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The global personal loans market size is expected to grow from $61.32 billion in 2022 to $81.07 billion in 2023 at a compound annual growth rate (CAGR) of 32.2%.
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The peer-to-peer (P2P) lending market consists of sales of peer-to-peer lending services offered by entities (organizations, sole traders, and partnerships) that are used to connect investors wanting higher returns on their investments with verified borrowers seeking unsecured personal loans. Peer-to-peer lending (P2P) refers to a method of lending money directly to individuals or businesses without the use of an official financial institution as a middleman. P2P lending is typically done through internet platforms that connect potential borrowers with lenders.
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There are various benefits of SBA loans for new businesses, including low interest rates, flexibility in usage, lenders like financial institutions that don't interfere with how you run your business and convenient repayment. And also Borrowers might increase or decrease their EMI.
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