Press release
Global Personal Loan Market Size, Share, Trends, Demand, Growth, Report And Forecast 2023-2028
Personal Loan Market
According to a new report by Expert Market Research titled "Global Personal Loan Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the global personal loan market is projected to grow at a CAGR of 32.20% between 2023 and 2028. Aided by the increasing demand for financial services and the growing digitisation in the banking sector, the market is expected to grow significantly by 2028.
Personal loans are unsecured loans widely utilised to meet a range of personal financial needs, such as debt reduction, schooling, weddings, and home renovations. In contrast to secured loans, personal loans are based on the borrower's ability to repay the loan and credit history. They are necessary for consumers to manage their finances and cover unexpected expenses efficiently.
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The global personal loan market is expanding as a result of consumers' growing preference for rapid and simple credit availability. Personal loans are increasingly being used to address urgent financial needs as more people become aware of their availability and advantages. Due to the growing popularity of digital banking and online loan applications, which provide convenience, speed, and flexibility, personal loans are becoming more and more prevalent.
The expansion of FinTech companies in the financial services sector has also increased competition and innovation in the personal loan market. Fintech companies have become key players in the market for personal loans as a result of the development of digital platforms and the rise in popularity of online banking. They provide cutting-edge loan solutions and digital platforms that boost client satisfaction and quicken the loan application process, accelerating the expansion of the personal loan market.
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The number of personal loan applications is rising, which is extensively aiding in the personal loan market expansion. More people are turning to personal loans for a range of purposes, including, but not restricted to, vacations, home upgrades, debt consolidation, and unforeseen medical costs. They provide flexibility in terms of usage, which has aided in their widespread usage. Additionally, the approval procedure for personal loans is becoming more efficient due to the development of digital technologies like artificial intelligence (AI) and machine learning (ML).
Personal Loan Market Segmentation
The market can be divided based on type, age, marital status, employment status, and region.
Market Breakup by Type
P2P Marketplace Lending
Balance Sheet Lending
Market Breakup by Age
Less than 30 Years
30-50 Years
More than 50 Years
Market Breakup by Marital Status
Married
Single
Market Breakup by Employment Status
Salaried
Business
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global personal loan companies. Some of the major key players explored in the report by Expert Market Research are as follows:
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
Industrial and Commercial Bank of China Limited
Others
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