Consumers are changing who they borrow from to finance the big purchases in their lives, like buying a home or car.
In light of its latest initiative to become the No. 1 nonbank consumer lender, loanDepot created an infographic to show how much demand for unsecured personal loans has grown.
Marketplace personal loans only reached $1.2 billion in 2012. In comparison, just two years later, demand surged to $8.8 billion in new loans.
Meanwhile, parents who will take out a personal loan to help their Millennial-age children buy a home is projected to significantly increase, growing to 8% in the next five years, compared to 3% in the past five years.
"Support from parents is playing a significant role in the housing recovery, and this new research indicates the trend will increase," said Dave Norris, president and chief operations officer at loanDepot.
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