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Payday Loans Market

Payday Loans Market

Payday Loans Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

144

Base Year:

2021

Date

Apr - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1512

Segments Covered
  • By Type Storefront Payday Loans, Online Payday Loans
  • By Marital Status Married, Single, Others
  • By Customer Age Less than 21, 21 to 30, 31 to 40, 41 to 50, More than 50
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 33.5 Billion
Revenue 2028Revenue 2028: USD 42.6 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 4.1%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Payday Loans Market Share

Payday Loans Market

Payday Loans Market- By Type, Marital Status, and Customer Age.

Market Synopsis:

Payday Loans Market Size, 2021 To 2028 (USD Billion)

The Global Payday Loans Market is valued at USD 33.5 Billion in the year 2021 and is projected to reach a value of USD 42.6 Billion by the year 2028. The Global Market is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.1% over the forecast period.

A Payday Loan is a short-term unsecured loan with often high interest rates. This enables the borrower to write a post-dated check to the lender for the payday salary, but to receive a portion of that payday sum in cash from the lender immediately. Furthermore, it is simple to get approved because there are few requirements, such as the borrower being 18 years old or older, having a job, a driver's license, and a bank account. These few requirements allow a larger number of people to be approved. Growing youth awareness of payday loans, as well as quick loan approval with no restrictions on usage, drive the Global Payday Loans Market forward.

Furthermore, the presence of a large number of payday lenders has a positive impact on the growth of the payday loan market. High interest rates and the negative impact of Payday Loans on credit scores, on the other hand, are expected to stymie market growth. On the contrary, the increased adoption of advanced technology among payday lenders is expected to provide lucrative opportunities for market expansion during the forecast period. Payday Loans are becoming more popular among the young because they are experiencing more financial insecurity than any other generation. Moreover, it is estimated that one-third of all adults aged 25 to 34 have a student loan, which is the primary source of debt for Generation Z members. This is forcing them to apply for Payday Loans in order to obtain quick and easy loans, which is driving the market's growth.

Market Segmentation:

The Payday Loans Market is segmented on the basis of Type, Marital Status and Customer Age. On the basis of Type, the market is segmented into Storefront Payday Loans and Online Payday Loans. On the basis of Marital Status, the market is segmented into Married, Single and Others. On the basis of Customer Age, the market is segmented into Less Than 21, 21 to 30, 31 to 40, 41 to 50 and More than 50.

Below tree is interactive. You can click the nodes to get more information.

Based on Type:

On the basis of Type, the market is segmented into Storefront Payday Loans and Online Payday Loans. Due to the increased use of storefront Payday Loans in emerging countries, the storefront Payday Loans category held the biggest share in 2021 and is likely to maintain its dominance in the following years. A storefront is the facade or entranceway of a retail store on a commercial building's ground floor or street level. During the projected period, a growth in the usage of advanced technologies among payday lenders is expected to provide lucrative chances for market advancement. However, due to its numerous advantages, such as faster processing speed, easier payment method, and minimal paper work, the online Payday Loans segment is expected to grow at the fastest rate during the forecast period.

Based on Marital Status:

On the basis of Marital Status, the market is segmented into Married, Single and Others. Payday Loans are becoming increasingly popular among the young generation, as young people face more financial insecurity than any previous generation. As a result, the younger generation is turning to payday loans, which are simple to obtain and thereby fueling the market's expansion. The borrower must be at least 18 years old, employed, and have a valid driver's license and bank account. Because of the lenient standards, a huge number of consumers are qualified for a payday loan. The married segment, on the other hand, is expected to have the greatest Compound Annual Growth Rate (CAGR).

North America is projected to acquire the largest market share during the year 2021

North America is projected to acquire the largest market share during the year 2021 with a share of 40.50% and is expected to maintain its position during the forecast period. This is due to a variety of factors, including the penetration of new Payday Loans among the youth and economic improvement. Furthermore, the presence of a large number of payday loan vendors in the United States and Canada is expected to provide the market with lucrative opportunities. It is estimated that one-third of the population between the ages of 25 and 34 has a student loan, which is the most common source of debt among Generation Z members. As a result, the younger generation is opting for payday loans, which are simple to obtain, fuelling market growth.

Competitive Landscape:

Key players operating in the Global Payday Loans Market include Cashfloat, CashNetUSA, Creditstar, Lending Stream, Myjar, Silver Cloud Financial, Inc., THL Direct, Titlemax, TMG Loan Processing and others.

Segmentation of the Global Payday Loans Market:

Parameter Details
Segments Covered
  • Type (Storefront Payday Loans, Online Payday Loans)
  • Marital Status (Married, Single, Others)
  • Customer Age (Less than 21, 21 to 30, 31 to 40, 41 to 50, More than 50)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Cashfloat
  • CashNetUSA
  • Creditstar
  • Lending Stream
  • Myjar
  • Silver Cloud Financial Inc.
  • THL Direct
  • Titlemax
  • TMG Loan Processing
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Payday Loans Market to Reach Valuation of USD 42.6 Billion by 2028 - the Global Payday Loans Market will Grow Due to the Large Number of Payday Lenders
From the period 2022 to 2028, the Global Payday Loans Market is expected to reach USD 42.6 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 4.1%. Over the forecast period, the Global Payday Loans Market is expected to grow significantly. The growing awareness of Payda...
FAQ
Frequently Asked Question
  • The global Payday Loans valued at USD 33.5 Billion in 2020 and is expected to reach USD 42.6 Billion in 2028 growing at a CAGR of 4.1%.

  • The prominent players in the market are Cashfloat, CashNetUSA, Creditstar, Lending Stream, Myjar, Silver Cloud Financial, Inc., THL Direct, Titlemax, TMG Loan Processing.

  • The market is project to grow at a CAGR of 4.1% between 2021 and 2028.

  • The driving factors of the Payday Loans include

    • The increasing awareness about payday loans among the young generation

  • North America was the leading regional segment of the Payday Loans in 2020.