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Tribune News Service
Tribune News Service
Business
Tim Grant

Home improvements, medical bills, vacation? Use of personal loans points to different needs of high and low credit score borrowers

High incomes and high credit scores don't always go together, but when they do it's a powerful combination that banks love.

That's according to a study by LendingTree that showed people with prime credit take out bigger personal loans — because they're able to.

The online lender also found there are some significant differences in how borrowers with high credit scores and those with low credit scores use money from personal loans, according to data collected from closed loans on its platform between April 2021 and March 2022.

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