GITNUXREPORT 2025

Consumer Lending Industry Statistics

Global consumer lending market exceeds $2.4 trillion, digital and fintech growth accelerates.

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

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Statistic 1

Nearly 80% of U.S. consumers use credit cards

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About 30% of U.S. consumers have missed a loan payment in the past year

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60% of consumers prefer digital channels for applying for loans

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The percentage of consumers who preferred contactless payments increased by 60% in 2023

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65% of consumers surveyed prefer borrowing from digital platforms over traditional banks

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Approximately 35% of consumers have used peer-to-peer lending platforms in the last year

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The percentage of consumers using digital wallets for loan payments increased by 55% in 2023

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The average credit card debt per household in the U.S. is $8,400

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The approval rate for personal loans in the U.S. is approximately 65%

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The average term for a personal loan in Canada is approximately 36 months

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The average debt-to-income ratio for consumer loans in the U.S. is approximately 36%

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Approximately 25% of all personal loans in South America are issued to underbanked populations

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In the U.S., the average credit utilization ratio is around 30%, which affects loan approval chances

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The number of payday loan borrowers in the U.S. who have missed payments increased by 20% over the past year

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The total outstanding consumer debt in the U.S. reached over $16 trillion in 2023

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About 60% of Millennials have outstanding personal loans, primarily for education and travel

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Approximately 25% of U.S. consumers have used consolidation loans to manage multiple debts

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Smartphone-based lending accounts for 25% of digital lending transactions globally

Statistic 19

The global online consumer lending market is projected to grow at a CAGR of 20% through 2027

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Approximately 50% of consumer loan applications are approved through online platforms

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The use of AI in consumer lending applications increased by 35% in 2023

Statistic 22

In India, the digital consumer lending sector grew by over 40% in 2023

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70% of young adults aged 18-35 use some form of digital borrowing

Statistic 24

The share of consumers using open banking to access credit services increased by 45% in 2023

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Approximately 55% of consumers in emerging markets plan to increase their use of digital lending platforms in the next two years

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The use of alternative data in consumer lending applications increased by 50% in 2023

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The average loan approval speed via fintech platforms is approximately 15 minutes

Statistic 28

The share of digital-only banks offering consumer lending products increased to 40% in 2023

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The percentage of consumers in Japan using mobile apps for personal loans increased by 30% in 2023

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The average U.S. household debt reached $138,000 in 2023

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The average interest rate on a personal loan in the U.S. is around 9.5%

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The default rate on unsecured personal loans in the Eurozone is about 4.8%

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The average credit score required to qualify for a personal loan in the U.S. is approximately 620

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The average interest rate on auto loans in the U.S. is around 6.5%

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The average interest rate on payday loans in the U.S. is approximately 391%

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The percentage of overdue consumer loans in Europe increased from 3.2% to 4.1% between 2022 and 2023

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The average APR on short-term consumer loans in Africa is approximately 24%

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The average credit card interest rate in Australia is approximately 19%

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The global consumer lending market was valued at approximately $2.4 trillion in 2022

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Microloans constitute approximately 15% of total consumer lending in developing countries

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The average loan amount for a personal loan in the UK is £8,600

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The share of fintech companies in the consumer loan market increased from 10% in 2018 to over 35% in 2023

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Approximately 45 million Americans have active student loans, with total debt surpassing $1.75 trillion

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The market share of BNPL (Buy Now, Pay Later) services in consumer lending grew by 50% in 2023

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Approximately 15% of all consumer loans in Australia are through non-bank lenders

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The total value of mortgage loans in China surpassed $5 trillion USD in 2023

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The total value of outstanding student loans globally is projected to reach $2.3 trillion by 2025

Statistic 48

The global Buy Now, Pay Later (BNPL) market size was valued at $150 billion in 2022 and is projected to reach $340 billion by 2027

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Key Highlights

The global consumer lending market was valued at approximately $2.4 trillion in 2022
The average U.S. household debt reached $138,000 in 2023
Nearly 80% of U.S. consumers use credit cards
The average credit card debt per household in the U.S. is $8,400
Smartphone-based lending accounts for 25% of digital lending transactions globally
The approval rate for personal loans in the U.S. is approximately 65%
The average interest rate on a personal loan in the U.S. is around 9.5%
About 30% of U.S. consumers have missed a loan payment in the past year
The global online consumer lending market is projected to grow at a CAGR of 20% through 2027
Microloans constitute approximately 15% of total consumer lending in developing countries
The average loan amount for a personal loan in the UK is £8,600
Approximately 50% of consumer loan applications are approved through online platforms
The use of AI in consumer lending applications increased by 35% in 2023

The consumer lending industry is undergoing a seismic shift, with a global market valued at over $2.4 trillion in 2022, a surge in digital and fintech solutions, and changing consumer behaviors driving unprecedented growth and challenges worldwide.

