Personal Loans Market By Type (P2P Marketplace Lending and Balance Sheet Lending), Age (Less than 30, 30-50, and More than 50), Marital Status (Married, Single, and Others), and Employment Status (Salaried and Business): Global Opportunity Analysis and Industry Forecast, 2021-2030

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With increase in demand for personal loans, in terms of unique goals & short-term fluctuating needs, consumers increasingly turned to personal loans, making this type of financing one of the fastest-growing forms of debt. Moreover, firms are aiming at enhancing immediate focus toward seamless client communications and adopting digital tools for fulfilling consumers constant needs toward personal loans. Firms in the personal loans sector are increasingly expanding their offerings to other financial services such as banks & credit agencies to meet changing consumer needs.

During the COVID-19 health crisis, credit scores among personal loan holders have disrupted and lenders began to tighten their loan qualification requirements. In addition, several lenders made widespread changes to their credit and risk appetite, and restricting the supply of credit. These factors have resulted into massive decline in personal loans during the pandemic situation.

The personal loans market is fragmented with the presence of regional vendors such as American Express, Goldman Sachs, and Barclays PLC. Some of the key players profiled in the personal loans market report include Avant, LLC, DBS Bank Ltd, LendingClub Bank, Prosper Funding LLC, Social Finance, Inc., Truist Financial Corporation, and Wells Fargo. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in awareness & demand for personal loans across the globe, major players are collaborating their product portfolio to provide differentiated and innovative products.