How big is the personal loan market?

How large is the personal loan market?

The global personal loans market size was valued at $47.79 billion in 2020, and is projected to reach $719.31 billion by 2030, growing at a CAGR of 31.7% from 2021 to 2030.

How big is the personal loan market in the US?

So how big is the personal loans industry? As of 2021, the value of consumer loans at all commercial banks to be $1.535 trillion in the United States alone (source). Consumer unsecured loans, also known as personal loans, only represent a small percentage of consumer debt.

How big is the lending industry?

The global lending market is expected to grow from $6036.37 billion in 2020 to $6932.29 billion in 2021 at a compound annual growth rate (CAGR) of 14.8%.

How many people use personal loans?

How many people have personal loans? About 19.4 million Americans have a personal loan, down from a record 20.2 million last year.

How big is the auto loan market?

The Auto Loans report breaks down the $463 billion market for auto loans in the U.S. It also ranks all 50 states, the US’s 25 largest metro areas, and hundreds of towns and cities in terms of average monthly expenses. These reports come an opportune time.

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How much is the average personal loan?

The average personal loan interest rate is 14.47%, according to WalletHub data.

Average 36-Month Personal Loan APR from Banks and Credit Unions.

Year Credit Union Bank
2021 Q2 8.95% 10.09%
2020 9.09% 10.24%
2019 9.36% 10.18%
2018 9.37% 10.14%

Is a personal loan consumer debt?

Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Credit card debt, student loans, auto loans, mortgages, and payday loans are all examples of consumer debt.

How do you grow a personal loan portfolio?

Eight Ways to Grow Your Loan Portfolio

  1. Cultivate centers of influence as referral sources. …
  2. Meet regularly with your line lenders. …
  3. Keep your prospect databases current. …
  4. Increase community involvement and visibility. …
  5. Cultivate cross-sell opportunities. …
  6. Scrutinize your customers’ financial statements.

How many personal loans are in the US?

More Americans are getting more personal loans

The number of Americans with personal loans increased from 19.3 million to 20.9 million. The total number of personal loans in the U.S. increased from 21.4 million to 23.4 million.

How big is the commercial lending market?

In 2020, commercial loans at U.S. banks amounted to around 2.7 trillion U.S. dollars – an increase of approximately 364 billion U.S. dollars from the previous year.

Characteristic Commercial loans at banks (in billion U.S. dollars)
2019 2,348.05
2018 2,194.52
2017 2,086.32
2016 2,044.97

How big is the global lending market?

The global lending and payments market is expected to grow from $6708.1 billion in 2020 to $7662.19 billion in 2021 at a compound annual growth rate (CAGR) of 14.2%.

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