Payday Loans Market Outlook – 2030
The global payday loans market size was valued at $32.48 billion in 2020, and is projected to reach $48.68 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030. A payday loan is a short-term unsecured loan, often characterized by high interest rates. This allows borrower to write a post-dated check to the lender for the payday salary, but receives part of that payday sum in immediate cash from the lender.
The COVID-19 pandemic has negatively impacted the payday loans market, owing to limited consumer spending caused by rise in pay cuts and job losses across the globe. In addition to this, growing interest rate by payday loan lenders and growing ban on essential and non-essential goods across the globe is adversely impacting the market growth.
Furthermore, it’s easy to get approved as there are very few requirements such as borrower must be 18 years old or above and have a job, driver’s license, and a bank account, these few requirements make larger number of people eligible for approval.
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Top Impacting Factors
Growing Awareness about the Payday Loan among the Youth Population
Large Number of Payday Lenders
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global payday loans market forecast along with the current trends and future estimations to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on the global payday loans market trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
Payday Loans Market Report Highlights
| Aspects | Details |
|---|---|
| BY TYPE | STOREFRONT PAYDAY LOANSONLINE PAYDAY LOANS |
| BY MARITAL 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) |
| Key Market Players | CASHFLOAT, CASHNETUSA, CREDITSTAR, LENDING STREAM, MYJAR, SILVER CLOUD FINANCIAL, INC, SPEEDY CASH, THL DIRECT, TITLEMAX, TMG LOAN PROCESSING |
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