Max, the company that helps consumers make their loans last longer, is putting a big focus on the problem of bad personal loans, according to a new report from Recode.
As the number of borrowers has skyrocketed over the past decade, the amount of bad loans has become so prevalent that it’s hard to know where to start.
That’s because it’s incredibly difficult to find the data to understand how much a borrower can get paid over a lifetime.
Recode has put together a guide to help you figure out how bad a loan might be and whether it’s worth the risk.
The new report, titled The Max Report: How to Find Out If Your Personal Loan Is Getting Too Big, highlights the importance of getting a loan history from a reliable source.
“It’s a good thing to have a bank or lender that is not a government agency,” Max co-founder and CEO Alex Gourlay said in an interview.
“If it’s a government lender, you want the bank to do a good job on your behalf.
They will not be happy with your loan history.”
The report’s data comes from a company called Personal Capital, which collects data from credit bureaus and lenders.
The data is analyzed and compared with other data sources.
“I think the key to our success is the data we’re collecting,” Gourley said.
The company collects data on everything from loans, credit scores, credit duration, loan terms, and more.
Recoding personal loans from the Max Report data, you’ll see that a lot of bad ones are happening, particularly for borrowers with low credit scores.
In fact, the report found that the median credit score for people with low scores is just 3,000, compared to 4,600 for those with high scores.
Recodes data also shows that the bad loans have become a bigger problem in the past year.
That trend started in late 2015, and by early 2017, the problem was getting worse.
According to the Max report, bad loans are on the rise again, and the average loan duration is almost four years longer than it was in early 2017.
The problem has only gotten worse over the years, as recessions, wars, and economic downturns have made it harder for people to find credit, and people with more expensive credit scores have had to take out loans that are harder to pay off.
The bad loan problem is also getting worse in other ways, too.
The average age of a consumer with a bad loan is also higher, and that’s especially true for borrowers who are in their 30s or older.
According the Max reports data, the median age of borrowers with bad loans is 38 years old.
As bad personal loan debt is growing, so is the need for lenders.
“People are not taking out loans with their life on the line anymore,” Groulay said.
“When you’re in your 30s, you need to make a lot more money than if you were in your 20s.”
In 2018, about 8 million Americans owed more than $1 million on personal loans.
That number rose to 15.6 million in 2019.
The bad loans on the horizon could soon eclipse the number.