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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 Trends
Increasing migration to smart urban cities, rising requirement of money to fund luxury lifestyles, and increasing accumulation of materialistic products are other crucial trends in the market as personal loans are often being used for home upgrades and purchasing of vehicles. Moreover, the rising adoption of cloud-based software to improve risk-assessment to be prudent about non-performing assets, is likely to add to the personal loans market growth. Moreover, increasing financial literacy among the young population is further shaping the dynamics of the market by increasing their demand.
Additionally, banks like HDFC Bank and ICICI Bank in India have introduced AI-powered chatbots to assist customers with loan applications and provide personalised services. The use of digitalisation and automation has made the documentation process easier, attracting more customers to apply for loans. Banks and NBFCs are adopting technology to enable paperless and automated lending processes, which is expected to open new avenues for the market in the coming years.
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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