Lacking Savings, More and More Americans Are Turning to Personal Loans

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With fewer and fewer Americans having any kind of savings to turn to when times get unpredictable, more are looking to personal loans to cover life’s shortfalls.

“Personal loans in and of themselves are not necessarily problematic,” said Kevin Gallegos, a vice president at Freedom Financial Network. “In fact, they can be helpful tools for many consumers using them to help pay off credit card debt.”

Regardless of how people are using them, personal loans certainly are seeing a rise in popularity. According to new numbers from TransUnion, the number of consumers with personal loans has grown 18% from 23.07 million in the third quarter of 2013 to 27.34 million two years later. It is estimated there are now $82.52 billion in unsecured and $165.46 in secured loans.

However, experts say there are some things people need to be careful about before signing up for that loan.

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