Personal Loan Market

Personal Loan Market Demystified: Professionals, Students, Entrepreneurs

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According to the TechSci Research report titled “Personal Loan Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F,” the global personal loan market is anticipated to witness growth, driven by fixed and stable interest rates throughout the loan repayment period. The appeal of personal loans is increasing due to higher borrowing limits and low interest rates, making them a significant factor in market expansion.

Several factors contribute to the rising popularity of personal loans, including a robust economy, the replacement of high-interest credit cards with lower-rate alternatives, the expansion of fintech and alternative lenders, debt consolidation, simplified application processes, and quick decisions. Online loan rates typically range from 5.99% to 35.99%, with offerings tailored to specific markets such as bad credit or debt consolidation.

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Experian, a data analytics and consumer credit reporting company, notes that baby boomers have the highest average personal loan debt, while younger consumers, including Generation Z and millennials, are catching up rapidly.

The global personal loan market is segmented based on Purpose, End User, Interest Rate, Tenure Period, Region, and Competitive Landscape. Debt Consolidation Loan, Credit Card Refinance Loan, Home Improvement Loan, General Purchase Loan, Moving and Relocation Loan, and Other categories (Medical Expenses Loan, Wedding Loan, Vacation Loan, Car Repair Loan, etc.) define the Purpose segment. End User categories include Employed Individuals, Professionals, Students, Entrepreneurs, and Others (Homemakers, Unemployed, Retired, etc.). The Tenure Periods segment is divided into Less than 2 years, 2 years to 4 Years, and More than 4 Years. Regional segmentation encompasses North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

Debt Consolidation Loan is the most developed market segment, commanding a significant share as individuals prefer personal loans to consolidate multiple credit card payments into a single monthly bill. The United States saw average debt consolidation loans of USD12,670 and credit card refinancing loans of USD14,107 in 2018, indicating a consistent high demand for personal loans.

Key market players in the Global personal loan market include:

  • Avant, LLC
  • Goldman Sachs (Marcus)
  • Wells Fargo & Co.
  • Barclays PLC
  • DBS Bank Ltd
  • JPMorgan Chase & Co.
  • American Express Company
  • Citigroup, Inc.
  • Truist Financial Corporation
  • Social Finance, Inc.
  • LendingClub Bank

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North America leads the global personal loan market, with a significant number of financial and non-financial institutions contributing to the sector. Increased collaboration between banks and marketplace lenders in the United States is observed, aiding in scaling up and raising awareness.

Mr. Karan Chechi, Research Director at TechSci Research, emphasizes that personal loans are simple, requiring upfront payment for a set loan amount, interest rate, and monthly payments. The increasing personal loan debt, particularly due to credit card debt, is expected to contribute significantly to the market in the foreseeable future.

“Personal Loan Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Purpose (Debt Consolidation Loan, Credit Card Refinance Loan, Home Improvement Loan, General Purchase Loan, Moving and Relocation Loan, and Others (Medical Expenses Loan, Wedding Loan, Vacation Loan, Car Repair Loan, etc.)), By End User (Employed Individuals, Professionals, Students, Entrepreneur, Others (Homemaker, Unemployed, Retired, etc.)), By Tenure Periods (Less than 2 Years, 2 Years to 4 Years, More than 4 Years), By Region, Competition” 2018-2028F, evaluates the future growth potential of the global personal loan market. The report provides statistics and information on market structure, size, share, and future growth, aiming to offer cutting-edge market intelligence for sound investment decisions. Additionally, it identifies and analyzes emerging trends, drivers, challenges, and opportunities present in the global personal loan market.

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About Techsci Research

TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity, and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high-value market research and advisory services that help them identify new market opportunities, growth engines, and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends.

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