A lead analyst at AMR highlighted that the payday loans market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the payday loans market. The findings of the report states that the global market for payday loans generated $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.The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Increase in awareness about payday loans among the younger generation, presence of payday lenders across the globe, and surge in availability of rapid loan approvals with minimal restrictions are expected to drive the growth of the global payday loans market. On the other hand, rise in interest rates are expected to hinder the growth to some extent. However, increase in the adoption of advanced technologies by payday lenders are expected to create ample opportunities in the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the payday loans market globally. The outbreak of Covid-19 has had a negative impact on the growth of the global payday loans market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in decreased consumer spending due to surge in pay cuts in organizations across the globe and even job losses. In addition, government-led bans on various non-essential goods further aggravated the impact on the market.
“The online segment is expected to experience significant growth in the coming years, owing to growing shift of people from traditional payments method to online payment method and growing digitization across the developing nations of Asia-Pacific and LAMEA region,” says Pramod Borasi, Research Analyst at Allied Market Research.
The report offers a detailed segmentation on the global payday loans market based on type, marital status, customer age and region.
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Based on type, the storefront payday loans segment held the largest market share in 2020, garnering nearly three-fifths of the global market. The online payday loans segment, on the other hand, is expected to cite the fastest CAGR of 5.7% during the forecast period.
Based on marital status, the single segment held the majority share in 2020, holding more than two-thirds of the global market. The married segment, on the other hand, is expected to exhibit the fastest CAGR of 5.8% during the forecast period.
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Based on region, the market across North America held the lion’s share in 2020, garnering more than two-fifths of the global market. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 6.2% during the forecast period.
The key players of the market analyzed in the global payday loans market report include Silver Cloud Financial, Inc., Speedy Cash, THL Direct, Cashfloat, CashNetUSA, Creditstar, Lending Stream, Myjar, Titlemax, and TMG Loan Processing.
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