Rise in awareness regarding payday loans among youth population and fast loan approval with no restriction on usage drive the growth of the global payday loans market. The market across North America held the lion’s share in 2020, accounting for more than two-fifths of the market. The Covid-19 pandemic affected millions of people due to rise in unemployment and financial hardships.
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.
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Region wise, the payday loans market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to number of factors such as penetration of new payday loans among the youth and improvement in economy. In addition, presence of large number of payday loan vendors across the U.S. and Canada is expected to provide lucrative opportunities for the market. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to wide presence of large number of payday loan enterprises, which are turning toward digital solutions to efficiently manage their business processes, particularly in developing countries such as China, India, and Singapore.
Segment Review
The global payday loans market is segmented on the basis of type, marital status, customer age and region. By type, the market is divided storefront payday loans and online payday loans. By marital status, it is categorized as married, single and others. As per customer age, the market is bifurcated into less than 21, 21-30, 31-40, 41-50 and more than 50. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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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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