How Have Small Personal Loans Become an Ideal Financial Solution for Modern-Age Consumers?

Small personal loans are low-amount loans that help individuals manage financial situations without taking funds out of their savings. They are also called instant cash loans that are used for personal financial needs. These financial instruments are simple and quick ways to get cash at the time of accuracy. They serve as a convenient way to deal with financial emergencies, offering flexible repayment structures to the customers, often from 1 to 12 months. This enables borrowers to handle financial emergencies without making long-term commitments.

Small personal loans, which typically range from are used for a wide array of things, such as managing cash flow, making special purchases, and paying for unexpected needs. Peer-to-peer platforms, internet giants, and traditional banks are the main lenders that serve a variety of borrowers willing to avail themselves of these types of loans.

Allied Market Research published a report, titled, "Small Personal Loans Market by Type (P2P Marketplace Lending and Balance Sheet Lending), by Age (Less than 30 years, 30-50 years and More than 50 years), and Distribution Channel (Banks, Credit Unitions, Online Lenders and Peer-to-peer Lending): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the small personal loans market was valued at $31.3 billion in 2023, and is estimated to reach $158.7 billion by 2032, growing at a CAGR of 20.1% from 2024 to 2032. 

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The P2P marketplace lending segment is expected to grow faster throughout the forecast period.  

Based on the type, the P2P marketplace lending segment held the highest market share in 2023. The increase in P2P lending can be attributed to several factors, including technological advancements, the appeal of potentially higher returns for investors, and more accessible loan options for borrowers compared to conventional banking routes.   

The 30-50 segment is expected to grow faster throughout the forecast period.  

Based on age, the 30-50 segment held the highest market share in 2023. Individuals in the 30-50 age range are often more financially stable, with established careers and higher disposable incomes, making them more likely to engage in lending, investment, and borrowing activities.  

The banks segment is expected to grow faster throughout the forecast period.  

Based on the distribution channel, the banks segment held the highest market share in 2023. Banks offer a comprehensive range of financial products and services, from savings and checking accounts to loans and investment services.  

North America to maintain its dominance by 2032.  

Based on region, North America held the highest market share in terms of revenue in 2023, and is expected to boost in terms of revenue throughout the forecast timeframe. Well-developed financial infrastructure is accelerating the adoption of the most recent technologies, including small personal loans in North America.  

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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  
Why are small personal loans beneficial for individuals?

These types of loans are unsecured loans and do not need to offer collateral as security to get the loan amount. They are highly helpful for individuals who are unable to offer any assurance, however, require funds urgently. Moreover, these types of loans comprise minimal documentation. The lack of collateral ensures that people are able to apply for these loans without submitting detailed documents. They simply process their application and get it completed with minimal paperwork including basic KYC documents and proof of income.

On the other hand, certain small loans are offered through a faster disbursal process. Individuals applying for the loans are able to get the loan amount on the same day the loan application is approved. Thus, customers do not need to wait for the funds to be disbursed for a longer period. In addition, the verification process of these loans is straightforward, which leads to easier and faster loan approval, making them the perfect option to be relied on at the time of financial emergencies.

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LendingKart and Upwards collaborated to provide personal loans to blue-collar workers

The small personal market has experienced notable expansion in recent years due to the active participation of leading players in the industry. According to Allied Market Research, the sector is expected to grow at a CAGR of 20.1% between 2024 and 2032. In February 2023, Upwards, a well-known provider of personal loans, was acquired by LendingKart, a digital lending platform for micro, small, and medium-sized businesses. Lendingkart hopes to keep the Upwards name and its whole 100-member staff through this transaction. It allows the company to emphasize lending to micro-entrepreneurs and its MSME borrowers to extend personal loan offerings to their blue-collar workforce. The firm exited the financial year 2023 with an overall revenue of $100 million and a notable loan book of $500 million. 

Summing up

Small personal loans are unsecured loans that do not require collateral and are intended to satisfy the various needs of borrowers. They are ideal for a wider range of borrowers to cover unforeseen needs and consolidate debts due to their simple approval process and low documentation requirements. Furthermore, rise in demand for flexible financing alternatives among consumers is anticipated to support the industry's expansion in the years to come.

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