Last year, the personal loan market reached $138 billion, a surge of 17% year over year, according to TransUnion data, reported by CNBC. Fintech lending made up 38% of all personal loans, up from just 5% in 2013—and these companies are on the rise.
A July report published by the U.S. Department of Treasury says that more than 3,300 fintech companies started from 2010 to 2018, with investments in these startups growing rapidly. In 2017, global investments in fintech companies reached $22 billion. These companies are the main driver behind personal loan market growth.
Read More.. Source Fortune