Global Instant Loan Application Market

Global Instant Loan Application Market Size, Share, Growth Analysis, By End-Users(Commercial, Personal), By Deployment Type(Cloud, On-Premise) - Industry Forecast 2023-2030


Report ID: SQMIG40D2018 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 61 | Figures: 75

Global Instant Loan Application Market Insights

Instant Loan Application Market size was valued at USD 3.36 billion in 2021 and is poised to grow from USD 3.7 billion in 2022 to USD 8.79 billion by 2030, growing at a CAGR of 10.1% in the forecast period (2023-2030).

Instant loans or quick loans are those loans that require less to minimal documentation and are approved quickly without any need for collateral. In comparison to traditional bank loans, the process is simple and convenient. Personal loans and quick loans are other terms for instant loans. You can apply for a personal loan online without having to visit a bank or fill out lengthy forms. It saves both the lenders' and the borrowers' time.

Instant loan apps work as simply app-based loans providing services that can obtained by downloading from the Google Play or Apple app stores in smartphones. Customers can sign up for the app using SSO features. The loan amount can vary and depends on the instant loan provider agencies or companies available in the market. The loan term can range from 180 days to 5 years. For digital disbursements, customers can submit the necessary documents using their smartphones. 

AI, machine learning, and blockchain are among the emerging technologies that are expected to enhance the adoption of instant loan applications and open up new growth opportunities. Integrating these technologies allows for a simple, quick, and transparent loan-raising process. AI and machine learning-based algorithms can process loan applications in a few seconds, making the approval process truly scalable. Furthermore, by eliminating intermediaries or middlemen from the lending process, the blockchain-based lending platform establishes a direct relationship between lenders and borrowers.

US Instant Loan Application Market Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 3.36 billion

Largest Segment

On-Premise

Fastest Growth

On-Premise

Growth Rate

10.1% CAGR

Global Instant Loan Application Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Instant Loan Application Market Size By Deployment Type 2022-2028 ($ Bn)
Global Instant Loan Application Market Size By Deployment Type 2022-2028 (%)

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Global Instant Loan Application Market Segmental Analysis

The global instant loan market is segmented based on end-user, deployment type, and region. Based on the end-user, the market is segmented into commercial and personal. Based on deployment type, the market is segmented into on-premise, cloud-based. Based on region the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Instant Loan Application Market Analysis by Deployment Type

In the global instant loan application market. On-premise led the market, accounting for more than 41% of global revenue in 2022. In response to the increasing number of data breaches and cyberattacks, financial institutions are opting for on-premise digital lending platforms as part of their efforts to eliminate cyber risks. This is because on-premise platforms give businesses complete control over their data and the ability to decide on system changes and upgrades. The on-premise deployment also lowers the total cost of ownership because there are no monthly or annual subscription fees. However, the fact that on-premise solutions take longer to implement than cloud solutions can potentially stifle the segment's growth.

Global Instant Loan Application Market By Deployment Type, 2021 (%), 2021 (%)

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Global Instant Loan Application Market Regional Insights

In the global instant loan application market, North America led the market, accounting for more than 51% of global revenue in 2022. The presence of major digital lending providers in North American countries is expected to drive regional market growth. The region has also been an early adopter of cutting-edge technologies. As a result, demand for digital, end-to-end financial solutions in North America has always been high. A large mobile workforce in the region is prompting financial institutions to digitalize their services and improve customer experience. As a result, financial institutions in the region are attempting to differentiate themselves from their competitors by introducing innovative digital offerings as part of their efforts to gain a competitive advantage.

During the forecast period, Asia Pacific is expected to grow the fastest. The increasing number of fintech companies in the region can be attributed to the region's growth. Smartphone proliferation and rising internet penetration rate also bode well for regional market growth. Furthermore, the growing adoption of open banking in countries such as India and China is opening up new opportunities for market growth.

