Many personal loan borrowers rely on loans for everyday expenses as cost of living grows

The personal loan market is growing, in part due to the high cost of living. About 14.5% of borrowers use personal loans for everyday expenses, a MarketWatch Guides survey found.

The two more common reasons consumers use personal loans are debt consolidation and home improvements. Nearly 21.2% of personal loans are used to consolidate debt and 20.1% are used to make home improvements. Borrowers are dealing with increasing prices in every industry, from food to building materials to housing costs.