SoFi reports that their survey found most personal loan borrowers take less than $10,000, often for debt consolidation and ...

4. Build your credit This one's a bit of a bonus: If you take out a personal loan for any of the above reasons, it could also help you build your credit score -- if you make all your payments on time.

These caps limit the amount of federal loans students can borrow, which could deter students from applying or force them to ...

This article originally appeared on GOBankingRates.com: 8 Reasons Why Boomers Take Out Personal Loans The views and opinions expressed herein are the views and opinions of the author and do not ...

While co-signing a private student loan can help your child secure better loan terms, it also makes you fully responsible for the debt if they can't repay it.

The Parent PLUS loan program, which allows parents of undergraduate students to take out loans for educational expenses, is being capped at $65,000 total per student or a $20,000 annual limit.

How do the new plans work? All borrowers who take out loans on or after July 1 next summer will have access only to the two new plans. First, there’s a refashioned standard repayment program.

4. Build your credit This one's a bit of a bonus: If you take out a personal loan for any of the above reasons, it could also help you build your credit score -- if you make all your payments on time.

As per Q1 2025 TransUnion data, the total unsecured personal loan debt was $253 billion spread across 29.8 million loans. The average unsecured loan amount per borrower was $11,631.