Gen Z, Millennials using personal loans for everyday bills: Report

(NewsNation) — Young borrowers are increasingly turning to personal loans to cover everyday expenses, according to a new study.

Personal loans, which are often used to finance large purchases, are now being used by younger consumers to make ends meet.

A report from LendingTree found that at least 10.5 percent of personal loan borrowers are members of Gen Z.

Major spending periods, including the winter holidays and back-to-school season, often place additional strain on household budgets, increasing the likelihood that borrowers will rely on loans to keep up with routine bills.

States with the highest rates of personal loan borrowers

Consumers in several states are relying heavily on personal loans to pay for essential expenses,........

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