Personal loans are flexible and convenient tools. Need to consolidate debt, cover an emergency dentist visit, or replace a faulty transmission? A personal loan can pay for any of those expenses (and more). Their speed and flexibility make personal loans pretty appealing. According to TransUnion, nearly 25 million people had outstanding personal loans in 2025, with an average loan amount of nearly $12,000 per borrower. Although personal loans can be helpful, they also make it easy to go into debt. Without ...