Press Release
Press Release
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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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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Age |
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Breakup by Marital Status |
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Breakup by Employment Status |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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