Global Personal Loan Market to Grow at a CAGR of 32.20% During 2024-2032, Driven by the Incorporation of Digital Technologies in the BFSI Sector

North America holds a significant market share due to the easy availability of personal loans and high consumer awareness about financial literacy. As the USA is the largest economy globally, the region has the presence of leading financial companies, banks, and fin-tech startups.

In the U.S., 77% of adults own at least one credit card that helps to maintain their CIBIL score, on the basis of which they can easily apply for personal loans. In 2022, U.S. consumers used their credit cards to complete 31 per cent of transactions. The growing number of people moving to smart urban areas like New York, California, and Miami, the rising amount of money needed to support lifestyles, and the growing accumulation of materialistic goods are supporting the personal loan market growth.

The increasing launches of innovative personal loan plans are further aiding the market. For instance, in November 2022, Wells Fargo & Company (NYSE: WFC) launched the Flex Loan to meet short-term liquidity demands. Flex Loan is a small-dollar, digital-only loan offering qualified consumers easy access to money at a reasonable price just when they need it and the flexibility to manage their daily finances.

The advantages, such as its assurance of approval for qualified clients, the ease with which cash can be obtained in a matter of minutes, and the transparency with which costs associated with expenses such as holiday gifts, vacation, and car expenses are likely to be beneficial for consumers, Eligible clients can apply for a Flex Loan in the amounts of USD 250 or USD 500 for a one-time cost of USD 12 or USD 20, respectively. The offer will be visible to qualified clients in their mobile app. The money is transferred into a customer's Wells Fargo account instantaneously when they accept the loan and arrange for repayment. This enables them to utilise their Wells Fargo debit card for instant purchases or payments.

Table: Country wise Representation of Credit Card Ownership (age 15+) w.r.t. % of Population, 2021

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Market Analysis by Type, Age, Marital Status, Employment Status, and Region:

• The market, on the basis of type, can be divided into P2P marketplace lending and balance sheet lending.

• On the basis of age, the market can be divided into less than 30 years, 30-50 years, and more than 50 years.

• Based on marital status, the market can be divided into married and single.

• The different employment status for personal loan include salaried and business.

• The major regional markets for personal loan include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Personal loans can be used to pay off various credit card bills with a single, more affordable monthly payment as they usually offer lower interest rates than credit cards.

• Consumers in developing countries like China, India, Indonesia, and others require personal loans to improve their standard of living and sometimes for emergency purposes.

• The incorporation of digital technologies such as IoT, artificial intelligence (AI) and machine learning (ML) is simplifying the process of authorising personal loans. The improved accessibility of loans expands the personal loan market size.

• With the evolving needs of consumers, easy eligibility and affordable interest rates further create opportunities for the market for personal loan.

Key Offerings of the Report:

• The EMR report gives an overview of the global personal loan market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, ages, marital status, employment status, and major regions of personal loan.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global personal loan market are 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, and Industrial and Commercial Bank of China Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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