This report provides comprehensive and current information and analysis of the personal loans market including personal loans market size, anticipated market forecast, relevant market segmentation, and industry trends for the personal loans market in the US.
In an environment of rising debt levels, the affordability of financial commitments and manageability of budgets are paramount. Rationally, consumers respond to this mandate for responsible debt management by ranking interest rates as far and away the most important factor to be considered when evaluating personal loans. However, despite this acknowledgment of the superior significance of interest rates, only one in three personal loan customers compared rates from multiple lenders before selecting their personal loan. This gap between awareness of the impact of high interest rates and the willingness to scour the marketplace may shrink as rising rates intensify the penalty for missed payments.
The greatest driver of change in the personal loans market will doubtlessly be consumer reaction to the current inflationary climate. The Federal Reserve has continually increased the federal funds rate throughout 2022 in an effort to fight persistent inflation, causing consumers to feel the impact of rising interest rates on their variable-rate loans, including credit card APRs. In addition to the challenge that inflation poses to the affordability of daily purchases, this has worsened the penalty for missing payments on existing debt.
This presents the personal loan market with a sizeable opportunity, as more consumers are turning to personal loans both to meet short-term payment needs and to refinance their existing debt. However, reluctance to assume further debt may cause consumers to be hesitant to pursue large projects like home renovations or vacation planning due to the disadvantageous current rate environment.
Read on to discover more about the personal loans consumer market, read our US Credit Card Benefits Market Report 2022, or take a look at our other Financial Services research reports.
Brands include: SoFi, NetCredit, Upstart, American Express, Citibank, Chase.
This report, written by Patrick Rahlfs, a leading analyst in the Finance sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The personal loan market is on the precipice of burgeoning consumer consideration with rising inflation and interest rates driving debt levels higher and necessitating solutions to managing regular expenses and existing debt.
Patrick Rahlfs
Senior Research Analyst
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
Access high-quality market research with every purchase of Mintel’s consumer reports. Here’s what else is included in your report purchase:
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more£ 5,000 – £ 21,600
Mintel’s 2024-25 Global Outlook on Sustainability: A Consumer Study is designed to help you understand what brands and companies should prioritise in order to educate consumers and ensure...
Find out more£ 3,695
Those who stand out in the BNPL space will be the ones able to own the customer relationship across shopping, payments, and banking touchpoints. Amr Hamdi, Finance Analyst ...
Find out more£ 3,695
“Although recent rates hikes have stressed many mortgage owners, the long-term outlook for housing remains strong. But a market correction is taking place as overheated housing markets cool...
Find out more£ 3,695
Lenders must adapt their strategies to align with the evolving needs and preferences of borrowers, all while operating in an increasingly competitive market.Amr Hamdi, Finance Analyst ...
Find out more£ 3,695
Personal lenders must adapt to meet the changing preferences of borrowers while navigating an increasingly competitive landscape. Amr Hamdi, Finance Analyst ...
Find out more£ 3,695
"Consumers are changing the way they approach home purchasing, leaning more on digital tools to streamline the search process and looking to intrapersonal and digital sources to find...
Find out more
One of the biggest challenges we face is the need to get smart on a business or category real quick.
We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.
We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.
At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.
We’ve found it so useful working more closely with Mintel. They helped support our recent flagship event for our top suppliers by providing a really unique viewpoint on the future of online retailing.
Nick Carroll from their Retail Team was also an excellent panelist, sharing useful and actionable consumer insights. We definitely look forward to working with Mintel again on future projects.
We have such a great working relationship with Mintel on lots of different levels. As an insight partner, they have helped us to develop our business planning in specific categories as well as supporting our creative process but they’ve also been super helpful with facilitating our events in their inspirational offices near St Paul’s.
They’re an innovative company, with a client-focused team that always delivers.
We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.
By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.
For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more
