More Americans than ever are turning to personal loans. Here's what's driving it.

Americans are increasingly using personal loans to help manage their finances, according to a recent report from credit bureau Experian. As of 2025, a record 38% of consumers have at least one personal loan — up from 30.9% in 2017. Over that eight-year period, personal loan use has consistently risen. Personal loan balances are on the rise too. While not quite as high as they were two years ago, balances increased between 2024 and 2025 to an average of $19,333. “U.S. consumers continue to spend, based on ...