Overview and Scope
A personal loan is a type of loan that individuals can borrow from a bank, credit union, or other financial institution that can be used for any purpose. It is usually an unsecured loan not backed by collateral such as a house or a car. The loan is based on the borrower’s creditworthiness, income, and other factors.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the personal loans market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global personal loans market size forecast period. The regions covered in the personal loans market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the personal loans market report are Wells Fargo & Company, Marcus by Goldman Sachs, American Express Company, The Goldman Sachs Group Inc., Barclays PLC, Truist Financial Corporation, DBS Bank Ltd., Discover Financial Services, Citizens Financial Group Inc., Navy Federal Credit Union, Rocket Loans, OneMain Financial, SoFi Technologies Inc., PenFed Credit Union, Social Finance Inc., LendingClub Bank, Freedom Financial Network LLC, Upstart, Payoff Inc., LendingPoint, Best Egg, FreedomPlus, Earnest, Laurel Road, Avant LLC, Prosper Funding LLC, LightStream, EarnIn, Upgrade, Universal Credit, United Services Automobile Association, PNC Financial Services Group Inc., Toronto-Dominion Bank
The personal loans market report table of contents includes:
1. Executive Summary
2. Personal Loans Market Characteristics
3. Personal Loans Market Trends And Strategies
4. Personal Loans Market – Macro Economic Scenario
5. Global Personal Loans Market Size and Growth
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31. Personal Loans Market Other Major And Innovative Companies
32. Global Personal Loans Market Competitive Benchmarking
33. Global Personal Loans Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Personal Loans Market
35. Personal Loans Market Future Outlook and Potential Analysis
36.Appendix
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