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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
Global Personal Loan Market Size
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.
Personal Loan Market Outlook
- Americans owed a collective USD 245 billion in personal loans as of Q4 2023, up from USD 222 billion a year earlier. This represents a 23.5 million Americans having a personal loan, a 4.4% increase year-over-year.
- As per industry reports, men carry 20% more personal loan debt on average than women, with men's debt averaging USD 17,716 compared to USD 14,780 for women.
- The most common reasons for taking out a personal loan are debt consolidation (40.6%), refinancing credit card debt (13.7%), and paying for everyday bills (7.8%), and home improvements (6.4%).
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124