Can you spot me some cash? 24 million Americans are likely to ask their bank that this year.
According to a Bankrate.com report released Thursday, 10 million are "very likely" to take out a personal loan and 14 million are "somewhat likely".
“I think the actual number will be even higher,” said personal loans expert Todd Albery, the CEO of Quizzle.com, a Bankrate company. “A lot of people don’t plan for a personal loan until their roof leaks or their car breaks down. Since three in 10 Americans have no emergency savings whatsoever, they’re just one unplanned expense away from needing cash in a hurry.”
The website cited emergency expenses, home improvements, and debt consolidation for some reasons people will borrow.
The big surprise in the survey was the demographic that is taking out the a bulk of loans. Nearly 18 percent of 18- to 29-year-olds said they're very or somewhat likely to use a personal loan this year. Other studies have shown millennials shy away from credit because of the burden of student loan debt or because they saw their parents struggle through the recession.
Bankrate.com found some personal loans with as low as a 5.5-percent interest rate for people with good credit. The survey was conducted earlier this month by Princeton Survey Research Associates International.
