Loan from a private lender in the past year (% age 15+)

This indicator measures the proportion of individuals aged 15 and older who have engaged with private lending services within the last year, offering a critical glance into borrowing behaviors and financial dependencies among older youth and adults. By capturing the percentage of those who have tapped into private finance options, the data highlights the accessibility of alternative lending sources and can reflect economic conditions, the availability of traditional loans, and shifts in consumer financial habits. Furthermore, it sheds light on the potential risks associated with private lending, such as higher interest rates and predatory practices, indicating broader trends in financial literacy and the socioeconomic landscape affecting personal financial decisions. Source: