New York, USA, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Personal Loans Market Overview:
The Personal Loans Market is growing at a rapid pace. Factors such as innovations in banking products and services and the rising demand for scalable and customer service/support drive the market growth. Market Research Future (MRFR) asserts that the global personal loans market is expected to escalate from USD 49.3 Billion in 2022 to USD 620.6 Billion by 2032, growing at a 32.50% CAGR throughout the review period (2023-2032).
Personal loans are part of the unsecured lending business, drawing more customers because of low interest rates and increasing borrowing limits, which is a key driver in expanding the market. Amid inflation and high interest rates, personal loans continue to be a highly sought-after financial service. Data suggests that big private banks are ramping up personal loans to grab a bigger share of this lucrative market.
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The demand for personal loans is rising, and the trend has been picking up continually. In this scenario, banks want to take advantage of the opportunity to lend more in the unsecured lending sector. As a result, tough competition can be seen between banks, fintech, and non-banking financial companies (NBFCs). With more banks boosting their business in the sector, the rising interest rate environment will intensify pressure on margins and limit competitive ability.
Therefore, fintech and NBFCs that serve a niche market of individuals needing help to meet the bank's strict credit requirements expect tougher competition. NBFC players, with their streamlined lending processes, flexible lending criteria, and a better understanding of the customers' needs, have a competitive advantage.
Market Competitive Landscape:
- American Express
- Social Finance, Inc.
- DBS Bank Ltd
- Barclays Plc
- Avant, LLC
- Prosper Funding LLC
- Truist Financial Corporation
- Wells Fargo
- Goldman Sachs
- Lendingclub Bank
- Among Others
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Scope of the Report – Personal Loan Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 620.6 Billion |
| CAGR during 2023-2032 | 32.50% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Technological advancements in developing economies |
| Key Market Dynamics | The increasing adoption of these loans in various industries, such as healthcare and education and the rising trend of online lending platforms and the ease of access to avail loans |
Personal Loans Market Segments:
The personal loans market report is segmented into types, age, marital status, employment status, and regions. The type of segment is sub-segmented into P2P marketplace lending and balance sheet lending. The P2P marketplace lending segment dominates the market, offering easy loan processing, more returns on investment, and lower interest rates.
The age segment is sub-segmented into less than 30, 30-50, and more than 50. Of these, the 30- 50 segment holds the largest market share. There is a significant rise in demand for personal loans among the 30- 50 age group for various purposes. The segment will grow continually during the assessment period.
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The marital status segment is sub-segmented into married, single, and others. Among these, the single segment dominates the market, witnessing a large number of personal loan applications.
The employment status segment is sub-segmented into salaried and self-employed. Of these, the salaried segment accounts for the largest market share due to the easy approvals of personal loans for salaried employment. By region, the personal loan market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Regional Analysis:
North America dominates the global personal loans market due to technological advances and the early adoption of technologies like AI and IoT. The region witnesses vast R&D investments in advancing financial solutions and automation technologies in the banking sector.
Besides, the large presence of leading commercial lending institutions in this region, like Goldman Sachs, American Express, and Bank of America Corp., influence the personal loan market growth. These banks are increasingly investing in AI and IoT technology to develop new applications and user interfaces to serve their clients better.
Europe is another significant market for personal loans, accounting for a healthy share of the global market. The rapid expansion of online loan application services and the rising number of traditional financial institutions & banks have escalated the region's market value. Germany is the largest, and the UK is the fastest-growing market for personal loans in Europe.
The personal loans market in the Asia-Pacific region is expected to register significant growth. The region perceives a significant rise in personal loan applications, especially from youngsters and unmarried people. Also, the rise in consumption-driven credit products and more people accessing loans to raise their standard of living escalated the region's personal loan market value.
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Competitive Analysis:
The personal loans market would witness various strategic approaches, such as collaboration, expansion, mergers & acquisitions, and advanced technologies integration. Major industry players strategically invest in driving research and development activities and fostering their expansion plans.
For instance, on July 11, 2023, Jenius Bank, a state-governed commercial bank in California, launched a new personal loan product to create a new digital bank for the US market. As part of its inaugural product, the bank will offer consumers personal loans between $5,000 and US$50,000, with an interest rate as low as 6.99% APR. It will also allow consumers to borrow money to pay off higher-rate debt while paying zero fees if they choose to repay it early.
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