According to the Market Statsville Group (MSG), the Florida digital lending market size is estimated to grow from USD 5.2 billion in 2021 to USD 18.1 billion by 2030, at a CAGR of 16.9% from 2022 to 2030. The consistent credit approval process, secured & privacy features, less time consuming, and instant decision-making options are some of the major benefits of digital lending solutions & services in the market. Several lenders determine a borrower’s creditworthiness based on the Fair Isaac Corporation (FICO) scores in Florida. Also, FICO scores have different names at each of the three major U.S. credit reporting companies, namely Experian, Equifax, and TransUnion.
In Florida, customers are increasingly demanding short-term & long-term loans for personal & business needs. Moreover, a massive rise in internet usage among individuals and easier access to loans from lending firms are promoting the state’s growth of digital lending solutions. However, lending institutions charge a high-interest rate for various loan amounts, which is the major factor that hampers the market’s growth.
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Digital Lending Market Definition
Digital lending involves offering loans online and allows borrowers to apply for loans using laptops or smartphones over the internet. With numerous benefits over the traditional lending process, individuals & businesses are opting for digital loans services.
Florida Digital Lending Market Dynamics
Drivers: Rise in need & adoption of digital lending solutions in the state
In Florida, consumers are increasingly demanding short-term & long-term loans for personal & business needs. Moreover, the massive rise in internet usage among individuals & easier access to avail loans via online applications are promoting the state’s growth of digital lending solutions. Furthermore, digital lending services enhance consumers with changing their lifestyles & standard of living by helping them financially. In addition, a surge in government initiatives for digital lending and a rise in consumers taking loans from digital lenders for setting their own business and to raise their standard of living, which propels the growth of the market.
Restraints: High interest on small amounts & shorter repayment time provided by lenders
Lending institutions charge a high-interest rate for different loan amounts, which is the major factor that hampers the market’s growth. In addition, lending companies majorly focus on increasing their revenue, owing to which their repayment time is short for a sanctioned loan amount. Moreover, lending institutions borrow large amounts of money from various banks and other institutes. The interest rates charged on loan amounts are usually high, which limits the Florida digital lending market growth.
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Florida Digital Lending Market Segmentation
The study categorizes the digital lending market based on the loan type, provider type, loan amount, and end-users.
By Loan Type Outlook (Sales/Revenue, USD Million, 2017–2030)
- Payday Loans
- Personal Loans
- SME-focused Loans
By Provider Type Outlook (Sales/Revenue, USD Million, 2017–2030)
- Credit Unions
- FinTech Institutions
By Loan Amount Outlook (Sales/Revenue, USD Million, 2017–2030)
- Less than USD 500
- USD 500-USD4,999
- USD 5000-USD10,000
- More than 10,000
By End-Users Outlook (Sales/Revenue, USD Million, 2017–2030)
The personal loans segment is projected to account for the largest market share, by loan type
On the basis of loan type, the Florida digital lending market is segmented into payday loans, personal Loans, and SME-focused loans. In 2021, the personal loans segment accounted for the largest market share of 50.1% in the Florida digital lending market. A personal loan is a lump sum amount of money that an individual borrows from a bank, credit union, online lender, financial institution, and others.
Personal loans allow users to make smarter money decisions by highlighting spending trends, helping to manage debt repayment, and tracking financial goals. Furthermore, individuals avail personal loans to manage emergency financial crises easily, enabling effective planning and management of the inflow & outflow of monetary funds, thereby driving the adoption of digital lending services in this segment. Furthermore, in the wake of the COVID-19 pandemic, in May 2020, a study conducted by TransUnion, an American consumer credit reporting agency, reported that Florida had 10.35%, which is the largest percentage of personal loans in comparison to Colorado and New York states.
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Key Market Players in the Florida Digital Lending Market
Major competitors in the Florida Digital Lending Market are:
- Ally Financial Inc.
- Florida Credit Union
- LendingPoint LLC
- Navy Federal Credit Union
- Social Finance, Inc.
- Suncoast Credit Union
- TD Bank, N.A.
- VyStar Credit Union
- WELLS FARGO
These players have been adopting various strategies to gain higher shares or to retain leading positions in the market. Product launch, agreement, and partnership are the most adopted strategies by these players. Top winning strategies are analyzed by performing a thorough study of leading players in the Florida digital lending market. A comprehensive analysis of the recent developments and growth curves of various companies helps understand growth strategies adopted by them and their potential effect on the market.
- In April 2021, Florida Credit Union agreed with CUSO Financial Services, L.P., which is a full-service broker-dealer & subsidiary of Atria Wealth Solutions. The agreement aimed to oversee & develop investment services program, and to deliver a customizable investment products and services in the market.
- In September 2020, Ally Lending, one of the business operations segments of Ally Financial Inc. entered into a partnership with Sezzle, a leading U.S.-based installment payments platform provider. In addition, this partnership aims at enhancing customer financing offerings and making it possible for consumers to manage their finances better digitally.
- In August 2020, LendingPoint LLC announced a partnership with eBay, a global commerce leader company, to provide opportunities for individuals & businesses to obtain financing, providing eligible sellers with a fast, flexible, and transparent funding experience.
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