Dublin, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The "Personal Loans Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
Global Expansion of Personal Loans Industry Noted Amid Economic Fluctuations
The personal loans landscape is undergoing a dynamic transformation, bolstered by technological innovations and a burgeoning demand for accessible lending channels. Recent analysis reveals a surge in the global personal loan market, projected to escalate from $61.32 billion in the previous year to $81.07 billion in 2023, marking a remarkable 32.2% CAGR. This growth trajectory is anticipated to continue, with predictions suggesting an impressive climb to $234.6 billion by 2027, progressing at a CAGR of 30.4%. These insights are part of an extensive personal loans market research report that provides a comprehensive overview of this flourishing sector.
Technological Advancements and Acquisitions Reshaping the Market
In the race to innovate, major players in the personal loans sector are embracing cutting-edge technology, with remarkable instances such as the UK-based Amplifi Capital's launch of Reevo Money, a brand specializing in personal loans for those with poor credit or irregular income. Meanwhile, Latitude Financial Group Limited's acquisition of Symple amplifies its footprint and capabilities in this expanding market. These strategic moves are part of a broader trend, leveraging technology to enhance service delivery and adapt to evolving consumer needs.
Increase in Lending Channels Fuels Market Growth The propulsion of the personal loans market is significantly attributed to the escalating demand for lending channels. The convenience and flexibility of personal loans have been amplified by the rise of online lending platforms and fintech innovation. These channels provide a lifeline for consumers to manage their finances, whether for consolidating debt, funding home improvements, or covering unexpected expenses. A testament to this growing demand, recent statistics from TransUnion indicate that total personal loan balances have reached a historic peak. Such demand is a clear indicator of the personal loans market's robust health and prospects for growth.
The personal loans market encapsulates revenues stemming from both secured and unsecured personal loans. This includes the value of associated services and goods provided by the industry. The report delves into the comprehensive revenues generated within the personal loans sphere, providing an in-depth look at the market's current state and future potential.
Key Players Guiding the Market
- American Express Company
- Avant LLC
- Barclays PLC
- DBS Bank Ltd
- The Goldman Sachs Group, Inc.
- LendingClub Bank
- Prosper Funding LLC
- Social Finance Inc.
- Truist Financial Corporation
- Wells Fargo & Company
- LightStream
- SoFi Technologies Inc.
- Payoff Inc.
- Citizens Financial Group, Inc.
- Marcus by Goldman Sachs
- Freedom Financial Network LLC
- EarnIn
For more information about this report visit https://www.researchandmarkets.com/r/9cn2gj
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
