Personal Loans Market Trends, Business Growth And Major Players And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Personal Loans Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $1178.65 billion In 2028 At A CAGR Of 11.0% :

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.

Request A Sample Of This Report - https://www.thebusinessresearchcompany.com/sample.aspx?id=10789&type=smp

Personal Loans Market Major Segments
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

Key Driver - Driving Forces Behind Personal Loan Market Growth Surging Demand For Diverse Lending Channels

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.

Customise This Report As Per Your Requirements - https://www.thebusinessresearchcompany.com/Customise?id=10789&type=smp

Prominent Trend - Innovative Approaches In The Personal Loans Market With A Spotlight On Amplifi Capital's Reevo Money Launch

Major companies operating in the personal loans market frequently focus on technological advancements to stay competitive by adopting new technologies. For instance, in September 2022, Amplifi Capital, a UK-based fintech firm, launched the Reevo Money brand specializing in personal loans. It offers instant quotes for loans and better APRs than traditional lenders, and it uses cloud-based infrastructure and open banking to provide loans to customers with poor credit histories or irregular income. Reevo Money seeks to offer loans to consumers with a poor credit history or irregular income, as well as new borrowers or those who don't tick the conventional boxes, by utilizing a cloud-based infrastructure and open banking.

Personal Loans Market Players
Major companies operating in the personal loans market report are Wells Fargo & Company, Marcus by Goldman Sachs, American Express Company, The Goldman Sachs Group Inc., Barclays PLC, Truist Financial Corporation, DBS Bank Ltd, Discover Financial Services, Citizens Financial Group Inc., Navy Federal Credit Union, Rocket Loans, OneMain Financial, SoFi Technologies Inc., PenFed Credit Union, Social Finance Inc., LendingClub Bank, Freedom Financial Network LLC, Upstart, Payoff Inc., LendingPoint, Best Egg, FreedomPlus, Earnest, Laurel Road, Avant LLC, Prosper Funding LLC, LightStream, EarnIn, Upgrade, Universal Credit, United Services Automobile Association, PNC Financial Services Group Inc, Toronto-Dominion Bank

View The Full Report Here - https://www.thebusinessresearchcompany.com/report/personal-loans-global-market-report

Largest And Fastest Growing Region In The Market
North America was the largest region in the personal loans market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global personal loans market size forecast period. The regions covered in the personal loans market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Personal Loans Market Report Structure
3. Personal Loans Market Trends And Strategies
4. Personal Loans Market - Macro Economic Scenario
5. Personal Loans Market Size And Growth
…..
27. Personal Loans Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.