US Secured Lending Market Report 2021
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Providing the most comprehensive and up-to-date information and analysis of the US Secured Lending Consumer market including the behaviors, preferences, and habits of the consumer.
As a result of the recessionary impact of COVID-19, the US found itself amidst a historically low interest rate environment. Low interest rates proved advantageous for borrowers seeking secured loans; the cost of borrowing went lower, which drove demand higher for secured loans such as mortgages and auto loans and refinancing, throughout the pandemic.
Read on to discover more about the US Secured Lending consumer market, read our Banking Experience – US – March 2021 report, or take a look at our other Financial Services Market research reports.
Brands include: Figure Lending, JPMorgan Chase, Chime, Ally Financial, Bank of America, Capital One, Experian.
Secured loan types include: Residential mortgage, Auto loan, Secured credit card, Secured line of credit, Life insurance loan, Car title loan, Business loan, Pawnshop loan.
This report, written by Amr Hamdi, a leading analyst in the Finance sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Despite the pandemic, the secured lending industry still experienced mass demand due to historically low interest rates. The result was consumer interest in secured loan products such as mortgages increased throughout COVID-19. With a growing economy and improving consumer outlook, demand for secured loans currently sits in a healthy position. The implication of a booming economy does mean a hike in interest rates at some point in the future, which is likely to normalize borrower demand along with it. While the US economy is rapidly recovering, current unemployment rates still point to a significant amount of US households in a dire financial situation, with increasing debt and lack of income. These challenges are ones the financial services industry can aid consumers in moving into the next normal.
Amr Hamdi
Finance Analyst
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