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GOBankingRates

Angela Mae

8 Reasons Why Boomers Take Out Personal Loans

Chris Motola Baby Boomer

skynesher / iStock.com

As per Q1 2025 TransUnion data, the total unsecured personal loan debt was $253 billion spread across 29.8 million loans. The average unsecured loan amount per borrower was $11,631.

Nearly anyone can apply for a personal loan, assuming they meet the credit and income requirements. This includes baby boomers — those born between 1946 and 1964.

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