paint a picture for the reader; it’s one part science and one part art.

The loan presentation should accomplish four primary objectives:

• Provide the reader with a reasonable understanding of the borrower and the subject request.
• Provide background information and explain the need for the financing.
• Describe the risk in the transaction and credit worthiness of the borrower.
• Support the rationale for the credit decision and loan grade.

Having a high-quality loan presentation product is a vital step towards well-informed approval decisions, effective credit monitoring and a smoother third-party review. By meeting these four objectives, you can help ensure that your presentation is effective:

1. Borrower and subject

Don’t assume your reader is familiar with the borrower or the transaction. Instead, start your presentation with a straightforward overview of the basics.

This section should be matter-of-fact and include the following:

• Guarantors (both personal and corporate)
• Purpose and terms of the request
• Proposed loan structure
• Primary and secondary sources of repayment
• Loan officer
• A recap of the current relationship with the lender, including both loans and deposits

While the subject request may be transactional in nature, it is important to include the full relationship with the lender when entertaining a new request. A borrower may have multiple loans with the lender, and while each loan transaction should stand on its own, in most instances the individual loans are not siloed.

2. Background information

Next, the presentation should provide the reader with pertinent background information, current events and describe the need for the subject financing.

Presentations are often written with the assumption that the reader is the internal credit committee who is already familiar with the borrower. They may omit critical background and current event information necessary to understand the borrower and the need for the subject financing.

Effectively providing background information requires balance. You don’t need to include a recap of everything that has happened during the past 20 years. At the same time, you don’t want to omit so much information that the reader can’t understand the borrower’s business.

This section may also include commentary on the guarantors and their role with the borrower. And you can add a sources and uses table to provide a recap of project financing.

3. Risk analysis

Risk analysis and mitigation are the meatier parts of a loan presentation. When covering risk analysis, be sure to include the following:

Financial statements: The first step is spreading the financial statements. Some lenders spread the statements right in the loan presentation, while others include attachments at the end with a recap in the body of the presentation. However, in both cases, there should be more than just simple spreads.

The balance sheet analysis should include ratio analysis and commentary on items such as liquidity, leverage and trends. Likewise, the income statement needs to be analyzed for trends such as revenue growth, margins and profitability, and should also note any adjustments for items such as one-time expenses.

Noteworthy items should be highlighted and explained if possible. This may require going back to the borrower for explanations.

This step is frequently overlooked but necessary. Without it, the reader is forced to make assumptions, and inaccurate assumptions can lead to inaccurate results and poor approval decisions.

Cashflow: Once appropriate spreading and analysis is complete, cash flow can be analyzed.

If the borrower has outside debts, a debt schedule should be completed. This helps ensure all required debt payments are properly included so that debt service ability can be calculated.

Debt service ability is often the biggest driver in determining the borrower’s ability to repay debt. After all, repayment of the loan per the terms of the contract is ultimately what lenders want to see.

Collateral analysis: The collateral analysis should include a collateral table with the following:

• A description of the collateral
• The value of the collateral
• The source of the valuation
• Appropriate advance rate and indication of any primary liens impacting the collateral position of the lender

This should only include perfected collateral while including all collateral pledged in the table. Additional commentary may be appropriate to describe specific assets and lien positions.

Level of risk: An objective grading matrix is a useful tool to measure risk based on the lender’s own criteria.

The matrix should primarily use objective criteria, such as debt service coverage, collateral coverage, liquidity and leverage. But certain subjective criteria, including collateral type, guarantor strength and strength of management may be considered as well.

Different matrices may be used for different loan types as certain factors are more relevant in certain loan types than others.

Monitoring tools such as covenants and financial reporting requirements should also be included in this section.

Loan covenants — for example, borrowing bases, minimum debt service coverage, maximum leverage levels and minimum liquidity levels — communicate the performance expectations the lender has of the borrower. As such, covenants should be clearly defined and communicated to the borrower.

Covenant violations create early warnings of potential issues with a credit. Financial reporting by the borrower and guarantors allows the lender monitor performance and any significant changes (good or bad) in the financial condition and ability of the providers. It is also important to note any underwriting or policy exceptions in this section.

4. Rationale

Finally, the loan presentation should provide rationale for the approval and loan grade.

A well-written and well-developed loan presentation should lead the reader to the same conclusions as the lender. There should be sufficient detail to support both the conclusion to approve the request and the risk rating conclusion based on the lender’s risk parameters. And evidence of approval should be contained within the presentation or attached to it.