Global Instant Loan Application Market By Geography, 2022-2028, 2023-2030
  • Largest
  • Fastest

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Global Instant Loan Application Market Dynamics

Instant Loan Application Market Drivers

Digitalization and Instant Availability of Funds to Create Market Opportunities

  • The increased use of smartphones around the world has increased the demand for instant loan solutions that allow for faster and more convenient loan processing from anywhere. Instant loan application providers are being forced to improve their offerings to meet customer expectations. Digitalization assists in the automation of processes, the reduction of lending process costs, and the reduction of customer access time.
  • The advantages provided by instant loan application, such as improved loan optimization, faster decision making, compliance with rules and regulations, and improved company efficiency are expected to drive market growth. Traditional lending systems relied on human involvement and physical interactions at every stage, which increased processing time and the possibility of human error. However, digital lending platforms allow banks to automate their entire loan process, improving customer experience. These factors are expected to accelerate the market demand for instant loan applications over the forecast period.

Instant Loan Application Market Restraint

Deceptive Advertisements and Use of Unethical Marketing Gimmicks by Players to Create Market Challenges

  • The growing use of digital lending platforms requires the transmission of sensitive and personal financial information over the internet. This information transfer has raised concerns about data security among users that use digital lending. Simultaneously, digital lending providers are expected to follow data protection laws enacted by regulatory bodies to protect customer data from data breaches. The European General Data Protection Regulation (GDPR) guidelines, which include standards for protecting customer data, are expected to be followed by digital lending solution providers in Europe.
  • The global countries continue to rely on telecom infrastructure that is incapable of providing low latency and high-capacity connectivity. Poor internet speed can lead to a bad customer experience. Because all of the services provided by instant loans are provided online, a slow connection will result in a lower quality of service. The lack of high-speed internet makes implementing digital lending solutions extremely difficult. Despite the long approval delays, organizations in these countries rely more on offline lending options because face-to-face interactions provide better understanding and customer experience.

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Global Instant Loan Application Market Competitive Landscape

Major market players are pursuing strategies such as new product launches, mutual agreements, and product upgrades, among others, to strengthen their market position. For instance, In January 2022, Paytm announced a partnership with Fullerton India, a non-banking financial company. Through this collaboration, the former company is aiming to expand digital lending to micro, small, and medium enterprises, as well as consumers in India's smaller towns and cities.

The market has a moderate level of fragmentation. Key players are also aggressively investing in R&D activities to further develop and expand the capabilities of the solutions they provide. Companies are working to incorporate advanced technologies such as machine learning and blockchain technology into digital lending platforms. Market incumbents are also concentrating on maintaining and expanding support for their existing solutions while investing in strategic applications that incorporate the most recent innovations.

Instant Loan Application Market Top Player's Company Profiles

  • Fintech
  • LendingClub Corporation
  • OnDeck Capital Inc.
  • Kabbage Inc.
  • Avant Inc.
  • CAN Capital Inc.
  • SoFi Inc.
  • Prosper Marketplace Inc.
  • ZestFinance Inc.
  • Wonga Group Ltd.
  • Affirm Inc.
  • GreenSky LLC 
  • Funding Circle Holdings Plc
  • Square Capital LLC
  • Upgrade Inc.
  • BlueVine Capital Inc.
  • Earnest Inc.
  • Peerform Inc.
  • Marlette Funding LLC
  • Social Finance Inc.

Instant Loan Application Market Recent Development

  • In June 2022, CASHe, a personal loan and financial wellness platform based in India, announced the launch of a Whatsapp-enabled credit line service for customers seeking instant credit lines. In an "industry-first" offering, the platform will use the AI-driven Whatsapp Business interface to interact with users seeking instant loans, requiring them to only type in their names.

     

  • In March 2022, Figure Lending LLC and Apollo completed a transaction using blockchain technology to transfer ownership and digital mortgage loans. This secure and streamlined mortgage loan registry is expected to improve the mortgage industry's transparency and efficiency.

