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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
Personal Loan Market Growth
Personal loan, also known as consumer loan, refers to a certain amount of money which is borrowed by a debtor to fulfil a personal financial need, such as debt consolidation, home improvements, emergency expenses, or large purchases. Interest rates for personal loans can vary depending upon the loan provider and credit history of the borrower. A personal loan is borrowed on a returnable basis and once the repayment is done, the promissory note, which is the evidence of loan, gets retired.
The key drivers shaping the personal loan market outlook include the rising demand for short-term financing, facilitated by low-income levels and rapid lending and approval processes. The market is also benefiting from the development of digitisation, which has streamlined the loan application and approval procedures, making personal loans more accessible to a broader population. Moreover, the availability of collateral-free credit programs and the flexibility offered by personal loans, such as choosing the loan length, have attracted more individuals towards this form of financing, further boosting market growth.
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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