Rising awareness of payday loans among young people and fast approval of loans with no usage restrictions are driving the growth of the global payday loans market. The North American market held the lion’s share in 2020, accounting for more than two-fifths of the market. The Covid-19 pandemic has affected millions of people due to rising unemployment and financial hardship.
The global payday loan market The size was valued at $32.48 billion in 2020 and is expected to reach $48.68 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030. A payday loan is a loan short-term unsecured, often characterized by high interest rates. This allows the borrower to write a post-dated check to the lender for the payday payday, but receives a portion of that sum in immediate cash from the lender.
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Regionally, the payday loan market was dominated by North America in 2020 and is expected to maintain its position during the forecast period. This is attributed to a number of factors such as the penetration of new payday loans among young people and the improving economy. Also, the presence of a large number of payday loan providers in the United States and Canada is expected to provide lucrative opportunities for the market. However, Asia-Pacific is expected to experience significant growth over the forecast period, due to the presence of a large number of payday loan companies, which are turning to digital solutions to manage their processes efficiently. trade, particularly in developing countries such as China, India, and Singapore.
Sector review
The global payday loan market is segmented on the basis of type, marital status, customer age and region. By type, the market is split into in-store payday loans and online payday loans. According to the marital status, it is classified as married, single and others. According to the age of the customers, the market is divided into under 21, 21-30, 31-40, 41-50 and over 50. At the regional level, it is analyzed in North America, Europe, Asia-Pacific and LAMEA.
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Main benefits for stakeholders
- The study provides an in-depth analysis of the global payday loans market forecast along with current trends and future estimates to explain the impending pockets of investment.
- Information on major drivers, restraints and opportunities and their impact analysis on global payday loans market trends are provided in the report.
- Porter’s five forces analysis illustrates the power of buyers and suppliers operating in the industry.
- Quantitative market analysis from 2021 to 2030 is provided to determine the market potential.
Payday Loans Market Report Highlights
| Aspects | Details |
|---|---|
| BY TYPE | ONLINE PAYDAY LOANS |
| BY CIVIL STATUS | MARRIEDSINGLEOthers |
| BY CUSTOMER AGE | LESS THAN 2121 TO 3031 TO 4041 TO 50MORE THAN 50 |
| BY REGION | NORTH AMERICA (US, Canada)EUROPE (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)ASIA PACIFIC (China, India, Japan, South Korea, Australia, Rest of Asia Pacific)LAMEA (Latin America, Middle East, Africa) |
| Main market players | CASHFLOAT, CASHNETUSA, CREDITSTAR, LOAN FLOW, MYJAR, SILVER CLOUD FINANCIAL, INC, SPEEDY CASH, THL DIRECT, TITLEMAX, TMG LOAN PROCESSING |
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