Why every era takes out personal loans
(excluding debt consolidation and credit card refinancing) ReasonMILLENIAL
% of Loans OriginatedMILLENNIAL
Average Mortgage SizeGEN X
% of Loans OriginatedGEN X
Common Loan SizeBOOMER
% of Loans OriginatedBOOMER
Average Loan Size
Home Improvement11.7%$12,26519.9%$13,56624.7%$12,065
Automotive Financing17.3%$5,55216.7%$7,30316.8%$7,628
Moving and Relocation19.5%$4,25613.6%$5,5999.5%$6,338
Medical Expenses12.3%$5,43613.7%$6,55916.8%$7,044
Major Purchase12.5%$8,39011.4%$10,55710.3%$10,173
Homebuying7.2%$10,4477.6%$11,9208.0%$11,954
Vacation6.5%$4,0236.5%$5,3715.9%$6,021
Business6.4%$8,5975.5%$9,4573.7%$10,319
Marriage ceremony Expenses4.5%$10,4882.9%$11,1092.4%$11,093
Inexperienced Loan2.0%$4,8552.1%$6,1102.0%$6,648