United States Loan Market To Be Dominated By Personal Loan During Forecasted Period
Increasing digitalization leading
to ease of availing loans is fueling the growth of the loan market across the
US through 2028.
According to
TechSci Research report, “United States Loan Market – By Region,
Competition Forecast & Opportunities, 2018-2028F,” the United States loan market is
anticipated to project robust growth in the forecast period due to attractive marketing
strategies, low-interest rates, increasing online portals, and increasing
support from chatbots.
A loan is a type of debt that
a person or other entity bears. The lender advances the borrower a certain
amount of money, typically on behalf of a business, financial institution, or
government. The borrower accepts a specific set of terms in return, which may
include any economic costs, interest, a repayment schedule, and other
requirements. Loans are granted for various purposes, such as large purchases,
investments, renovations, debt consolidation, and company ventures.
Additionally, loans assist already-established businesses in growing. Through
lending to new enterprises, loans promote economic growth by expanding the
total amount of money in circulation.
There are many different
types of loans. The prices related to them, and their contractual terms can
vary depending on various factors. A secured loan is one that a financial
institution grants with the use of an asset as security or collateral. For
instance, users may use their property, gold, etc., to obtain a loan for the
asset value. When a loan is secured, the lending bank or financial institution
will keep the asset's ownership deed until the loan is repaid. Some examples of
secured loans are mortgage loans, housing loans, auto loans, gold loans, life
insurance loans, etc.
Unsecured loans, as the name
implies, are not backed by valuable assets like gold, real estate, etc. These
loans carry a higher interest rate since they pose a greater risk to the
lender. When a lender approves an unsecured loan, he does so after examining
finances and determining whether one can pay back the loan. Some examples of
unsecured loans are personal, education, agricultural, home improvement,
consumer durable, etc.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "United States Loan Market."
A secured loan typically has
a more generous contract than an unsecured loan and is simpler to get. The
payback terms are frequently more prolonged, the interest rates are lower, and
the borrowing amounts are more significant. These indications suggest that a
borrower will benefit more from a secured loan.
Since they carry less risk
when disbursed, secured loans are always preferred over unsecured loans by
lenders. There is some certainty in the lender's view because borrowers must
use an asset as collateral to get a secured loan. The lender is guaranteed to
get the money that was loaned, and even if he doesn't, the asset can be
utilized to compensate for the loss of the loaned money.
The
United States Loan Market is segmented based on type, provider type, interest
rate, tenure period, region, and competitional landscape. Based on type, the
market is further fragmented into secured and unsecured loans. Based on
provider type, the market is segmented into banks, non-banking financial
companies, and others (fintech companies). Based on interest rates, the market
is segmented into fixed and floating. The market is segmented based on the
tenure period into less than five years, 5-10 years, 11-20 years, and more than
20 years. Based on region, the market is divided into South, West, Midwest, and
Northeast.
Key market players in the
United States Loan Market include:
- Bank of America Corporation
- JPMorgan Chase & Co.
- Citigroup, Inc.
- Wells Fargo & Co.
- U.S. Bancorp
- PNC Financial Services Group, Inc.
- American Express Company
- Ally Financial Inc.
- Truist Financial Corporation
- Goldman Sachs & Co. LLC.
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"Increasing
support from online portals and usage of chatbots with AI features is a
significant trend expected to impact growth over the forecastperiod.
Low-interest rates, an increasing number of potential loan buyers, and
attractive marketing strategies are the leading factors that will positively
impact the United States Loan Market. Due to the wide range of loans available
to meet the specific needs of customers and the growing popularity of the
internet channel, the market is growing.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“United
States Loan Market By Type (Secured Loan and Unsecured Loan), By Provider
Type (Bank, Non-Banking Financial Companies and Others (Fintech Companies)), By
Interest Rate (Fixed and Floating), By Tenure Period (Less than 5 Years, 5-10
Years, 11-20 Years, More than 20 Years), By Region, Competition, Forecast &
Opportunities, 2028F,” has evaluated the future growth potential of loan
products and provides statistics and information on
market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision-makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
present in the US Loan Market.
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