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Cities With the Highest Personal Loan Balance in Each State

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Personal loan balances are growing at a faster rate than any other credit product. Personal loan balances reached a record $305 billion in the second quarter (Q2) of 2019, according to Experian data, with the average balance hitting $16,259.

As part of our ongoing analysis of personal loan debt in the U.S., Experian looked at data from Q2 2019 to see which city in each state had the highest average personal loan balance, including both secured and unsecured personal loans. Here is an overview of top balances among states along with the rankings.

Top Cities With the Most Personal Loan Debt

Western Springs, Illinois, had the highest average personal loan balance of $188,721 among the top cities from each state. All five top cities had average balances above $100,000, and they also had estimated incomes that averaged above $150,000. Kamuela, Hawaii, had the lowest average personal loan balance of $15,723 among the top cities from each state.

Cities With the Highest Personal Loan Balance in Each State
RankCityAverage Balance
1Western Springs, IL$188,721
2Manhasset, NY$186,205
3Malibu, CA$143,705
4Wayzata, MN$122,578
5Paradise Valley, AZ$103,812
6Lighthouse Pt, FL$85,453
7Princeton, NJ$78,407
8Durango, CO$78,166
9New Canaan, CT$75,327
10Mountain Brook, AL$69,952
11Roanoke, TX$68,412
12Decorah, IA$62,826
13St. Simons Island, GA$57,623
14Camano Island, WA$57,035
15Box Elder, SD$55,957
16Newtown, PA$55,414
17Pawleys Island, SC$54,931
18Dexter, MO$53,420
19Concord, MA$49,905
20Catonsville, MD$49,515
21McLean, VA$49,356
22Florence, OR$48,297
23Ada, MI$47,936
24Winnemucca, NV$46,245
25Carlsbad, NM$46,195
26Brentwood, TN$45,756
27Middleton, WI$44,061
28Celina, OH$39,781
29Belgrade, MT$39,534
30New Albany, MS$38,382
31Moyock, NC$38,081
32Fayetteville, AR$37,917
33Highland, UT$36,794
34Leawood, KS$35,874
35Gillette, WY$33,061
36Madisonville, LA$32,893
37East Greenwich, RI$32,546
38Bedford, NH$31,764
39Somerset, KY$31,731
40Soldotna, AK$31,635
41Sandpoint, ID$30,733
42West Fargo, ND$29,596
43Rehoboth Beach, DE$27,547
44Zionsville, IN$27,195
45Grove, OK$26,448
46Elkhorn, NE$25,651
47Scarborough, ME$24,407
48Buckhannon, WV$23,345
49Milton, VT$19,299
50Kamuela, HI$15,723

Source: Experian Q2 2019 data

Personal Loans and Your Credit

Personal loans can be helpful if you know you can make all payments on time and have done your research to ensure this is the most cost-efficient way to borrow the cash you need. You should avoid taking on new debt without looking carefully at your overall financial health. You can check your Experian credit report and credit scores to make sure you understand your current credit standing. Also take some time to improve your credit scores if necessary to ensure you receive the best possible rates and terms.

Methodology: The analysis results provided are based on an Experian-created statistically relevant aggregate sampling of our consumer credit database that may include use of the FICO® Score 8 version. Different sampling parameters may generate different findings compared with other similar analysis. Analyzed credit data did not contain personal identification information. Metro areas group counties and cities into specific geographic areas for population censuses and compilations of related statistical data.

FICO® is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

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