About Personal Loans
Personal loans are those type of loan which helps to meet user current financial needs. It is used for various purposes such as home renovation, medical contingencies, wedding, education, travel, among others. It offers various advantages such as don’t need collateral, can borrow any amount, rates are reasonable, don’t need great credit, have plenty of time to pay and others.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Industry players operational in the personal loans market include LightStream (United States), Social Finance, Inc. (United States), Citizens Financial Group, Inc. (United States), Marcus Goldman (Germany), FreedomPlus (United States), Payoff, Inc. (United States), among others. These players are adopting strategies such as product launch, partnerships, and acquisitions to garner higher market share and sustain the market competition Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Personal Loans market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
LightStream (United States), Social Finance, Inc. (United States), Citizens Financial Group, Inc. (United States), Marcus Goldman (Germany), FreedomPlus (United States), Payoff, Inc. (United States), OneMain Holdings, Inc. (United States), Avant, LLC (United States), Prosper Marketplace, Inc. (United States) and LendingClub (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Best Egg (United States), Earnest (United States) and Earnin (United States).
Segmentation Overview
AMA Research has segmented the market of Global Personal Loans market by and Region.
On the basis of geography, the market of Personal Loans has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Type, the sub-segment i.e. Unsecured Personal Loans will boost the Personal Loans market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Interest Rate , the sub-segment i.e. 10%-15% will boost the Personal Loans market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Loan Amount , the sub-segment i.e. 0-5000 USD will boost the Personal Loans market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Purpose, the sub-segment i.e. Home Renovation will boost the Personal Loans market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Tenure , the sub-segment i.e. Less than 1 Year will boost the Personal Loans market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Source, the sub-segment i.e. Bank will boost the Personal Loans market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Demand of Personal Loan Apps for Quick Cash Requirement
Market Growth Drivers:
Increasing Number of Consumers are Now Taking Personal Loans for Their Purchases and Increasing Awareness regarding the Benefit of Personal Loans
Challenges:
Problem regarding Prepayment Penalties and Potential for Scams
Restraints:
Alternatives to a Personal Loan such as Balance Transfers, Credit Cards and Others and Issue related to Fixed Payments and Higher Rates than Some Loans
Opportunities:
Growing Demand from Emerging Market such as China, India, Brazil, among others
Key Target Audience
Personal Loans Companies, Regulatory Bodies, Component Suppliers, Distributors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.