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While many Americans dealing with the prospect of unemployment or reduced hours are struggling to meet their financial obligations, new research shows they are not turning to at least one type of loan for assistance.
According to new data from LendingTree, personal loan inquiries were at the lowest level of the year for the week of March 29. The decline was attributed to fewer people making luxury purchases and greater confidence in the ability to cover immediate expenses as a result of the multitrillion-dollar stimulus package passed by lawmakers.
As noted by the outlet, personal loans are a popular way to free up more cash through lower monthly payments and interest rates.