PORTLAND, Ore., September 22, 2021 / PRNewswire / – Allied Market Research published a report titled, “Personal loan market by type (P2P market loans and balance sheet loans), age (under 30, 30-50 and over 50), marital status (married, single and others) and professional status ( employee and professional): Global opportunity analysis and industry forecast, 2021-2030. ” According to the report, the global personal loan industry has generated $ 47.79 billion in 2020, and should collect $ 719.31 billion by 2030, with a CAGR of 31.7% from 2021 to 2030.
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Drivers, constraints and opportunities
Low interest rates, high borrowing limits, and ease of payment management compared to multiple credit cards with different interest rates are driving the growth of the global personal loan market. However, the increase in the number of bad debts among individuals and the high amount of penalties are holding back the growth of the market. On the other hand, digitalized business operations with the adoption and implementation of technologies such as chatbots, big data analytics, Internet of Things (IoT) and artificial intelligence (AI) present new opportunities in the years to come.
- Due to the Covid-19 pandemic, there has been an acute financial crisis, massive unemployment and a reduction in the wages of individuals. This has led to a reduction in the borrowing of personal loans. Also, the refund and IMEs were delayed by some people.
- Additionally, lenders are unable to acquire new customers through low cost loans and targeting younger, low income borrowers with short term credit needs.
- Government authorities such as the Federal Reserve System in the United States cut interest rates to near zero during the pandemic to encourage borrowers to take out loans.
The P2P market segment will maintain its leading position during the forecast period
On the basis of type, the P2P market segment accounted for the largest share in 2020, contributing nearly three quarters of the global personal loan market, and is expected to maintain its leading position during the forecast period. Moreover, this segment is expected to represent the highest CAGR of 32.2% from 2021 to 2030. Indeed, this type of loan in the market increases the returns for the lenders and reduces the interest rate for the borrowers. The research also analyzes the balance sheet segment.
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The salaried segment will retain its dominant share in terms of income over the forecast period
On an end-user basis, the employee segment held the highest share in 2020, contributing more than three-quarters of the global personal loan market, and is expected to retain its dominant share in terms of revenue over the period. forecast. This is because salaried people generally enjoy lower interest rates than credit cards, especially if they have an excellent credit rating. However, the business segment is expected to experience the highest CAGR of 34.2% from 2021 to 2030. This is attributed to business class people who use personal loans to cover expenses related to expanding their businesses. enterprises, to the purchase of new equipment and types of machinery to increase the production of goods. and services, and conduct marketing and branding activities.
North America to continue its leadership status by 2030
Depending on the region, North America contributed to the larger market share in 2020, representing more than three quarters of the global personal loan market, and is expected to retain its leadership status by 2030. This is due to loan terms in this region being less than five years and amounts ranging from $ 1,000 To $ 100,000. Additionally, during the pandemic, the Federal Reserve kept interest rates close to zero, which should further reduce the cost of a personal loan. However, Asia Pacific is expected to post the fastest CAGR of 39.9% during the forecast period, due to several people demanding personal loan products to improve their standard of living in the region.
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The main players in the market
- American Express
- Before, LLC
- Barclays PLC
- Bank DBS SA
- Goldman Sachs
- LendingClub Bank
- Financing Prosper LLC
- Social Finance, Inc.
- Truist Financial Corporation
- well Fargo
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