CHARLOTTE, N.C., Feb. 9, 2017 /PRNewswire/ -- LendingTree®
(NASDAQ: TREE), the nation's leading online loan marketplace,
analyzed over 2 million purchase mortgage and personal loan
requests to better understand how Americans are shopping for their
loans. The findings show that 41 percent of purchase mortgage
shoppers and almost half (48.53%) of personal loan shoppers use a
mobile device to shop and compare loan offers from different
lenders. Additionally, the analysis suggests a correlation between
a user's device, credit score, and loan amount.
Overall, potential borrowers using a Mac computer have the
highest average credit score in both the mortgage (FICO average
722) and personal loan (FICO average 683) categories, along with
the highest average loan amount in each. In 2016, the average
loan amount for Mac users was $274,412 for a mortgage and $14,650 for a personal loan, much higher than the
national average of $226,554 and
$11,921, respectively. The average
down payment amount for borrowers using a Mac in 2016 was
$66,865 while the national average
came in at approximately $45,830.
Because Mac users averaged higher credit scores, they also
received a lower interest rate offer on a 30-year fixed rate
mortgage loan. Although interest rates increased in the last few
weeks of 2016, the national average 30-year fixed interest rate for
2016 was roughly 4.04% when Mac users, with a higher average credit
score, where offered an average rate of 3.93%.
Following closely behind Mac users are Apple iPad users,
averaging the second-highest credit score and second-highest loan
amount in both mortgage and personal loan categories, despite being
one of the least-common devices used to submit loan requests.
Naturally, iPad users received the second-lowest interest rate
offer for a 30-year fixed rate mortgage loan, 3.95% in 2016.
On the other side of the spectrum, Android users averaged the
lowest credit scores and lowest loan amounts in both the mortgage
and personal loan categories. Unfortunately, this also means
average interest rates offered to Android users were higher than
the national average.
"The disparity in loan details between Mac and Android users is
most likely a reflection of different price points and the
affordability of the respective devices. Regardless of the
device type, we're thrilled to see a substantial portion of loan
requests coming from mobile users as we continue to enhance our
mobile experience and applications for consumers who are exploring
finance options," said Doug Lebda,
founder and CEO of LendingTree.
The charts below further illustrate the relationship between a
user's device, loan amount and credit score for both the purchase
mortgage and personal loan categories:
Device
|
% Of Total
Purchase Requests
|
Avg Credit
Score
|
Closed Loan Amount
(Purchase)
|
Average Down
Payment
|
Average Offered
30-yr Fixed Rate
|
android
|
17.09%
|
682
|
$184,219.14
|
$24,801.53
|
4.10%
|
ipad
|
6.82%
|
711
|
$240,457.84
|
$54,377.72
|
3.95%
|
iphone
|
16.75%
|
695
|
$217,113.26
|
$38,605.50
|
4.02%
|
macintosh
|
10.28%
|
722
|
$274,411.91
|
$66,865.40
|
3.93%
|
Windows
|
33.05%
|
707
|
$224,995.51
|
$45,728.57
|
4.06%
|
Other
|
16.01%
|
705
|
$219,014.07
|
$41,682.77
|
4.08%
|
Grand
Total
|
|
703
|
$226,553.70
|
$45,829.92
|
4.04%
|
Device
|
% of Total
Personal Loan Volume
|
Avg Credit
Score
|
Closed Personal
Loan Amount
|
android
|
23.41%
|
667
|
$9,441.04
|
ipad
|
4.93%
|
680
|
$13,271.50
|
iphone
|
20.19%
|
671
|
$11,145.61
|
macintosh
|
7.08%
|
683
|
$14,649.58
|
Windows
|
30.03%
|
679
|
$12,679.13
|
Other
|
14.36%
|
678
|
$12,037.45
|
National
Average
|
|
674
|
$11,921.43
|
Data was analyzed from over 2 million loan requests and funded
loans facilitated by LendingTree and through My LendingTree
between January 1 and December 31,
2016. My LendingTree is LendingTree's financial intelligence
platform, which analyzes consumers' financial health to identify
savings opportunities, provides a free monthly credit score and
offers ongoing advice for credit improvement.
About LendingTree
LendingTree® is the nation's leading online loan marketplace,
empowering consumers as they comparison-shop across a full suite of
loan and credit-based offerings. LendingTree provides an
online marketplace which connects consumers with multiple lenders
that compete for their business, as well as an array of online
tools and information to help consumers find the best loan. Since
inception, LendingTree has facilitated more than 65 million loan
requests. LendingTree provides free monthly credit scores through
My LendingTree and access to its network of over 450 lenders
offering home loans, personal loans, credit cards, student loans,
personal loans, business loans, home equity loans/lines of credit,
auto loans and more. LendingTree, LLC is a subsidiary of
LendingTree, Inc.
For more information go to www.lendingtree.com, dial
800-555-TREE, like our Facebook page and/or follow us on
Twitter @LendingTree.
MEDIA CONTACT:
Megan Greuling
704-943-8208
Megan.Greuling@LendingTree.com
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SOURCE LendingTree