According to the business intelligence report titled ‘Global Personal Loans Market Size study, by Type (P2P Marketplace Lending, Balance Sheet Lending), by Age (Less than 30, 30-50, More than 50), by Marital Status ( Married, Single, Others), by Employment Status ( Salaried, Male, Female, Others, Business) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global personal loans market is slated to record substantial growth between 2021-2027.
 

Several benefits including cheap interest rates and bigger borrowing limits are the leading factors driving global personal loans market expansion. Personal loans with a single fixed rate for monthly payment are easier to handle as compared to credit cards with varying interest rates and due dates, which in turn is contributing towards the industry outlook.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4219775/
 

For the unversed, a personal loan is a sum of money borrowed by an induvial for a variety of reasons such as debt consolidation, home renovations, or wedding expenses among others. Personal loans can be taken from credit unions, banks, as well as online lending providers and have lower interest rates as compared to credit cards.
 

On the other hand, rising penalties, growing personal loan rates, and increasing incidence of bad debts are challenges poised to hinder industry growth.
 

Based on type, worldwide personal loans industry is split into balance sheet lending, and P2P marketplace lending. Speaking of age, the market sphere is divided into 30-50 years, less than 30, and more than 50.
 

As per marital status, the business space is bifurcated into single, married, and others. Moving on to employment status, the industry is arrayed into salaried, female, male, business, and others.
 

Regionally speaking, North America captured majority of global personal loans market share in the recent past owing to rising adoption of advanced technologies such as IoT, chatbots, Big Data analytics, and AI solutions. Meanwhile, Asia Pacific market is project to amass massive returns by 2027, primarily due to growing acceptance and increasing awareness regarding personal loans.
 

Leading players profiled in global personal loans market report are Wells Fargo & Company, American Express Company, Avant LLC, Barclays PLC, Goldman Sachs Group Inc., DBS Bank Ltd., LendingClub Bank, Social Finance Inc., Prosper Funding LLC, and Truist Financial Corporation.