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.
The Important Elements of the United States Loan Market
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.
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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 forecast period. 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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