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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 Share
P2P lending segment is witnessing substantial growth as it provides higher returns and lower interest
The P2P marketplace lending segment, based on type, accounts for a healthy share of the market as P2P marketplace lending does not involve interference of any official financial institution. This type of lending is more accessible as compared to other modes, provides higher returns to investors, and comes with lower rate of interest. These advantages are fuelling the demand of this segment and contributing towards the growth of the personal loan market. Meanwhile, the balance sheet lending type of personal loans is expected to register a decent growth rate in the forecast period, as they provide greater transparency and bridge the gap between lenders and debtors.
The salaried segment holds a significant market share due to the better credit history of salaried individuals
The salaried segment dominates the market due to the steady income and better credit history of salaried individuals. Key growth drivers for the salaried segment include increasing awareness and financial inclusion among salaried individuals, especially in developing economies, rising demand for short-term financing to meet personal expenses, rapid lending and approval processes offered by lenders, and the adoption of digital technologies like AI, big data analytics, and chatbots by lenders to streamline operations and improve customer experience.
As per the personal loan market analysis, the business segment is projected to exhibit the fastest growth rate during the forecast period due to the increasing number of small and medium enterprises and the growing need for financing among business owners. Key growth drivers for the segment include rising demand for business loans and working capital financing, increasing adoption of digital lending platforms by business owners, availability of collateral-free credit programs and flexible repayment options, and the emergence of alternative lending platforms like P2P lending and crowdfunding.
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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