Global Personal Loans Market Analysis 2024 – Estimated Market Size And Key Drivers

Uday Kiran

Global Personal Loans Market Analysis 2024 – Estimated Market Size And Key Drivers

The Personal Loans Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Personal Loans Global Market Report 2024, The personal loans market size has grown rapidly in recent years. It will grow from $703.37 billion in 2023 to $776.98 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to economic stability, low interest rates, rising consumer confidence, debt consolidation trends, marketing and advertising.

The personal loans market size is expected to see rapid growth in the next few years. It will grow to $1178.65 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to emergence of fintech lenders, rise in educational expenses, pandemic recovery borrowing, focus on financial inclusion, gig economy and self-employment. Major trends in the forecast period include digitalization of lending, use of alternative data for credit scoring, personalized loan products, rise of peer-to-peer (P2P) lending, financial inclusion initiatives.

The increased demand for lending channels is expected to drive the growth of the personal loans market going forward. The increased demand for lending channels refers to a stronger desire and need for various avenues through which individuals and businesses can access loans or credit. Due to the growth of online lending platforms and fintech companies, there is an increased demand for personal loan lending channels. A personal loan allows individuals to access funds for various personal needs without having to provide collateral, allowing them to finance expenses, consolidate debt, or handle unexpected financial challenges. Hence, increased demand for lending channels is contributing to the growth of the personal loans market. For instance, in August 2022, according to TransUnion, a US-based information technology company, newly issued Q2 2022 quarterly Credit Industry Insights Report (CIIR), total personal loan balances hit a record $192 billion in Q2 2022, a 31% rise from the previous year. Therefore, increased demand for lending channels will grow the personal loan market.

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The personal loans market covered in this report is segmented –

1) By Type: P2P Marketplace Lending, Balance Sheet Lending

2) By Loan Tenure: Long Term Loans, Medium Term Loans, Short Term Loans

3) By Tenure Period: Less Than 2 Years, 2 Years To 4 Years, More Than 4 Years

4) By Application: Debt Consolidation, Home Improvement, Education, Other Applications

5) By End User: Employed Individuals, Professionals, Students, Entrepreneur, Other End Users

Major companies operating in the personal loan market are focusing on strategic partnerships to provide reliable services to customers. A strategic partnership is an arrangement between two or more companies or organizations that helps each other or works together to achieve their respective goals. For instance, in March 2021, Apple Bank, a New York-based bank that offers consumer deposit accounts, personal loans, and business banking accounts, partnered with Upstart, a US-based consumer lending company, to launch Personal Loans, Apple Bank's digital unsecured personal loan product. As a result of our collaboration, Apple Bank will now provide unsecured consumer loans in our marketplace, better catering to the needs of our clients and the New York community. Consumers can apply for personal loans conveniently and effectively online. With a smooth online application and administration process, Apple Bank's personal loans are designed to give consumers an easy and quick way to get money for a variety of uses.

The personal loans market report table of contents includes:

Executive Summary
Personal Loans Market Characteristics
Personal Loans Market Trends And Strategies
Personal Loans Market - Macro Economic Scenario
Global Personal Loans Market Size and Growth

Global Personal Loans Market Competitive Benchmarking
Global Personal Loans Market Competitive Dashboard
Key Mergers And Acquisitions In Personal Loans Market
Personal Loans Market Future Outlook and Potential Analysis
Appendix

Top Major Players :

Wells Fargo & Company
Marcus by Goldman Sachs
American Express Company
The Goldman Sachs Group Inc.
Barclays PLC

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Uday Kiran

Rise and Thrive: Elevate Your Life with Personal Loans

2023-08-09

Unlike secured loans, such as auto or mortgage loans, personal loans don't require any collateral, making them accessible to a broader range of borrowers. The Benefits of Personal LoansFlexibility: Personal loans offer flexibility in how you can use the funds. Whether you want to cover medical bills, home improvements, or your dream wedding, personal loans have got you covered. How to Get a Personal LoanGetting a personal loan is a relatively straightforward process. Things to Consider Before Taking a Personal LoanWhile personal loans can be a useful financial tool, it's essential to consider some factors before diving in:Interest Rates: Personal loans often come with higher interest rates compared to secured loans.

When do you need a personal loan and how can this be obtained?

2022-02-08

A personal loan helps you deal with many of your expenses which have to be funded immediately. Many individuals need a personal loan from banks to help them pay their losses and simplify their life. A personal loan is often available to adults between the ages of 21 to 65 years. ConclusionConsider all of these mentioned factors before planning and examine the personal loan options available in the market for better guidance. After you've compared all of the loan options, choose the one that best meets your needs and has the low interest rate personal loan.

Personal Loans Australia - What You Need to Know

2023-11-27

Many Australians turn to best personal loans Australia when they need fast financial help. A personal loan can be used for a variety of purposes, from purchasing a new motorbike to paying off debt. The best way to find out about the cost of a personal loan is to compare the different options available. Before you apply for a personal loan, check the fees, interest rates and loan terms offered by various lenders. EligibilityThere are a few key requirements that you need to meet to be eligible for a personal loan.

How Personal Loans Can Fund Your Entrepreneurial Dreams

2023-07-07

In this blog post, we'll explore how best personal loans can be a valuable tool in funding your entrepreneurial dreams. Understanding Personal LoansBefore we delve into the ways personal loans can benefit entrepreneurs, let's first understand what personal loans are. Unlike other types of loans, personal loans do not require collateral, such as a house or car, making them accessible to a wider range of borrowers. Using Personal Loans for Debt Consolidation: Seek personal loans with favourable interest rates and terms that align with your financial goals. Harnessing the Flexibility of Personal Loans: When considering personal loans, be sure to check the loan application and approval processes.

Listen To Your Wallet While You Apply For Same Day Personal Loans

2022-10-02

Same Day Personal Loans have an equal lending ratio equaling to banking loans. Same Day Personal LoansSame Day Loans are online credits issued to eligible candidates who are looking for emergency funds. Don’t Forget To Include DebtSame Day Personal Loans need not be your first credit type. Taking the Same Day Personal Loans currently does not promise you to keep off any unexpected expenses through out the loan tenure. You can choose any loan tenure pertaining to the cap limits of Same Day Personal Loans.

How to Apply for Student Loans in New Zealand

2023-07-13

In New Zealand, the government offers student loans to help ease the financial strain and make education more accessible. Applying for student loans in NZ at a glanceBefore diving into the application process, it's crucial to understand the basics of student loans in New Zealand. The government provides student loans through the New Zealand Inland Revenue Department (IRD). It's always a good idea to consult official sources such as the New Zealand Inland Revenue Department and StudyLink for the most up-to-date information regarding student loans in New Zealand. Based on certain circumstances, some may also consider personal loans rather than student loans through reliable finance providers.

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