|Used Non-Bank Borrowing||25.2||28.8|
Numerous Americans have engaged in non-bank borrowing within the past five years, such as taking out an auto title loan or a payday loan, or using a pawn shop or rent-to-own store.
Non-bank borrowing methods are likely to come with high interest rates, and often attract individuals with poor credit histories, lack of access to more traditional sources of credit, or both. Sound borrowing practices and management of financial products are crucial to financial capability.
Note: The 2015 statistic regarding non-bank borrowing is not directly comparable to data from 2012 and 2018 and was therefore excluded.