2024
9
US Personal Lending Market Report 2024
2024-03-26T16:02:10+00:00
REP0154C4C8_DA08_4A57_9355_00BDE44EFB94
4995
171878
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Report
en_GB
Personal lenders must adapt to meet the changing preferences of borrowers while navigating an increasingly competitive landscape. Amr Hamdi, Finance Analyst…

US Personal Lending Market Report 2024

$ 4,995 (Excl.Tax)

Report Summary

This report covers the US personal loan industry in detail. Providing data-backed analysis of the personal loan consumer and competitive landscape, this report enables a forward-looking strategy to go to the next level.

Below, we’ve summarized the core areas analyzed and provided hand-selected findings from the full document.

Core Areas Analyzed

  • Market drivers impacting personal lending.
  • Usage levels of personal loans.
  • Types of providers consumers use for personal loans.
  • Motivations behind opening personal loans.
  • Future plans to open personal loans.
  • Key factors when seeking personal loans.
  • Behaviors of current personal loan owners.

US Personal Loan Industry Overview

Market landscape

The industry is characterized by a focus on rates, a need for convenience, and a diverse consumer base with varying financial health and preferences. Lenders must compete on both quantitative factors like rates and qualitative factors like customer experience to maintain and grow their market share.

Consumer preferences

  • Consumers are less tied to traditional banks and more lender-agnostic, prioritizing rates and terms over existing relationships with lenders.
  • The market has seen a consumer shift from a bank-first approach to equal consideration of all lender types, with online banks gaining market share.
  • There is a growing preference for branch-based engagement during the lending journey, and seven in ten Millennials would refinance their debt if the rate was appealing.

Opportunity

Lenders should consider financial wellness offerings, such as access to budgeting tools or affordable advisory services, to help consumers manage their finances and build trust and loyalty. This approach is supported by the fact that paying off debt and covering basic expenses are the two biggest reasons consumers open personal loans.

Buy this report today and accelerate your insight strategy. Readers of this report may also be interested in our unbanked and underbanked consumer report.

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Expert Analysis

Leading finance analyst Amr Hamdi delivers expert industry insights with this in-depth report.

Personal lenders must adapt to meet the changing preferences of borrowers while navigating an increasingly competitive landscape.

Amr Hamdi, Finance Analyst
Amr Hamdi
Finance Analyst

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

    • Consumer trends: key takeaways
    • Graph 1: types of personal lenders Hispanic consumers use, 2024
    • Graph 2: reasons for opening a personal loan, by financial situation, 2024
    • Graph 3: top factors when choosing a personal loan – NET – any rank , by generation, 2024
    • Opportunities
  2. Market Dynamics

    • Market context
    • Market drivers
    • Market landscape
    • Graph 4: total loan debt, by type, 2019-23
    • Graph 5: number of loan accounts, by type, 2019-23
    • Graph 6: percent of balance 90+ days delinquent on loans, by type, 2019-23
  3. Consumer Insights

    • Consumer fast facts
    • Personal loan ownership and interest
    • Graph 7: types of debt owned, 2022 and 2024
    • Graph 8: types of personal lenders used over time, 2022 and 2024
    • Graph 9: types of debt owned, by race and ethnicity, 2024
    • Reasons for opening a personal loan
    • Graph 10: reasons for opening a personal loan, 2024
    • Graph 11: reasons for opening a personal loan, 2024
    • Personal loan plans
    • Graph 12: % of consumers that plan on applying for a personal within the next 12 months, by generation, 2024
    • Graph 13: % of consumers that plan on applying for a personal within the next 12 months, by household income, 2024
    • Factors when choosing a personal loan
    • Graph 14: top factors when choosing a personal loan, 2024
    • Graph 15: top factors when choosing a personal loan – NET – any rank, by age, 2024
    • Personal loan behaviors and attitudes
    • Graph 16: personal loan behaviors over time, 2022 and 2024
    • Graph 17: personal loan behaviors over time, 2022 and 2024
    • Graph 18: personal loan behaviors, by financial situation, 2024
    • Graph 19: personal loan behaviors, by parental status, 2024
    • Graph 20: refinancing attitudes, by generation, 2024
    • Graph 21: openness to non-traditional lenders, by race and ethnicity, 2024
    • Graph 22: attitudes towards lenders, by generation, 2024
  4. Innovation and Marketing Trends

    • Marketing and advertising
    • Graph 23: types of personal lenders used, by generation, 2024
  5. Appendix

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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