 TITLE: Can I Trust Online Personal Loan Lenders? CONTENT: Online Personal Loans Are Increasingly Popular\n----------------------------------------------\nOnline personal loans are relatively new compared with other types of loans, and they make up a small percentage of the overall outstanding consumer debt in the U.S. However, personal loans stand out as the fastest-growing debt category. Experian found the number of personal loan accounts increased by 11% from 2018 to 2019. In 2019, more than 1 in 4 Americans had a personal loan.\nThe growth of online fintech companies gives consumers easy access to personal loans and is partially responsible for this growth. Many people find they can save money by using a personal loan to consolidate existing high-rate debt or to fund large purchases. In fact, the Federal Reserve Bank of St. Louis found that across the board, consumers who have poor, good or excellent credit receive a lower rate from fintech lenders than equivalent consumers who use a credit card. END