The Personal Loans Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Personal Loans Global Market Report 2024, The personal loans market size has grown rapidly in recent years. It will grow from $703.37 billion in 2023 to $776.98 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to economic stability, low interest rates, rising consumer confidence, debt consolidation trends, marketing and advertising.
The personal loans market size is expected to see rapid growth in the next few years. It will grow to $1178.65 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to emergence of fintech lenders, rise in educational expenses, pandemic recovery borrowing, focus on financial inclusion, gig economy and self-employment. Major trends in the forecast period include digitalization of lending, use of alternative data for credit scoring, personalized loan products, rise of peer-to-peer (P2P) lending, financial inclusion initiatives.
The increased demand for lending channels is expected to drive the growth of the personal loans market going forward. The increased demand for lending channels refers to a stronger desire and need for various avenues through which individuals and businesses can access loans or credit. Due to the growth of online lending platforms and fintech companies, there is an increased demand for personal loan lending channels. A personal loan allows individuals to access funds for various personal needs without having to provide collateral, allowing them to finance expenses, consolidate debt, or handle unexpected financial challenges. Hence, increased demand for lending channels is contributing to the growth of the personal loans market. For instance, in August 2022, according to TransUnion, a US-based information technology company, newly issued Q2 2022 quarterly Credit Industry Insights Report (CIIR), total personal loan balances hit a record $192 billion in Q2 2022, a 31% rise from the previous year. Therefore, increased demand for lending channels will grow the personal loan market.
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The personal loans market covered in this report is segmented –
1) By Type: P2P Marketplace Lending, Balance Sheet Lending
2) By Loan Tenure: Long Term Loans, Medium Term Loans, Short Term Loans
3) By Tenure Period: Less Than 2 Years, 2 Years To 4 Years, More Than 4 Years
4) By Application: Debt Consolidation, Home Improvement, Education, Other Applications
5) By End User: Employed Individuals, Professionals, Students, Entrepreneur, Other End Users
Major companies operating in the personal loan market are focusing on strategic partnerships to provide reliable services to customers. A strategic partnership is an arrangement between two or more companies or organizations that helps each other or works together to achieve their respective goals. For instance, in March 2021, Apple Bank, a New York-based bank that offers consumer deposit accounts, personal loans, and business banking accounts, partnered with Upstart, a US-based consumer lending company, to launch Personal Loans, Apple Bank’s digital unsecured personal loan product. As a result of our collaboration, Apple Bank will now provide unsecured consumer loans in our marketplace, better catering to the needs of our clients and the New York community. Consumers can apply for personal loans conveniently and effectively online. With a smooth online application and administration process, Apple Bank’s personal loans are designed to give consumers an easy and quick way to get money for a variety of uses.
The personal loans market report table of contents includes:
- Executive Summary
- Personal Loans Market Characteristics
- Personal Loans Market Trends And Strategies
- Personal Loans Market – Macro Economic Scenario
- Global Personal Loans Market Size and Growth
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- Global Personal Loans Market Competitive Benchmarking
- Global Personal Loans Market Competitive Dashboard
- Key Mergers And Acquisitions In Personal Loans Market
- Personal Loans Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Wells Fargo & Company
- Marcus by Goldman Sachs
- American Express Company
- The Goldman Sachs Group Inc.
- Barclays PLC
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