Low-interest rates & high borrowing limits and ease in management of payments as compared to several credit cards with different interest rates drive the growth of the global personal loans market.
Allied Market Research published a report, titled, “Personal Loans Market By Type (P2P Marketplace Lending and Balance Sheet Lending), Age (Less than 30, 30-50, and More than 50), Marital Status (Married, Single, and Others), and Employment Status (Salaried and Business): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global personal loans industry generated $47.79 billion in 2020, and is estimated to garner $719.31 billion by 2030, witnessing a CAGR of 31.7% from 2021 to 2030.
With low interest rates & higher borrowing limits, personal loans are attracting a greater number of consumers, which is a major driving factor for the market growth. In addition, personal loans with a single & fixed-rate monthly payment is easier to manage than several credit cards with different interest rates, payment due dates, and other variables. These factors contribute toward growth of the personal loans market. However, growing number of bad debts among individuals availing personal loans and higher fees & penalties charged for personal loans are some of the factors that limit the market growth.
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Segment Review
The personal loans market is segmented into type, age, marital status, employment status, and region. By type, the market is bifurcated into P2P marketplace lending and balance sheet lending. Depending on age, it is segmented into less than 30, 30-50, and more than 50. Based on marital status, the market is segregated into married, single, and others. By employment status, the market is divided salaried and business. The salaried segment is further segregated into male, female, and others. Region wise, the market is analysed across North America, Europe, Asia-Pacific, and LAMEA.
Competitive Analysis
The personal loans market analysis includes top personal loans 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 adopted various strategies to increase their market penetration and strengthen their position in the personal loans industry.
Top Impacting Factors
Numerous Benefits Provided by Personal Loans
High Fees and Penalty Charges
Technological Advancements in the Field of Lending
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Key Benefits for Stakeholders
- The study provides in-depth analysis of the global personal loans market share along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the global personal loans market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the personal loans market.
- An extensive analysis of the key segments of the industry helps to understand the personal loans market trends.
- The quantitative analysis of the global personal loans market forecast from 2021 to 2030 is provided to determine the market potential.
Personal Loans Market Report Highlights
| Aspects | Details |
|---|---|
| BY TYPE | P2P MARKETPLACE LENDINGBALANCE SHEET LENDING |
| BY AGE | LESS THAN 3030-50MORE THAN 50 |
| BY MARITAL STATUS | MARRIEDSINGLEOTHERS |
| BY EMPLOYMENT STATUS | SALARIEDMaleFemaleOthersBUSINESS |
| BY REGION | NORTH AMERICA (US, 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) |
| Key Market Players | 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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