Marketplace Lending (Consumer) - Peru

Total transaction value in the MarketMarketplace Lending (Consumer) market market is forecasted to hit US$548.10k in Peru by 2024.
When compared globally, the United States leads with a transaction value of US$28bn in 2024.
Key Market Indicators offer a glimpse into the social and economic landscape of Peru, shedding light on market-specific trends.
These indicators, supported by data from statistical offices, trade associations, and companies, underpin the Statista market models.
In Peru, the Marketplace Lending sector for consumer capital raising is experiencing a surge in peer-to-peer lending platforms, revolutionizing traditional borrowing methods.

Definition:

Marketplace Lending platforms offer private users the option to place requests for loans in an online marketplace to find private investors who would invest at an appropriate interest rate. These services apply a credit score and list the financial requests by intended purpose before fixing a lending rate. One or more investors can then serve the credit request. Although banks act in cooperation with the platform providers, the lending is done, in principle, without direct exposure, risk audits or the formal requirements normally associated with credit lending. This is attractive for many users because the processes are expedited, there is less demand when it comes of the borrower’s creditworthiness and the conditions are often more flexible than with traditional bank loans. Users are defined in this case as active borrowers on an online platform; applicants or investors who are only partially recorded as users are not included. The amount of outstanding, short-term installments or consumer loans recognized during the applicable year is used here as a benchmark.

Additional Information:

Key players in the market are Lending Club, Zopa, Auxmoney and Prosper.

Online marketplace for personal loan applications and private investors
Peer-to-Peer loans with interest rates depending on internal credit scoring of the platform provider

Online comparison websites for bank loans
Traditional bank loans
Loans for business purposes (see Crowdlending)

The Marketplace Lending (Consumer) market in Peru has been experiencing significant growth in recent years.

Customer preferences: Peruvian consumers have shown a growing interest in alternative lending options, such as marketplace lending platforms. This can be attributed to several factors, including the convenience and accessibility offered by these platforms. Marketplace lending allows borrowers to access funds quickly and easily, often with lower interest rates compared to traditional banks. Additionally, these platforms often offer more flexible lending criteria, making it easier for individuals with limited credit history to access financing.

Trends in the market: One of the key trends in the marketplace lending market in Peru is the increasing number of platforms entering the market. As the demand for alternative lending options grows, more companies are recognizing the opportunity and launching their own platforms. This has led to increased competition in the market, which benefits borrowers as they have more options to choose from. Another trend in the market is the expansion of marketplace lending into new sectors. While the market initially focused on personal loans, we are now seeing platforms offering loans for specific purposes, such as education or small business financing. This diversification of loan offerings allows borrowers to find financing options that are tailored to their specific needs.

Local special circumstances: Peru has a large unbanked population, with a significant portion of the population lacking access to traditional banking services. This presents a unique opportunity for marketplace lending platforms to fill the gap and provide financial services to those who have been excluded from the traditional banking system. The convenience and accessibility of these platforms make them particularly appealing to the unbanked population.

Underlying macroeconomic factors: Peru has experienced steady economic growth in recent years, which has contributed to the expansion of the marketplace lending market. As the economy grows, individuals and businesses have a greater need for financing, and marketplace lending platforms are able to meet this demand. Additionally, the government has implemented policies to promote financial inclusion, which has created a supportive environment for the growth of marketplace lending. In conclusion, the Marketplace Lending (Consumer) market in Peru has been growing rapidly due to customer preferences for convenient and accessible lending options, as well as the expansion of marketplace lending into new sectors. The country's large unbanked population and favorable macroeconomic factors have also contributed to the growth of the market. As the market continues to evolve, we can expect to see further innovation and competition in the marketplace lending space in Peru.

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Crowdfunding is the collective effort of a large number of individuals who network and pool small amounts of capital to finance a new or existing business venture. Each campaign is set for a goal amount of money and a fixed timeframe, each day is counted down and the money raised will be tallied up for visitors to follow its success. The size of the global crowdfunding market is growing and the largest markets are North America and Asia.