Personal Loans Market on Track for Strong Growth, Estimated to Grow at 10.7% CAGR Through 2029

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What Is the Expected CAGR for the Personal Loans Market Through 2025?
The personal loans industry has seen robust growth in recent years. The market size is projected to increase from $778.34 billion in 2024 to $854.94 billion in 2025, with a compound annual growth rate (CAGR) of 9.8%. Factors attributed to this historic growth include economic stability, lower interest rates, increased consumer confidence, debt consolidation patterns, and promotions and advertising strategies.

What's the Projected Size of the Global Personal Loans Market by 2029?
In the following years, the personal loans market's size is projected to experience a swift expansion. The market is anticipated to reach $1283.78 billion in 2029, with a compound annual growth rate (CAGR) of 10.7%. The growth within this predicted period can be credited to several factors such as the burgeoning fintech lenders, increasing education costs, borrowing due to pandemic recovery, attention on financial inclusion, and the growth of gig economy and self-employment. Some key trends during this forecast period encompass the digitalization of lending, usage of alternate data for credit scoring, tailored loan products, P2P lending amplification, and initiatives for financial inclusion.

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Top Growth Drivers in the Personal Loans Industry: What's Accelerating the Market?
The surge in desire for numerous loan-offering options is anticipated to propel the expansion of the personal loans market. This surge signifies a heightened demand and necessity for various conduits that people and businesses can use to secure credit or loans. The emergence and success of digital lending platforms and fintech firms have led to a heightened desire for personal loan conduits. Personal loans enable individuals to acquire funds for a range of personal requirements without having to give collateral in return. These loans help finance various expenditures, consolidate debt, or deal with unplanned monetary emergencies. Consequently, the expanded desire for lending channels is playing a significant role in the development of the personal loans market. Case in point, TransUnion, an information technology company based in the US, disclosed in their newly issued Q2 2022 Credit Industry Insights Report (CIIR) in August 2022, that total personal loan balances had reached a groundbreaking $192 billion in Q2 2022, escalating by 31% from the prior year. As a result, the personal loan market will experience growth due to the escalating demand for lending channels.

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Which Emerging Trends Are Transforming the Personal Loans Market in 2025?
Leading businesses in the personal loans market frequently leverage advancements in technology to maintain their competitive edge through the adoption of novel technologies. Amplifi Capital, a fintech firm situated in the UK, demonstrated this trend when they introduced the Reevo Money brand, specialized in personal loans, in September 2022. This brand provides on-the-spot loan quotes and preferential APRs compared to conventional lenders, using a combination of open banking and cloud-based infrastructure to cater to customers with unstable income or subpar credit history. Reevo Money, by employing intangible assets like cloud systems and open banking, seeks to extend their loan services not only to customers with poor credit or inconsistent income but also to first-time borrowers or those who don't match the usual criteria.

What Are the Main Segments in the Personal Loans Market?
The personal loansmarket 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

Subsegments:
1) By P2P Marketplace Lending: Consumer Loans, Business Loans, Debt Consolidation Loans, Student Loans
2) By Balance Sheet Lending: Secured Personal Loans, Unsecured Personal Loans, Line of Credit, Home Equity Loans

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Which Top Companies are Driving Growth in the Personal Loans Market?
Major companies operating in the personal loans market include Wells Fargo & Company, Marcus by Goldman Sachs, 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, Upgrade, Universal Credit, United Services Automobile Association, PNC Financial Services Group Inc, Toronto-Dominion Bank

Which Regions Will Dominate the Personal Loans Market Through 2029?
North America was the largest region in the personal loans market in 2024. 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.

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