Consistency across the organization is essential when analyzing and grading credits.

While a centralized approach to underwriting and analysis generally provides a more consistent product, a decentralized approach can work as well. However, it requires additional controls and oversight to obtain the same consistency in the final product.

How Wipfli can help

Wipfli understands the challenges financial institutions face with underwriting risk. Our team includes experienced lending professionals who are ready to guide you through best practices and strategies to help you be confident in your risk management. Contact us to learn more about how our loan review services can help strengthen your institution.

Sign up for additional information, or continue reading:

• How financial institutions can build a strong credit culture
• Lenders get confused about working capital when structuring loans
• How to collect loan data for a Community Reinvestment Act exam

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Bank Loan Proposal

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Personal Loans - PowerPoint PPT Presentation

Personal Loans

Despite of your hard efforts you are short of money to achieve your needs, today it is possible with personal loans. it gives you an opportunity to achieve your needs allowing you to pay off later. – powerpoint ppt presentation.

• What You Need To Know
• It is a type of unsecured loan and helps to meet your current financial needs. You dont need any security/collateral while availing it.
• Personal Loan is your solution for instant cash and can be used for traveling, wedding, medical emergency, home renovation, or anything else.
• Unsecured loans
• Cash advance loans
• Convertible Loans
• Single Payment
• Variable-Rate
• Secured loans
• Installment loans
• Lines of credit
• Fixed-Rate Loans
• Secured Loans
• Cash advance Loan
• A cash advance is a short-term loan from an alternative lender. It could be a reasonable option for someone who has an emergency need for money and limited resources for getting it.
• Benefits of cash advance loan
• Cash is funded quickly
• Convenience
• Flexibility
• Protect your credit rating
• Personal information including email address, social security number and birthday
• Employment details including status and your employers name and contact details
• Account details
• Proof of income
• A person should be at least 18 years of age
• Steady job with regular monthly income
• Bank account
• Valid phone number and email address
• How to get a payday loan easily.
• The simplest way is to sit home and apply online.
• The application can be filled out 24/7 online and takes less than 5 minutes to complete.
• If you are approved, you could receive your funds as soon as the next business day.

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Introduction

What is a payday loan, what is a personal loan, comparing payday and personal loans, advantages and disadvantages, other financing alternatives, payday loans vs. personal loans: what you need to know.

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate personal loans to write unbiased product reviews.

• Payday loans usually come with very high interest rates, and are often based on your income.
• Personal loans are long-term installment loans that usually have lower rates than payday loans.
• Payday loans are always a worse option than personal loans because of their high rates.

Taking out a loan can be a helpful way to afford costs you may not otherwise be able to cover at the moment. You may want to borrow to cover medical expenses, home improvements, or possibly even a vacation.

The most common forms of loans for quick cash are payday loans and personal loans , though one is a far better option than the other. 

Overview of payday and personal loans

A payday loan is a high-cost, short-term unsecured loan that has a principal that is a portion of your next paycheck. A personal loan is a long-term unsecured loan with higher minimum loan amounts and lower interest rates. You can use the money from either pretty much however you want to; aside from that, they have few similarities. 

Stefanie O'Connell Rodriguez, the host of Real Simple's Money Confidential podcast and a personal finance expert with Discover, recommends steering clear of payday loans if at all possible. 

"It's an option of last resort, like truly avoid it at all costs," O'Connell Rodriguez says. "If you're weighing something like, 'OK, do I use a payday loan or a credit card or a personal loan,' understanding that the payday loan is the option of last resort might help make that decision a little bit easier."

Definition and key features

Payday loans are often for small amounts of money, commonly $500 or less. They are designed for borrowers who are in a pinch — maybe you need cash to cover an unexpected medical bill or a damaged item. Payday loans provide immediate funds, come with extremely high interest rates, and are usually based on your income, not your credit history.

Interest rates and fees

"Payday loans come at a price," says Kendall Clayborne, a certified financial planner at SoFi . "They may have interest rates of more than 600%. Such high-interest rates, not to mention other associated fees, can quickly lead to situations where you end up getting behind on the loan and have to borrow more and more in order to pay it back."

Payday loans are never a better option than personal loans. They come with extremely high interest rates and are often predatory in nature. 

Repayment terms

You can get a payday loan by walking into a brick and mortar lender or via an online lender. When you take out a payday loan, you'll often agree to give the lender permission to withdraw funds from your bank after your check has been deposited. The lender might ask for a signed check so they get the funds shortly after your next paycheck.

