5 Most Common Personal Loan Uses During the PandemicJust 24% of Americans took out a personal loan during the pandemic, but the reasons why they applied may show how personal loan use shifted during Covid-19. Although auto loans are typically the most common way to finance a vehicle, borrowers can also use personal loans, as shown by the Ipsos-Forbes Advisor survey. Plus, personal loans typically don’t require a down payment or set restrictions on the type of car you can purchase. Related: Personal Loan Vs. Auto Loan: How Should You Finance Your Car? The March Ipsos-Forbes Advisor survey shows 76% of people did not take out personal loans.

Source: Forbes April 01, 2021 09:04 UTC