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Global Personal Loan Market Share, Size, Trends, Analysis, Growth, Report, Forecast: By Type: P2P Marketplace Lending, Balance Sheet Lending; By Age: Less than 30 Years, 30-50 Years, More than 50 Years; By Marital Status: Married, Single; By Employment Status: Salaried, Business; Regional Analysis; Competitive Landscape; 2023-2028
Global Personal Loan Market Outlook
The global personal loan market size is expected to grow at a CAGR of 32.20% between 2023 and 2028. The market is being driven by rising requirement of money for various needs, improving standards of living, and increasing accessibility of personal loans.
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Key Trends in the Market
Personal loan, also known as consumer loan, refers to a certain amount of money which is borrowed by a debtor to fulfil a personal financial need, such as debt consolidation, home improvements, emergency expenses, or large purchases. Interest rates for personal loans can vary depending upon the loan provider and credit history of the borrower. A personal loan is borrowed on a returnable basis and once the repayment is done, the promissory note, which is the evidence of loan, gets retired.
- The advantages offered by personal loans such as faster funding, no collateral requirement, extended loan terms, easy management, and supportive staff across banks and financial institutions providing loans are invigorating the market.
- The emergence of digital technologies such as artificial intelligence (AI) and machine learning (ML) are streamlining the personal loan sanctioning process. These technologies are improving loan access, increasing the demand for the personal loan market.
- Rising adoption of cloud-based software to improve risk-assessment to be prudent about non-performing assets, is likely to add to the market growth for personal loans. Moreover, increasing financial literacy among the young population is further shaping the dynamics of the personal loan market by increasing their demand.
- Increasing migration to smart urban cities, rising requirement of money to fund lifestyles, and increasing accumulation of materialistic products are the crucial personal loan market trends. Personal loans are often being used for home upgrades, purchasing of vehicles and appliances, and other expenses.
Personal Loan Market Analysis
Based on type, the market is segmented into P2P marketplace lending and balance sheet lending. On the basis of age, the market is categorised into less than 30 years, 30-50 years, and more than 50 years. By marital status, the market is bifurcated into married and single. Based on employment status, the market is divided into salaried and business. The regional markets for personal loans are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global personal loan market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- 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
- Industrial and Commercial Bank of China Limited
- Others
Personal Loan Market Share by Type
The P2P marketplace lending segment, based on type, accounts for a healthy share of the personal loan market as P2P marketplace lending does not involve interference of any official financial institution. This type of lending is more accessible as compared to other modes, provides higher returns to investors, and comes with lower rate of interest. These advantages are fuelling the demand of this segment and contributing towards the growth of the personal loan market. Meanwhile, the balance sheet lending type of personal loans is expected to register a decent growth rate in the forecast period, as they provide greater transparency and bridge the gap between lenders and debtors.
Personal Loan Market Share by Region
The Asia Pacific accounts for a significant portion of the market for personal loans, driven by the increasing loan inquiries by youngsters across emerging economies, rapid boost in consumption-led credit products, and increasing loan access to improve quality of life. Loan growth in well-established economies such as Singapore is further invigorating the market growth in the Asia Pacific.
In the coming years, Europe is likely to register a healthy growth in the market for personal loans, owing to the robust growth of digital loan application services, with a sizable share of the market accounted for by the United Kingdom. The increasing number of lenders from traditional financial institution and banks in United Kingdom is leading to a rapid expansion of the personal loan market in the country.
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Competitive Landscape
American Express Company, is one of the largest financial service corporations across the globe which provides personal, small business, and corporate credit cards. This company also provides services related to freight forwarding, travel cards, innovative digital products, and loans, among others. It was founded in 1850 and is currently headquartered in New York, United States.
Avant, LLC. is a leading financial technology company which provides debt consolidation loans, emergency loans, home improvement loans, and instalment loans. Established in 2012 and based out of Illinois in the United States, this company strives to provide personal and other types of loans at lowest interest rates to its prime customers.
