TransUnion report finds personal loans continued to grow in popularity; Baby boomers make up largest share of consumers with a personal loan in 2016

Auto loans, credit cards and personal loans reached new milestones in 2016 as the number of consumers with access to these products continued to grow, according to TransUnion’s (NYSE:TRU) Q4 2016 Industry Insights Report. The report, powered by PramaSM analytics, found that balances rose across all credit products by year-end.

Personal loans reached a new milestone at the conclusion of 2016, with total balances topping $100 billion for the first time ever. While younger consumers have played a major role in the growth of these lending products, TransUnion’s Q4 2016 Industry Insights Report confirmed that, contrary to popular belief, mature borrowers are leading the charge on these loans.

Source: TransUnion