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Report Overview
The global personal loan market is expected to grow at a CAGR of 32.20% between 2024 and 2032. The market is being driven by rising requirement of money for various needs, improving standards of living, and increasing accessibility of personal loans.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Leading Companies in the Personal Loan Market
Market players are focused on enhancing client communications and leveraging technological advancements to streamline operations, improve customer experience, and drive market growth
American Express Company is one of the largest financial service corporations across the globe which provides personal, small business, and corporate credit cards. This company also provides services related to freight forwarding, travel cards, innovative digital products, and loans. It was founded in 1850 and is headquartered in New York, United States.
Avant, LLC. is a leading financial technology company which provides debt consolidation loans, emergency loans, home improvement loans, and instalment loans. Established in 2012 and based out of Illinois in the United States, this company strives to provide personal and other types of loans at lowest interest rates to its prime customers.
DBS Bank Limited is a prominent bank which provides services related to personal banking, credit cards, wealth management, corporate banking, and SME banking. The company also provides smart digital solutions that bring convenience to customers within a banking system. The establishment of this bank took place in 1968 and is headquartered in Marina Bay district of Singapore.
The Goldman Sachs Group, Inc. was founded in 1869 and is headquartered in New York City, United States. It offers a wide range of financial services and products, including investment banking, securities underwriting, asset management, wealth management, investment management, private-equity funds, hedge funds, and services such as financial planning and transaction banking.
Other key players in the global personal loan market include LendingClub Bank, N.A., Prosper Funding LLC., SoFi Lending Corp., Truist Financial Corporation, Wells Fargo & Company, and Industrial and Commercial Bank of China Limited, among others.
Personal Loan Market Report Snapshots
Personal Loan Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The personal loan market indicates a promising growth rate at a CAGR of 32.20% in the forecast period of 2024 and 2032.
The advantages offered by personal loans, increasing requirement of money to fund lifestyle upgrades, and increasing accessibility of personal loans are major drivers of the market.
Key trends aiding market expansion include the technological advancements within market, adoption of digital technologies, rising expenditure on luxury goods, government initiatives promoting financial inclusion, and increasing immigration towards urban cities.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
P2P marketplace lending and balance sheet lending are the different types of personal loans.
Less than 30 years, 30-50 years, and more than 50 years of age groups are considered in the market.
Based on marital status, the market is segmented into married and single.
A personal loan can be taken from an online lender, credit union, or a bank.
A personal loan is considered a good way of fulfilling short-term or long-term financial needs and an adequate amount of time is given for consolidation.
Key players in the market are American Express Company, Avant, LLC., DBS Bank Limited, The Goldman Sachs Group, Inc., LendingClub Bank, N.A., Prosper Funding LLC., SoFi Lending Corp., Truist Financial Corporation, Wells Fargo & Company, and Industrial and Commercial Bank of China Limited, among others.
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