DBS Bank Limited is a prominent bank which provides services related to personal banking, credit cards, wealth management, corporate banking, and SME banking. The company also provides smart digital solutions that bring convenience to customers within a banking system. The establishment of this bank took place in 1968 and is headquartered in Marina Bay district of Singapore.
Other market players include 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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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 |
|
| Breakup by Age |
|
| Breakup by Marital Status |
|
| 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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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Personal Loan Market Analysis
8.1 Key Industry Highlights
8.2 Global Personal Loan Historical Market (2018-2022)
8.3 Global Personal Loan Market Forecast (2023-2028)
8.4 Global Personal Loan Market by Type
8.4.1 P2P Marketplace Lending
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Balance Sheet Lending
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.5 Global Personal Loan Market by Age
8.5.1 Less than 30 Years
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 30-50 Years
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 More than 50 Years
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.6 Global Personal Loan Market by Marital Status
8.6.1 Married
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Single
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.7 Global Personal Loan Market by Employment Status
8.7.1 Salaried
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Business
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.8 Global Personal Loan Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Personal Loan Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Personal Loan Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Personal Loan Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Personal Loan Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Personal Loan Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 American Express Company
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Avant, LLC.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 DBS Bank Limited
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 The Goldman Sachs Group, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 LendingClub Bank, N.A.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Prosper Funding LLC.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 SoFi Lending Corp.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Truist Financial Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Wells Fargo & Company
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Industrial and Commercial Bank of China Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Personal Loan Market: Key Industry Highlights, 2018 and 2028
2. Global Personal Loan Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global Personal Loan Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Personal Loan Historical Market: Breakup by Age (USD Million), 2018-2022
5. Global Personal Loan Market Forecast: Breakup by Age (USD Million), 2023-2028
6. Global Personal Loan Historical Market: Breakup by Marital Status (USD Million), 2018-2022
7. Global Personal Loan Market Forecast: Breakup by Marital Status (USD Million), 2023-2028
8. Global Personal Loan Historical Market: Breakup by Employment Status (USD Million), 2018-2022
9. Global Personal Loan Market Forecast: Breakup by Employment Status (USD Million), 2023-2028
10. Global Personal Loan Historical Market: Breakup by Region (USD Million), 2018-2022
11. Global Personal Loan Market Forecast: Breakup by Region (USD Million), 2023-2028
12. North America Personal Loan Historical Market: Breakup by Country (USD Million), 2018-2022
13. North America Personal Loan Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Europe Personal Loan Historical Market: Breakup by Country (USD Million), 2018-2022
15. Europe Personal Loan Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Asia Pacific Personal Loan Historical Market: Breakup by Country (USD Million), 2018-2022
17. Asia Pacific Personal Loan Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Latin America Personal Loan Historical Market: Breakup by Country (USD Million), 2018-2022
19. Latin America Personal Loan Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Middle East and Africa Personal Loan Historical Market: Breakup by Country (USD Million), 2018-2022
21. Middle East and Africa Personal Loan Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Global Personal Loan Market Structure
Key Questions Answered in the Report
The personal loan market forecast indicates a promising growth rate at a CAGR of 32.20% in the forecast period of 2023 and 2028.
The advantages offered by personal loans, increasing requirement of money to fund lifestyle upgrades, and increasing accessibility of personal loans are the major drivers of the market.
The key trends in the market include the technological advancements within personal loan market and increasing immigration towards urban cities.
P2P marketplace lending and balance sheet lending are the different types of the market.
Less than 30 years, 30-50 years, and more than 50 years are the various ages in the market.
Married and single are the marital statuses in the market.
A personal loan can be taken from an online lender, credit union, or a bank.
A personal loan is considered a good way of fulfilling short-term or long-term financial needs and an adequate amount of time is given for consolidation.
The employment statuses in the market are salaried and business.
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, are the key players in the personal loan market, according to the report.
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