Low interest rates, high borrowing limits and ease of payment management compared to multiple credit cards with different interest rates are driving the growth of the global personal loan market.

Allied Market Research released a report titled, “Personal loan market by type (P2P market loans and on-balance sheet loans), age (under 30, 30-50 and over 50), marital status (married, single and other) and employment status ( employee and professional). ): Global Opportunities Analysis and Industry Forecast 2021-2030. » According to the report, the global personal loan industry generated $47.79 billion in 2020 and is expected to bring in $719.31 billion by 2030, growing at a CAGR of 31.7% from 2021 to 2030.

With low interest rates and higher borrowing limits, personal loans are attracting more consumers, which is a major driver of market growth. Plus, personal loans with a single, fixed-rate monthly payment are easier to manage than multiple credit cards with different interest rates, payment terms, and other variables. These factors contribute to the growth of personal loan market. However, rising number of bad debts among individuals availing personal loans and higher fees and penalties charged for personal loans are some of the factors that are limiting the growth of the market.

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Sector review

The personal loan market is segmented into type, age, marital status, employment status, and region. By type, the market is split into P2P market lending and balance sheet lending. According to age, it is segmented into under 30, 30-50 and over 50. Based on marital status, the market is divided into married, single and other. By employment status, the market is divided between employees and companies. The employee segment is further separated into male, female and other. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Competitive analysis

Personal loan market analysis includes major personal loan companies such as American Express, Avant, LLC, Barclays PLC, DBS Bank Ltd, Goldman Sachs, LendingClub Bank, Prosper Funding LLC, Social Finance, Inc., Truist Financial Corporation and Wells Fargo. These players have adopted various strategies to increase their market penetration and strengthen their position in the personal loan industry.

Main impact factors

Many advantages offered by personal loans

High fees and penalties

Technological Advances in Lending

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Main benefits for stakeholders

  • The study provides an in-depth analysis of the global personal loan market share along with current trends and future estimates to illustrate impending investment pockets.
  • Information on key drivers, restraints and opportunities and their impact analysis on the global personal loans market size is provided in the report.
  • Porter’s five forces analysis illustrates the power of buyers and suppliers operating in the personal loan market.
  • In-depth analysis of key industry segments helps in understanding personal loan market trends.
  • The quantitative analysis of the global personal loans market forecast from 2021 to 2030 is provided to determine the market potential.

Personal Loans Market Report Highlights

Aspects Details
BY TYPE P2P MARKETPLACE LENDINGBILAN LENDING
BY AGE LESS THAN 3030-50MORE THAN 50
BY CIVIL STATUS MARRIEDSINGLESOTHERS
BY PROFESSIONAL STATUS EMPLOYEEMaleFemaleOtherBUSINESS
BY REGION NORTH AMERICA (US, Canada)EUROPE (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)ASIA PACIFIC (China, India, Japan, Singapore, Australia, Rest of Asia Pacific)LAMEA (Latin America, Middle East, Africa)
Main market players AMERICAN EXPRESS, AVANT, LLC, BARCLAYS PLC, DBS BANK LTD, GOLDMAN SACHS, LENDINGCLUB BANK, PROSPER FUNDING LLC, SOCIAL FINANCE, INC., TRUIST FINANCIAL CORPORATION, WELLS FARGO

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