NAICS 522291 - Consumer Lending
This U.S. industry comprises establishments primarily engaged in making unsecured cash loans to consumers.
Industry trends:
The consumer lending industry, classified under NAICS 522291, is experiencing several qualitative trends. As of the latest data, there's a significant shift towards digitalization driven by consumer demand for convenience and the necessity prompted by the COVID-19 pandemic. This involves the integration of AI and machine learning for credit scoring, fraud detection, and personalized loan offerings, enhancing the customer experience and operational efficiency.
Lenders are increasingly focusing on financial inclusion, offering products tailored to underbanked populations. This includes microloans and alternative credit models that consider non-traditional data sources to assess creditworthiness. There's also a growing emphasis on sustainability, with more institutions developing green loan products to support eco-friendly consumer behaviors.
Regulatory scrutiny remains high, with new regulations expected to enforce transparency and protect consumer rights. This will likely lead to tighter compliance requirements and possibly higher operational costs, but also enhanced consumer trust in lending institutions.
In the near future, we can expect continued growth in digital lending platforms, greater use of blockchain technology for secure, transparent transactions, and ongoing diversification of lending products to cater to a broader range of consumer needs. Economic uncertainties may influence lending practices, with a possible increase in risk aversion and stricter lending criteria among traditional financial institutions.
This industry is comprised of:
Consumer finance companies (i.e., unsecured cash loans)
Consumer lending
Finance companies (i.e., unsecured cash loans)
Loan companies (i.e., consumer, personal, small, student)
Personal credit institutions (i.e., unsecured cash loans)
Personal finance companies (i.e., unsecured cash loans)
Small loan companies (i.e., unsecured cash loans)
Student loan companies
This report includes the ability to segment your Industry by:
- Region
- Employees
- Net Sales
- Company Age
- Total Assets
- Ownership Type
With iCFO You Get
What Is iCFO?
A review and comparison of financial performance of privately-help companies in specified SIC/NAICS industry segment, using industry standard benchmarks.
Sound Business Analysis
Answers come easily with iCFO. Review ROI, sales per employee, profit margins of the top 10%, top 25% and more, to identify areas of concern and opportunity. Examine what if scenarios and P&L impact of reducing costs or adding revenue.
Your Business’ Health In Minutes
It takes only five minutes to enter your data and produce a concise profile of your company’s fiscal state, including critical business ratios focusing on liquidity, profitability, asset efficiency, and growth.