U.S.

2015 Non-Bank Borrowing

US
Used Non-Bank Borrowing25.51%
Didn't use73.14%

U.S.

% Use Non-Bank Borrowing

US
201228.33%
201525.51%
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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.