Dublin, October 26, 2021 (GLOBE NEWSWIRE) – The report “Personal Loans Market by Type, Age, Marital Status and Employment Status: Global Opportunity Analysis and Industry Forecast, 2021-2030” has been added to ResearchAndMarkets.com offer.
The interest rates on personal loans are generally fixed and are stable when paying off the consumer loan. Additionally, with higher borrowing limits and lower interest rates, personal loans are attracting more consumers, which is a major driver of market growth.
In addition, consumers who are unable to repay the loan on the basis of the terms agreed with the lender face significant financial consequences and therefore personal loans ensure consumers lose their homes or cars as direct collateral. These factors are particularly contributing to the growth of the personal loans market. However, the higher fees and penalties charged for personal loans and the increasing number of bad debts among the people receiving personal loans are some of the factors that are hampering the growth of the market.
On the contrary, personal loan companies are investing in new technologies such as artificial intelligence (AI), robotic process automation, robo-advisor and digital identification (ID) to improve the customer experience, loan offerings and operational efficiency. In addition, higher borrowing limits and technological innovations in the area of lending are expected to provide lucrative opportunities for personal loan providers to remain competitive and gain a better understanding of the products and services offered in the market.
The personal loans market is segmented by type, age, marital status, employment status, and region. By type, the market is divided into P2P market loans and balance sheet loans. Depending on age, it is segmented into under 30, 30-50, and over 50. Based on marital status, the market is divided into married, single, and others. By employment status, the market is divided into employees and companies. The employee segment is further separated into men, women and others.
Analysis of personal loan market includes major personal loan companies such as American Express, Avant, LLC, Barclays PLC, DBS Bank Ltd, Goldman Sachs, LendingClub Bank, Prosper Funding LLC, Social Finance, Inc., Truist Financial Corporation and Wells Fargo. These players have adopted various strategies to increase their market penetration and strengthen their position in the personal loan industry.
KEY MARKET PLAYERS
For more information on this report, visit https://www.researchandmarkets.com/r/qdvolm
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