The personal loan market has grown and is poised to grow even more. Financial institutions can acquire more of those loans and serve a unique customer need by building a strategy to create and market the right personal loan product to the right customers.
The first step, however, is to understand the current state of personal loans, including:
- How do people use personal loans?
- What is the average personal loan balance?
- What is the average credit score of personal loan borrowers?