US Personal Loans Market Report 2022
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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
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