Dublin, Oct. 26, 2021 (GLOBE NEWSWIRE) -- The "Personal Loans Market By Type, Age, Marital Status, and Employment Status: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
Interest rates on personal loans are generally fixed and are stable during the repayment of loan by consumer. In addition, with higher borrowing limits and low interest rates, personal loans are attracting a greater number of consumers which is a major driving factor for the market growth.
Moreover, consumers unable to repay the loan-based on the agreed-upon terms with the lender, faces significant financial consequences and therefore, personal loans secure consumers from losing their home or a car as a direct collateral. These factors are notably contributing towards the growth of personal loans market. However, higher fees & penalties charged for personal loans and growing number of bad debts among individuals availing personal loans are some of the factors that hamper the market growth.
On the contrary, personal loan firms are investing in new technologies such as artificial intelligence (AI), robotic process automation, robo-advisor, and digital identification (ID) for improving customer experience, enhance lending offerings, and improve operational efficiency. In addition, higher borrowing limits and technological innovations in the field of lending are expected to provide lucrative opportunities for personal loan providers to remain competitive, and achieve deep insights into the products & services offered in the market.
The personal loans market is segmented into type, age, marital status, employment status, and region. By type, the market is bifurcated into P2P marketplace lending and balance sheet lending. Depending on age, it is segmented into less than 30, 30-50, and more than 50. Based on marital status, the market is segregated into married, single, and others. By employment status, the market is divided salaried and business. The salaried segment is further segregated into male, female, and others.
The personal loans market analysis includes top personal loans 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 loans industry.
KEY MARKET PLAYERS
DBS Bank Ltd
Prosper Funding LLC
Social Finance, Inc.
Truist Financial Corporation
For more information about this report visit https://www.researchandmarkets.com/r/qdvolm
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900