Digital lending is the process of offering loans, in which lenders use digitized data to inform credit decisions and build intelligent customer engagement. In addition, digitalization allows consumers to register loan requirements online from their smartphones, fill loan applications, and upload the required documents within a few minutes. Digital lending applications swiftly approve customers for a loan and have comparatively lower operating costs due to automated processes.
The ease of applying loans and numerous other benefits for lenders such as automated loan management & rapid approval, are shifting their attention toward digital lending, which is therefore driving the market growth. In Florida, consumers are increasingly demanding short-term & long-terms loans for personal & business needs. Moreover, massive rise in internet usage among individuals and easier access to avail loans from lending firms are promoting the growth of digital lending solutions in the state. However, lending institutions charge high interest rate for various different loan amounts, which is the major factor that hampers the growth of the market.
On the contrary, major players of the market are introducing new technology to upsurge their market share and to provide customers with enhanced experience, which is expected to provide lucrative opportunity for the Florida digital lending market.
The Florida digital lending market is segmented on the basis of loan type, provider type, loan amount, and end user. Based on loan type, the market is bifurcated into payday loans, personal loans, and SME-focused loans. In termss of provider type, it is segmented into banks, credit unions, fintech institutions, and others. By loan amount, it is segregated into less than USD 500, USD 500-USD 4,999, USD 5000-USD 10,000, and more than 10,000. On the basis of end user, it is segmented into individuals, entrepreneurs, and SMEs.
The report analyses the profiles of Key players operating in the market including Ally Financial Inc., Credible, Florida Credit Union, LendingPoint LLC, Navy Federal Credit Union, Social Finance, Inc., Suncoast Credit Union, TD Bank, N.A., VyStar Credit Union, and WELLS FARGO. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits for Stakeholders
- The study provides in-depth analysis of the Florida digital lending market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the Florida digital lending market from 2020 to 2027 is provided to determine the market potential.
Key Market Segments
By Loan Type
- Payday Loans
- Personal Loans
- SME-focused Loans
By Provider Type
- Banks
- Credit Unions
- FinTech Institutions
- Others
By Loan Amount
- Less than USD 500
- USD 500-USD4,999
- USD 5000-USD10,000
- More than 10,000
By End User
- Individuals
- Entrepreneurs
- SMEs
Key market players
- Ally Financial Inc.
- Credible
- Florida Credit Union
- LendingPoint LLC
- Navy Federal Credit Union
- Social Finance, Inc.
- Suncoast Credit Union
- TD Bank, N.A.
- VyStar Credit Union
- WELLS FARGO
Table of Contents
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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