According to the Market Statsville Group (MSG), the size of the digital lending market in Florida is expected to grow from USD 5.2 billion in 2021 to USD 18.1 billion by 2030, growing at a CAGR of 16.9% from 2022 to 2030. Consistent credit approval process, secure and privacy features, less time-consuming, and instant decision-making options are some of the major advantages of digital lending solutions and services in the market. Many lenders determine a borrower’s creditworthiness based on scores from the Fair Isaac Corporation (FICO) in Florida. Also, FICO scores go by different names in each of the three major US credit reporting companies, namely Experian, Equifax, and TransUnion.
In Florida, customers are increasingly requesting short-term and long-term loans for their personal and business needs. Additionally, a massive increase in internet usage among individuals and easier access to loans from lending companies are driving the growth of government digital lending solutions. However, lending institutions charge a high rate of interest for various loan amounts, which is the main factor hindering the growth of the market.
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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 many advantages over the traditional lending process, individuals and businesses are opting for digital lending services.
Florida Digital Lending Market Dynamics
Drivers: Increased Need and Adoption of Digital Lending Solutions in the State
In Florida, consumers are increasingly asking for short-term and long-term loans for their personal and business needs. Additionally, the massive increase in internet usage among individuals and easier access to loans available through online applications are driving the growth of digital lending solutions in the state. Moreover, digital lending services allow consumers to change their lifestyle and standard of living by helping them financially. Also, an increase in government initiatives for digital lending and an increase in the number of consumers taking out loans from digital lenders to establish their own business and increase their standard of living, which is propelling the growth of the market.
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Constraints: high interest on small amounts and shorter repayment terms provided by lenders
Lending institutions charge a high rate of interest for different loan amounts, which is the main factor hindering the growth of the market. Also, loan companies mainly focus on increasing their revenue due to which their repayment term is short for sanctioned loan amount. In addition, credit institutions borrow large sums of money from various banks and other institutes. Interest rates charged on loan amounts are generally high, which limits the growth of the digital loan market in Florida.
Florida Digital Lending Market Segmentation
The study categorizes the digital loan market based on loan type, provider type, loan amount, and end users.
Outlook by Loan Type (Sales/Revenue, USD Million, 2017-2030)
Payday loans
Personal loans
SME Focused Loans
By Vendor Type Outlook (Sales/Revenue, USD Million, 2017-2030)
Banks
credit unions
FinTech Institutions
Others
By Loan Size Outlook (Sales/Revenue, USD Million, 2017-2030)
Less than $500
$500 to $4,999
$5,000 to $10,000
Over 10,000
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By End User Outlook (Sales/Revenue, USD Million, 2017-2030)
People
Contractors
SME
Personal loans segment expected to account for largest market share, by loan type
On the basis of loan type, the Florida digital loan market is segmented into payday loans, personal loans, and SME loans. In 2021, the personal loan segment accounted for the largest market share of 50.1% in the digital loan market in Florida. A personal loan is a lump sum of money that an individual borrows from a bank, credit union, online lender, financial institution, and others.
Personal loans allow users to make smarter financial decisions by highlighting spending trends, helping manage debt repayment, and tracking financial goals. Additionally, individuals are resorting to personal loans to easily manage emergency financial crises, enabling efficient planning and management of monetary cash inflows and outflows, thus driving the adoption of digital lending services in this segment. Additionally, following 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 highest percentage of personal loans compared to Colorado and New York States.
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Key Market Players in Florida Digital Lending Market
The main competitors in the digital loan market in Florida are:
Ally Financial Inc.
Credible
Florida Credit Union
LendingPoint LLC
Federal Naval Credit Union
Social Finance, Inc.
Suncoast Credit Union
TD Bank, North America
VyStar Credit Union
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