With a personal loan, you apply to take out a specific amount of money. The lender will show you available offers depending on financial factors such as your credit score, debt-to-income ratio, and ability to repay the loan. You can use a personal loan for a variety of reasons, including home improvement, medical bills, and vacation. 

"Personal loans come with a credit check to qualify, but will give you a longer term to pay them back," Clayborne says. "Your repayment timeline may be less stressful — giving you flexibility to pay over the course of a few years rather than a few months. With a longer payment term, your personal loan may be more manageable than a payday loan."

Personal loans are always a better option than payday loans, as they come with lower interest rates and the lending decision is based on your ability to repay. Most personal loans have fixed interest rates that stay the same over the life of the loan. 

Online lenders, banks, and credit unions will give you money that you repay over a fixed period, say one year or five years. Personal loans are almost always unsecured, which means they don't require collateral — like a house or a car in the case of a mortgage or auto loan — to receive. 

See our picks for the best personal loans »

Pros and cons of payday loans

Pros and cons of personal loans .

• Borrow from friends and family. While it may be uncomfortable asking your loved ones for money, you might get better terms when you borrow from people close to you. The repayment term length may be more lax and you might not even be charged interest.
• Apply for a credit card. Credit cards offer revolving lines of credit, which means you can borrow up to a limit, and when you pay it back, you can borrow up to that amount again. It could be a better choice if you don't need a lump sum. Some credit cards may even offer a zero-interest introductory rate.
• Work more hours or take on another job. This could require a significant lifestyle change. It could increase your childcare costs, drive up your emotional stress levels, and leave less time to enjoy life. That said, increasing your cash flow reduces the need to borrow, making it an attractive, although difficult, option if you prefer to avoid debt.

Payday loans can affect your credit score if the loan goes to collections and is reported to credit bureaus. However, lenders typically do not report on-time repayments to the credit bureaus.

Personal loans are better for larger expenses. They offer larger loan amounts, longer repayment terms, and lower interest rates compared to payday loans, making them more suitable for significant financial needs.

Payday loans are often available almost immediately, sometimes within 24 hours of application. Personal loans may take longer to process, typically a few days to a week.

Personal loans usually require a credit check and factor in your credit score, income, and debt-to-income ratio for approval. Payday loans have fewer requirements, usually proof of income and a bank account, but come with higher interest rates and fees.

You can use a personal loan to pay off a payday loan. This can consolidate high-interest payday loan debt into a single, lower-interest personal loan, potentially saving money on interest.

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Personal Loan

Dec 22, 2020

50 likes | 72 Views

Do you know how to get a personal loan? What is the interest rate? Mudra pay provides you an easy personal loan with low-interest rates. Get more info here.

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Presentation Transcript

There are so many types of loans. 1. Business Loan 2. Personal Loan 3. Home Loan 4. Quick Loan Mudra Pay providing you here information about Personal loan. We will understand step by step about Personal Loan. What is a personal loan : A personal loan is an unsecured-loan given based on Salary or Business Income. It doesn’t require any collateral or deposit.

When can one take a personal loan : Personal loans can be taken for various purposes like health emergencies, outdoor traveling plans, child’s education, home interior, buying vehicles, paying outstanding credit card bills, etc. Who can get a personal loan? Generally anyone salaried in the Public, Pvt sector or Proprietorship firm can get it. PERSONAL LOAN INTEREST RATE & TYPES Different ROI on a personal loan

The rate of interest varies from 7.99% and goes up to 42% annually. It primarily depends on the profile yours. If you have a good CIBIL and credit history it will be less. Types of Personal Loan 1. Term Loan: This is a general unsecured loan of a bigger amount and for larger tenure like 36 months and above. 2. Flexi Loan: Here you get the credit line of the pre-approved loan amount. Till you don’t withdraw the amount there are no charges on it. You only have to pay for the amount that you withdraw from the total amount. Ex: You can apply for Rs 5 Lakh for a credit line. It will show on the dashboard of the banking APP. Out of which you withdraw Rs 1 Lakh, in that case, you have to pay EMI only for Rs 1 Lakh. Also, you can again repay the whole amount before the tenure of it. 3. Payday Loans: These are the new Loan products that provide the facility of having a loan for short amounts and for a short duration. Its eligibility and amount are dependent on the salary withdrawn.

MudraPay in aggregation with its Banking partners is providing the Personal Loan with the lowest interest rate. Apply Personal Loan Online on MudraPay and get the Instant Personal Loan principal approval within 48 hours. Get approved easily.

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