Easy Loans market to generate $ 719.31 billion by 2030, according to Allied Market Research report


Personal loan market

OREGON, PORTLAND, USA, Oct 12, 2021 /EINPresswire.com/ – Senior AMR analyst pointed out that the Asia-Pacific personal loan market is expected to grow at the fastest CAGR during the forecast period , due to the increased demand for personal loan products from individuals to improve their standard of living.

Allied Market Research has released a research report on the Easy Loans"}” data-sheets-userformat=”{"2":513,"3":{"1":0},"12":0}”>Easy Loans Market. The report’s findings indicate that the global personal loan market generated $ 47.79 billion in 2020 and is expected to reach $ 719.31 billion by 2030, with a CAGR of 31.7% from 2021 to 2030. The Report offers valuable insights on changing market dynamics, major segments, best pockets of investment, and competitive scenario for market players, investors, shareholders and new entrants.

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The report provides insights into the drivers, restraints, and opportunities to assist market players in designing multiple growth strategies. Low interest rates, high borrowing limits, and ease of payment management compared to multiple credit cards with different interest rates are fueling the growth of the global personal loan market. On the other hand, the increase in the number of bad debts among individuals and the high amount of penalties are hampering the growth of the market. However, digitalized business operations with the adoption and implementation of technologies such as chatbots, big data analytics, Internet of Things (IoT) and artificial intelligence (AI) are expected to create lucrative opportunities in coming years Easy Loans

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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the global personal loan market. The outbreak of the pandemic led to an acute financial crisis, massive unemployment and reduced wages for individuals. This, in turn, has given way to a sharp decline in the demand for personal loans. In addition, reimbursement and IMEs were also delayed by individuals, especially during the initial phase. Additionally, government authorities such as the Federal Reserve System in the United States reduced interest rates to near zero during the pandemic to encourage borrowers to take out loans. At the same time, the world situation is also improving and the market is expected to pick up soon.

Due to job insecurity and economic uncertainty, which weakens consumer confidence; the COVID-19 pandemic has significantly reduced the demand for personal loans combined with a contraction in the supply of credit from several lenders in the market. Said Pramod Borasi, Research Analyst, BFSI at Allied Market Research.

The report offers detailed segmentation of the global personal loans market on the basis of type, age, marital status, professional status, and region. This information is useful for new market players as well as existing players to capitalize on the fastest growing and most revenue generating segments to achieve growth in the future.

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On the basis of type, the P2P market segment held the highest share in 2020, contributing nearly three quarters of the global personal loan market, and is expected to maintain its dominance during the forecast period. The same segment is also expected to cite the fastest CAGR of 32.2% from 2021 to 2030.

Based on employment status, the salaried segment accounted for the bulk in 2020, holding more than three quarters of the global personal loan market, and is expected to dominate, in terms of income, during the forecast period. However, the commercial segment is expected to exhibit the fastest CAGR of 34.2% from 2021 to 2030.

Based on region, North America accounted for more than three-quarters of the global personal loan market and is expected to maintain its leading status by 2030. The Asia-Pacific region, on the other hand, is expected to exhibit the highest CAGRs. rapid 39.9% over the forecast period.

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Major market players analyzed in the Global Personal Loans Market report include Avant, LLC, Barclays PLC, DBS Bank Ltd, Goldman Sachs, Wells Fargo, Prosper Funding LLC, Social Finance, Inc., American Express, Truist Financial Corporation and LendingClub Bank.

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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

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