You know how sometimes you start wondering about odd stuff. Granted sometimes it’s things like, “How do they get the cream filling in a Twinkie?”
Well recently I was curious what day of the week most people apply for a debt consolidation loan. I know, I’m odd that way.
In the debt world there are typical patterns. Usually Monday, Tuesday, and Wednesday are the busiest days consumers seek help. Things start to slow down on Thursday. Friday is slow and Saturday and Sunday are dead. This is not a recent pattern, it’s been the same on the web since I first observed it in 1994.
I attribute this pattern to people not wanting to think about debt as the weekend approaches and then stressing out about it when reality hits them on Monday. And what is ironic about this pattern is it was exactly the same when I was living in England and helping people with debt problems.
There is also a distinct patterns that occurs through the year. In the debt world things will get crazy busy when holiday bills start rolling in in January after the holidays. Things will slow down in April as people anticipate tax return checks to deal with debt. They will get busy agin afterwards till summer vacations come, things will pickup after back to school shopping and then slow way down as we get close to the December holidays. Feeling like you need to spend money is a huge wet blanket on wanting to deal with your debt.
Curious about the cream filing in a Twinkie and if debt consolidation loan requests followed the same pattern as debt help requests, I asked my friends over at LendingClub.com for some internal data.
Here is what they shared with me.
Monday has the highest requests for unsecured debt consolidation loans with 19.1% of loan request volume. Tuesday has 18.1% and Wednesday has 16.5%. It matches the debt help pattern, exactly.
As far as the actual listing of debt consolidation loans to fund, 47% of the loans posted on the LendingClub site on Sunday are for debt consolidation while 44.4% on Saturday and 43.5% on Monday. That makes sense, people have more time to get their information together on the weekend to post their loan requests.
LendingClub is a person-to-person lending network. They connect loads of small investors, like you and me, with loads of consumers that are looking for unsecured debt consolidation loans. I happen to be an investor in LendingClub.com loans and help to fund loans requested by site readers.
If you apply for a LendingClub.com debt consolidation loan just post your loan number in the comments section and I’ll help fund it.
LendingClub is the one resource I direct people to for unsecured debt consolidation loans at below bank rates. It seems to work well for consumers and lenders alike.