The personal loan market has been growing steadily over the past few years pertaining to an increasing demand for loans from individuals and small businesses. Some of the factors contributing to the demand for personal loans are debt consolidation, home improvement, education, and other personal expenses. In addition, the rising trend of online lending platforms and the ease of access to avail loans have further propelled the market growth.
The growth of the personal loans market is being fueled by the increasing adoption of these loans in various industries, such as healthcare and education. These industries are using personal loans for medical expenses, education expenses, and other personal expenses. Secured personal loans require collateral and offer lower interest rates, while unsecured personal loans do not require collateral but have higher interest rates. The adoption of technology such as machine learning and artificial intelligence is being utilized in the underwriting process, making it easier for lenders to approve loans.
Individuals are the largest segment of the personal loan market, followed by small businesses. Nevertheless, with the increasing trend towards entrepreneurship and small businesses, the demand for personal loans for small businesses is expected to increase in the coming years.
Personal loans are becoming more popular because they are easier to get than other loans such as home loans and gold loans. Additionally, personal loan providers offer the flexibility to choose the loan term, which is another significant advantage. In terms of product innovation, the introduction of new loan products with lower interest rates and flexible repayment terms is expected to drive market growth. The global personal loan market is experiencing growth, with major market players such as American Express Company; Avant; LLC; Barclays; DBS Bank India Limited; Goldman Sachs; LendingClub Bank; Prosper Funding LLC.; Social Finance; Truist, Wells Fargo; among others.
Secured Personal Loan
Unsecured Personal Loan
Middle East & Africa
American Express Company
DBS Bank India Limited
Prosper Funding LLC.
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