Consumer Behavior and Preferences

Nearly 80% of U.S. consumers use credit cards
About 30% of U.S. consumers have missed a loan payment in the past year
60% of consumers prefer digital channels for applying for loans
The percentage of consumers who preferred contactless payments increased by 60% in 2023
65% of consumers surveyed prefer borrowing from digital platforms over traditional banks
Approximately 35% of consumers have used peer-to-peer lending platforms in the last year
The percentage of consumers using digital wallets for loan payments increased by 55% in 2023

Consumer Behavior and Preferences Interpretation

As the Consumer Lending Industry shifts towards digital dominance—marked by soaring contactless and digital wallet use, a majority favoring online borrowing, and a growing reliance on peer-to-peer platforms—it's clear that staying connected and flexible is now as essential for lenders as it is for borrowers.

Consumer Debt and Household Statistics

The average credit card debt per household in the U.S. is $8,400
The approval rate for personal loans in the U.S. is approximately 65%
The average term for a personal loan in Canada is approximately 36 months
The average debt-to-income ratio for consumer loans in the U.S. is approximately 36%
Approximately 25% of all personal loans in South America are issued to underbanked populations
In the U.S., the average credit utilization ratio is around 30%, which affects loan approval chances
The number of payday loan borrowers in the U.S. who have missed payments increased by 20% over the past year
The total outstanding consumer debt in the U.S. reached over $16 trillion in 2023
About 60% of Millennials have outstanding personal loans, primarily for education and travel
Approximately 25% of U.S. consumers have used consolidation loans to manage multiple debts

Consumer Debt and Household Statistics Interpretation

Amidst staggering $16 trillion U.S. consumer debt and average credit card balances of $8,400, a delicate balancing act unfolds—while a 65% personal loan approval rate and a 30% utilization ratio offer hope, rising missed payments and high debt-to-income ratios underscore a nation grappling with credit complexity and financial fragility.

Digital Consumer Lending and Fintech Innovations

Smartphone-based lending accounts for 25% of digital lending transactions globally
The global online consumer lending market is projected to grow at a CAGR of 20% through 2027
Approximately 50% of consumer loan applications are approved through online platforms
The use of AI in consumer lending applications increased by 35% in 2023
In India, the digital consumer lending sector grew by over 40% in 2023
70% of young adults aged 18-35 use some form of digital borrowing
The share of consumers using open banking to access credit services increased by 45% in 2023
Approximately 55% of consumers in emerging markets plan to increase their use of digital lending platforms in the next two years
The use of alternative data in consumer lending applications increased by 50% in 2023
The average loan approval speed via fintech platforms is approximately 15 minutes
The share of digital-only banks offering consumer lending products increased to 40% in 2023
The percentage of consumers in Japan using mobile apps for personal loans increased by 30% in 2023

Digital Consumer Lending and Fintech Innovations Interpretation

As digital lending surges—bolstered by AI innovations, open banking, and a burgeoning youth appetite—it's clear that the consumer credit landscape is rapidly transforming from a traditional bank-only realm into a fast, inclusive fintech frontier where approval times halve and digital wallets dominate, underscoring a future where borrowing is as effortless as swiping a smartphone.

Household Statistics

The average U.S. household debt reached $138,000 in 2023

Household Statistics Interpretation

With the average U.S. household debt soaring to $138,000 in 2023, it seems American households are juggling more financial balls than a circus performer—raising questions about sustainability and financial resilience.

Loan Types, Rates, and Performance Metrics

The average interest rate on a personal loan in the U.S. is around 9.5%
The default rate on unsecured personal loans in the Eurozone is about 4.8%
The average credit score required to qualify for a personal loan in the U.S. is approximately 620
The average interest rate on auto loans in the U.S. is around 6.5%
The average interest rate on payday loans in the U.S. is approximately 391%
The percentage of overdue consumer loans in Europe increased from 3.2% to 4.1% between 2022 and 2023
The average APR on short-term consumer loans in Africa is approximately 24%
The average credit card interest rate in Australia is approximately 19%

Loan Types, Rates, and Performance Metrics Interpretation

While U.S. auto loans cruise along at a modest 6.5% and European defaults hover under 5%, payday lenders in America are racing ahead at a staggering 391%, reminding us that the path to credit can sometimes be a perilous ride—especially as overdue loans in Europe edge upward and global markets grapple with differing risk landscapes.

Market Sizes, Shares, and Valuations

The global consumer lending market was valued at approximately $2.4 trillion in 2022
Microloans constitute approximately 15% of total consumer lending in developing countries
The average loan amount for a personal loan in the UK is £8,600
The share of fintech companies in the consumer loan market increased from 10% in 2018 to over 35% in 2023
Approximately 45 million Americans have active student loans, with total debt surpassing $1.75 trillion
The market share of BNPL (Buy Now, Pay Later) services in consumer lending grew by 50% in 2023
Approximately 15% of all consumer loans in Australia are through non-bank lenders
The total value of mortgage loans in China surpassed $5 trillion USD in 2023
The total value of outstanding student loans globally is projected to reach $2.3 trillion by 2025
The global Buy Now, Pay Later (BNPL) market size was valued at $150 billion in 2022 and is projected to reach $340 billion by 2027

Market Sizes, Shares, and Valuations Interpretation

As fintech revolutionizes consumer borrowing, evidenced by the soaring BNPL market and rising fintech shares, while traditional sectors like mortgages and student loans continue to hold staggering value—collectively, these statistics underscore a financial landscape in rapid transformation driven by innovation and mounting debt.