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Top Reasons Why OneMain Customers Took Out a Personal Loan (Infographic)

Top Reasons Why OneMain Customers Took Out a Personal Loan (Infographic)

By OneMain Financial • August 30, 2019

A growing number of people these days, currently over 10% of all U.S. adults, take out personal loans to help with their financial needs.1 This type of funding can offer an alternative to other options because a loan can be used for a large variety of reasons. Some use the money to pay off multiple debts. Others need it for home or auto repairs.

To better understand the top reasons why people take out a personal loan, we looked into why new OneMain customers applied for a loan. We pulled internal data for both secured and unsecured loans to build the report. (Secured loans are backed with something of value that the applicant owns, called collateral. Examples include a car, truck, boat or RV. An unsecured loan is money borrowed without using collateral.)

Here are the results of our research:

Top Reasons OneMain Customers Take Out a Loan - Infographic 720x3746

ADVERTISEMENT: To see some other common uses for a OneMain personal loan, check out our personal loans page.

1 Tatham, Matt. "Experian Data Shows Personal Loan Debt Continues to Grow." (accessed August 14, 2019).

Published on August 28, 2019. Matt Diehl contributed to this article. Infographic design by Zac Willett.

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The information in this article is provided for general education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. It is not intended to be and does not constitute financial, legal or any other advice specific to you the user or anyone else. The companies and individuals (other than OneMain Financial’s sponsored partners) referred to in this message are not sponsors of, do not endorse, and are not otherwise affiliated with OneMain Financial.