Global Instant Loan Application Key Market Trends

  • Impact of COVID-19: The COVID-19 pandemic had a positive impact on the instant loan application market. In the aftermath of the pandemic, credit unions and banks are enhancing their digital banking offerings in particular to better meet the needs of their customers. 
  • Increase in use of digital channels: During the COVID-19 pandemic, banks have increasingly begun to use digital channels for lending loans through the Paycheck Protection Program. In the United States, the Paycheck Protection Program provides funds to small businesses for up to 8 weeks. Based on our in-depth study, we discovered that 82% of businesses in the United States apply for PPP loans online rather than through traditional channels during COVID-19.

Global Instant Loan Application Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to the global instant loan application market report analysis, with the increased penetration of smartphones and internet users worldwide, instant loan app-based services have seen significant growth in recent years. As it provides instant affordability for applications, the instant loan application is regarded as one of the most convenient and widely used options for lenders. In recent years, many businesses and individuals have begun to fill out loan applications online rather than going through the time-consuming lending process.

 

Report Metric Details
Market size value in 2021 USD 3.36 billion
Market size value in 2030 USD 8.79 billion
Growth Rate 10.1%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • End-Users
    • Commercial, Personal
  • Deployment Type
    • Cloud, On-Premise
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Fintech
  • LendingClub Corporation
  • OnDeck Capital Inc.
  • Kabbage Inc.
  • Avant Inc.
  • CAN Capital Inc.
  • SoFi Inc.
  • Prosper Marketplace Inc.
  • ZestFinance Inc.
  • Wonga Group Ltd.
  • Affirm Inc.
  • GreenSky LLC 
  • Funding Circle Holdings Plc
  • Square Capital LLC
  • Upgrade Inc.
  • BlueVine Capital Inc.
  • Earnest Inc.
  • Peerform Inc.
  • Marlette Funding LLC
  • Social Finance Inc.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Instant Loan Application Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Instant Loan Application Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Instant Loan Application Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Instant Loan Application Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Instant Loan Application Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Instant Loan Application Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Instant Loan Application Market size was valued at USD 3.36 billion in 2021 and is poised to grow from USD 3.7 billion in 2022 to USD 8.79 billion by 2030, growing at a CAGR of 10.1% in the forecast period (2023-2030).

Major market players are pursuing strategies such as new product launches, mutual agreements, and product upgrades, among others, to strengthen their market position. For instance, In January 2022, Paytm announced a partnership with Fullerton India, a non-banking financial company. Through this collaboration, the former company is aiming to expand digital lending to micro, small, and medium enterprises, as well as consumers in India's smaller towns and cities. 'Fintech', 'LendingClub Corporation', 'OnDeck Capital Inc.', 'Kabbage Inc.', 'Avant Inc.', 'CAN Capital Inc.', 'SoFi Inc.', 'Prosper Marketplace Inc.', 'ZestFinance Inc.', 'Wonga Group Ltd.', 'Affirm Inc.', 'GreenSky LLC ', 'Funding Circle Holdings Plc', 'Square Capital LLC', 'Upgrade Inc.', 'BlueVine Capital Inc.', 'Earnest Inc.', 'Peerform Inc.', 'Marlette Funding LLC', 'Social Finance Inc.'

The increased use of smartphones around the world has increased the demand for instant loan solutions that allow for faster and more convenient loan processing from anywhere. Instant loan application providers are being forced to improve their offerings to meet customer expectations. Digitalization assists in the automation of processes, the reduction of lending process costs, and the reduction of customer access time.

Impact of COVID-19: The COVID-19 pandemic had a positive impact on the instant loan application market. In the aftermath of the pandemic, credit unions and banks are enhancing their digital banking offerings in particular to better meet the needs of their customers. 

In the global instant loan application market, North America led the market, accounting for more than 51% of global revenue in 2022. The presence of major digital lending providers in North American countries is expected to drive regional market growth. The region has also been an early adopter of cutting-edge technologies. As a result, demand for digital, end-to-end financial solutions in North America has always been high. A large mobile workforce in the region is prompting financial institutions to digitalize their services and improve customer experience. As a result, financial institutions in the region are attempting to differentiate themselves from their competitors by introducing innovative digital offerings as part of their efforts to gain a competitive advantage.

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