Low interest rates and high credit limits along with ease of payment management compared to multiple credit cards with different interest rates are driving the growth of the global personal loan market.
Allied Market Research published a report entitled: “Personal Lending Market by Type (P2P Marketplace Lending and Balance Sheet Lending), Age (Less than 30, 30-50, and Greater than 50), Marital Status (Married, Single, and Other), and Employment Status (Employed and Business): Global Opportunity Analysis and Industry Forecast, 2021– 2030.” According to the report, the global personal lending industry generated US$47.79 billion in 2020 and is estimated to reach US$719.31 billion by 2030, growing at a CAGR of 31.7% from 2021 to 2030.
With low interest rates and higher credit limits, personal loans are attracting a larger number of consumers, which is an important factor driving the market growth. Additionally, personal loans with a single monthly payment at a fixed rate are easier to manage than multiple credit cards with different interest rates, payment maturities, and other variables. These factors contribute to the growth of personal loan market. However, the growing number of bad debts among those taking out personal loans and higher fees and penalties for personal loans are some of the factors limiting the market growth.
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segment overview
The personal loan market is segmented into type, age, marital status, employment status and region. According to the type, the market is divided into P2P marketplace lending and balance sheet lending. Depending on the age, he is divided into under 30, 30-50 and over 50. Based on marital status, the market is segmented into married, single and other. By employment status, the market is segmented into salaried and corporate. The salary segment is further divided into male, female and other. Regionally, the market is analyzed in North America, Europe, Asia-Pacific and LAMEA.
competitive analysis
The personal loan market analysis includes leading personal loan companies such as American Express, Avant, LLC, Barclays PLC, DBS Bank Ltd, Goldman Sachs, LendingClub Bank, Prosper Funding LLC, Social Finance, Inc., Truist Financial Corporation and Wells Fargo. These players have developed various strategies to increase their market penetration and strengthen their position in the personal loan industry.
The most important influencing factors
Numerous advantages of personal loans
High fees and penalties
Technological advances in lending
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Main benefits for stakeholders
- The study provides an in-depth analysis of the global Personal Loans market share along with current trends and future estimates to illustrate the investment pockets ahead.
- The report provides information on the major drivers, restraints, and opportunities along with their impact analysis on the global Personal Loan market size.
- Porter’s Five Forces Analysis illustrates the strength of buyers and sellers operating in the personal loan market.
- A comprehensive analysis of the key segments of the industry helps to understand the personal loan market trends.
- The quantitative analysis of the global personal loan market forecast from 2021 to 2030 is provided to determine the market potential.
Highlights of the Personal Loan Market report
| aspects | details |
|---|---|
| BY TYPE | REJECT P2P MARKETPLACE REJECT BALANCE SHEET |
| BY AGE | LESS THAN 3030-50 MORE THAN 50 |
| BY FAMILY STATUS | MARRIEDSINGLE OTHER |
| BY EMPLOYMENT STATUS | SALARYMaleFemaleOtherBUSINESS |
| BY REGION | NORTH AMERICA (USA, Canada)EUROPE (UK, Germany, France, Italy, Spain, Netherlands, rest of Europe)ASIA-PACIFIC (China, India, Japan, Singapore, Australia, Rest of Asia Pacific)LAMEA (Latin America, Middle East, Africa) |
| Important market participants | AMERICAN EXPRESS, AVANT, LLC, BARCLAYS PLC, DBS BANK LTD, GOLDMAN SACHS, LENDINGCLUB BANK, PROSPER FUNDING LLC, SOCIAL FINANCE, INC., TRUIST FINANCIAL CORPORATION, WELLS FARGO |
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