 TITLE: Survey: Consumers Want Personal Loans for Large Purchases and Debt Consolidation CONTENT: Consumers Surveyed Have Specific Reasons for Considering a Personal Loan\n------------------------------------------------------------------------\nWhile this may not come as a surprise, 74% of the 210 consumers Experian surveyed who did not currently have a personal loan but were considering getting one in the next five years said there was something specific in their life causing them to consider taking out one.\nNearly 40% of respondents cited debt consolidation as one reason they were considering taking a personal loan. This is a common strategy among people saddled with high interest debt, such as credit card balances, who are looking to save money on interest and streamline debt repayment. In this scenario, the consumer uses the funds from the personal loan to pay off high interest debt, leaving only the payment on the personal loan, which in many cases carries a lower interest rate.\nMore than a third of respondents—35%—said they were also considering getting a personal loan for a home improvement project. Twenty-seven percent of consumers indicated they may use the loan for a large purchase, and another 23% said they would consider using the loan for travel. END