Payday Loan Market Is Projected To Reach $48.68 Billion By 2030 And Top Factors

Increasing awareness of payday loans among the young population and fast loan approval with no usage restrictions are driving 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 has affected millions of people due to rising unemployment and financial difficulties.

That global payday loan market The size was estimated at US$32.48 billion in 2020 and is projected to reach US$48.68 billion by 2030, at a CAGR of 4.2% from 2021 to 2030. A payday loan is a short-term, unsecured loan that often carries high interest rates. This allows the borrower to write the lender a post-dated check for the payday salary, but receive a portion of that payday amount in cash from the lender.

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In terms of region, the payday loan market in 2020 was dominated by North America and is expected to maintain its position during the forecast period. This is attributed to a number of factors such as the spread of new payday loans among the youth and the improving economy. Additionally, the presence of a large number of payday loan providers in the US and Canada is expected to provide lucrative opportunities for the market. However, significant growth is expected for Asia-Pacific during the forecast period due to the wide presence of a large number of payday loan companies that are turning to digital solutions to efficiently manage their business processes, especially in developing countries like China, India, and Singapore.

segment overview

The global payday loans market is segmented by type, marital status, customer age and region. By type, the showcase payday loan and online payday loan market is segmented. By marital status, it is categorized into married, single, and other. Depending on customer age, the market is divided into under 21, 21-30, 31-40, 41-50 and over 50. Regionally, 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 Loan Market forecast along with the current trends and future estimates to explain the upcoming investment pockets.
  • The report provides information on the major drivers, restraints, and opportunities along with their impact analysis on the global Payday Loans market trends.
  • Porter’s Five Forces Analysis illustrates the strength 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.

Highlights of the Payday Loans market report

aspects details
BY TYPE STOREFRONT PAYDAY LOANS ONLINE PAYDAY LOANS
BY FAMILY STATUS MARRIEDSINGLEOther
BY CUSTOMER’S AGE LESS THAN 2121 TO 3031 TO 4041 TO 50 MORE THAN 50
BY REGION NORTH AMERICA (USA, 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)
Important market participants CASHFLOAT, CASHNETUSA, CREDITSTAR, LENDING STREAM, MYJAR, SILVER CLOUD FINANCIAL, INC, SPEEDY CASH, THL DIRECT, TITLEMAX, TMG LOAN PROCESSING

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Payday Loans Market:https://www.alliedmarketresearch.com/payday-loans-market-A10012

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