Unsecured Loans: Price and Product Personalization Are the Name of the Game

According to the recent Q1 2024 TransUnion Report, consumers have increasingly turned to unsecured personal loans. This led to a total unsecured personal loan balance growth of 9% YoY to $245 billion in Q1 2024. Unsecured personal loans have also seen growth in the total number of consumers who hold at least one unsecured personal loan, showing an increase of 5% YoY, and 24% since Q1 2021.

So, What Does it Mean for the Lenders?

Lenders wanting to maintain their competitive advantage and capitalize on the healthy demand for unsecured loans need to be looking for ways to stand out in a crowded marketplace. Additionally, there is a need to consider pricing competition amid market volatility, rising interest rates, and increasing cost of funds.

This eBook will:

• Offer direct insights into how personalized loans are changing the way banks sell their products.

• Explain what loan personalization entails.

• Explore the fundamentals of digital loan personalization, and the tools needed to support them.