NAICS Code 522291-08 - Loans-Personal

Marketing Level - NAICS 8-Digit

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NAICS CODE 522291-08
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NAICS Code 522291-08 Description (8-Digit)

Loans-Personal is a subdivision of the Consumer Lending industry that involves the lending of money to individuals for personal use. This type of loan is typically unsecured, meaning that it does not require collateral, and is based on the borrower's creditworthiness. Personal loans can be used for a variety of purposes, such as debt consolidation, home improvements, medical expenses, or unexpected emergencies. The terms of the loan, including the interest rate and repayment period, are determined by the lender based on the borrower's credit score, income, and other factors.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 522291 page

Tools

Tools commonly used in the Loans-Personal industry for day-to-day tasks and operations.

  • Loan origination software
  • Credit scoring models
  • Loan servicing software
  • Debt management software
  • Electronic signature software
  • Loan management software
  • Loan underwriting software
  • Loan pricing software
  • Risk management software
  • Loan analytics software

Industry Examples of Loans-Personal

Common products and services typical of NAICS Code 522291-08, illustrating the main business activities and contributions to the market.

  • Debt consolidation
  • Home improvement
  • Medical expenses
  • Wedding expenses
  • Travel expenses
  • Education expenses
  • Car repairs
  • Moving expenses
  • Emergency expenses
  • Small business financing

History

A concise historical narrative of NAICS Code 522291-08 covering global milestones and recent developments within the United States.

  • The personal loans industry has been around for centuries, with the first recorded instance of a personal loan dating back to ancient Greece. In the United States, personal loans became popular in the early 1900s, with the establishment of consumer finance companies. These companies provided small, short-term loans to individuals who did not have access to traditional banking services. In the 1950s and 1960s, personal loans became more widely available, with banks and credit unions offering them to their customers. The advent of the internet in the 1990s brought about a new era of personal lending, with online lenders offering quick and easy access to loans. In recent years, the personal loans industry has continued to grow, with more and more consumers turning to personal loans to finance their needs. In the United States, the personal loans industry has seen significant growth in recent years. According to a report by TransUnion, personal loan balances in the United States reached a record high of $156.3 billion in the second quarter of 2019. This growth can be attributed to a number of factors, including the rise of online lenders, the increasing popularity of debt consolidation loans, and the growing demand for alternative lending options. Despite concerns about rising interest rates and the potential for a recession, experts predict that the personal loans industry will continue to grow in the coming years.