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

Table of Contents

  1. Executive summary

    • Key issues covered in this Report
    • Consumer trends: key takeaways
    • Graph 1: types of debt owned, by financial situation, 2024
    • Graph 2: openness towards fintech lenders, by new Canadians and race, 2024
    • Opportunities
  2. Consumer Insights

    • Consumer fast facts
    • Types of debt owned
    • Graph 3: types of debt owned over time, 2021 and 2024
    • Graph 4: personal loan usage, by new Canadians, 2024
    • Drivers for opening current personal loan
    • Graph 5: reasons for opening current personal loan, 2024
    • Graph 6: reasons for opening current personal loan, by financial situation, 2024
    • Most important factors when choosing a personal loan
    • Graph 7: top factors when choosing a personal loan – NET – any rank, 2024
    • Graph 8: top factors when choosing a personal loan – NET – any rank, by generation, 2024
    • Graph 9: top factors when choosing a personal loan – NET – any rank, by household income, 2024
    • Behaviors and attitudes towards loans
    • Graph 10: personal loan behaviors, by household income, 2024
    • Graph 11: personal loan behaviors, by generation, 2024
    • Graph 12: personal loan repayment behaviors, by new Canadians and financial situation, 2024
    • Graph 13: personal loan repayment behaviors, by generation, 2024
    • Graph 14: loyalty towards lenders, by generation, 2024
  3. Competitive strategies

    • Marketing and advertising
  4. The Market

    • Market drivers
    • Graph 15: distribution of foreign-born population by region of birth, 1996-2036 (projected)
  5. Appendix

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