Personal Loans Market Expected to Reach $719.31 Billion By 2030 | AVANT, LLC, GOLDMAN SACHS, SOCIAL FINANCE

Due to job insecurity & economic uncertainty, which is faltering consumer confidence; the COVID-19 pandemic has drastically reduced demand for personal loans combined with a contraction in the supply of credit across several lenders in the market.

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According to a recent report published by Allied Market Research, titled, "Personal Loans Market By Type, Age, Marital Status, and Employment Status: Global Opportunity Analysis and Industry Forecast, 2021-2030," the global personal loans market size was valued at $47.79 billion in 2020, and is projected to reach $719.31 billion by 2030, growing at a CAGR of 31.7% from 2021 to 2030.

Drivers, Restraints, and Opportunities

Low-interest rates & high borrowing limits and ease in management of payments as compared to several credit cards with different interest rates drive the growth of the global personal loans market. However, surge in number of bad debts among individuals and high amount of penalties restrain the market growth. On the other hand, digitalized business operations with adoption & implementation of technologies such as chatbots, big data analytics, internet of things (IoT), and artificial intelligence (AI) present new opportunities in the coming years.

Rapid increase in need for personal loans to consolidate debt, emergence of FinTechs (financial technology), and growth in demand for personal loans with lower interest rates drive growth of the global market. Personal loans provide wide range of options such as unsecured loans, secured loans, consigned loans, and others. Demand for personal loans is growing exponentially due to several benefits such as helping in eliminating financial stress & borrowers that qualify for a personal loan with a lower interest rate can streamline their monthly payments & save money for future financial consequences.

Furthermore, the global personal loans market is in its nascent phase, and exhibits high growth potential, owing to better credit history record among consumers, adoption of advance technologies such as artificial intelligence, block chain, & machine learning among personal loans firms, and rise in need for operational efficiency & transparency in providing personal loans product lines globally.

By type, the P2P marketplace lending segment dominated the personal loans market in 2020, and is projected to maintain its dominance during the forecast period. Moreover, marketplace lending has allowed the unbanked and under-banked borrowers to get access to financing, as investors get better returns by taking on both the financial risks and rewards via these borrowers involved in lending process.

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Region wise, North America dominated the market in 2020, and is expected to maintain this personal loans market trend during the forecast period. With a personal loan, consumer can borrow money to consolidate high-interest debt, finance a large purchase & cover emergency expenses. Moreover, loan terms in this region are usually less than five years and amounts typically range from $1,000 to $100,000.

COVID-19 Impact Analysis

During the pandemic, the Federal Reserve has held interest rates near zero, which can further reduce the cost of a personal loan. This is a major growth factor for the personal loans market in North America. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, as several individuals continue to demand personal loans product to improve their standard of living in the region.

The personal loans industry has been severely affected, owing to sudden business shutdown, economic slowdown, unprecedented recession, and instability in income levels of individuals. Moreover, transforming operating models, developing differentiated product offerings, and considering inorganic growth opportunities & strategic partnerships has become challenging factors for personal loan companies. As a result, these major factors affected the growth of the personal loans market during the pandemic situation.

Key Findings of the Study

• By type, the P2P marketplace lending segment led the highest personal loans market share, in terms of revenue in 2020.
• On the basis of employment status, the business segment is expected to exhibit the fastest personal loans market growth rate during the forecast period.
• Region wise, North America generated the highest revenue in 2020.

The key players operating in the personal loans market analysis include 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 industry.

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Personal Loans Market Report Highlights

Aspects Details
By Type
• BALANCE SHEET LENDING
• P2P MARKETPLACE LENDING

By AGE
• 30-50
• LESS THAN 30
• MORE THAN 50

By MARITAL STATUS
• MARRIED
• OTHERS
• SINGLE

By EMPLOYMENT STATUS
• BUSINESS
• Female
• Male
• Others
• SALARIED

By Region
• ASIA-PACIFIC (China, India, Japan, Singapore, Australia, Rest of Asia-Pacific)
• EUROPE (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
• LAMEA (Latin America, Middle East, Africa)
• NORTH AMERICA (US, Canada)

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