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Payday Loans Market Analysis Covering Size, Share, Growth, Trends and Upcoming Opportunities 2022-2030

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The global payday loan market was valued at $32.43 billion in 2020. The global payday loan market is forecast to grow at a CAGR of 3.9% during the forecast period from 2021-2027. 

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In general, payday loans are short-term unsecured loans that often carry high-interest rates. It is an option in which the borrower writes a check to the lender for a portion of his payday salary but gets instant access to part of that sum as cash. Additionally, approval is easy as there are very few requirements such as the borrower must be 18 years old or older, have a job, driver’s license, and a bank account, thus making a larger number of people eligible for it.

Factors Affecting the Global Payday Loan Market

  • The rapid growth of the global payday loans market has been driven by youth awareness of payday loans and the availability of fast loan approval without constriction on usage.
  • The existence of a large number of payday lenders leads to positive growth in the payday loan market.
  • Several factors have the potential to hinder market growth, including high-interest rates and a negative impact on credit scores.
  • During the forecast period, the adoption of advanced technology among payday lenders is anticipated to provide lucrative opportunities for market expansion.

Covid-19 Impact on the Global Payday Loan Market

Due to millions of unemployed people and financial hardship in the post-Covid-19 world, the global payday loans market is expected to decline. Payday loans are only available to employed people who have a regular income. Furthermore, the decline in government programs for payday loans, and decreasing support provided by NGOs to the unemployed and low-income earners, negatively impacts the growth of this market.

According to a report by the state’s Department of Financial Protection and Innovation, California saw a substantial drop in payday loans in 2020, dropping by 40% compared to 2019. The number of people not relying on payday loans fell by 30% in comparison to 2019. The reason for this can be attributed to California’s new $262.6 billion budget, which contains multiple programs designed to reduce income inequality in the state. There is also an unprecedented $11.9 billion set aside for Golden State Stimulus payments.

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Regional Analysis of the Global Payday Loans Market

As of 2020, North America dominated the payday loan market, and this trend is likely to continue throughout the forecast period. The market for payday loans is predicted to increase shortly due to a variety of factors, including youth penetration and improvement in the economy. There are also numerous payday loan vendors in the US and Canada, which means there are lucrative opportunities for the market.

However, during the forecast period, Asia-Pacific is expected to experience significant growth, thanks to the prevalence of large numbers of payday loan businesses that are opting for digital solutions to manage their business processes more efficiently, especially in developing nations such as China, India, and Singapore.

Key Players in the Global Payday Loan Market

Several competitors in the global payday loan market are:

  • Silver Cloud Financial, Inc.
  • CashNetUSA
  • Creditstar
  • Myjar
  • Cashfloat
  • Titlemax
  • Lending Stream
  • Speedy Cash
  • THL Direct
  • TMG Loan Processing
  • Other Prominent Players

Aim of the Report: The Global Payday Loans Market

The payday loan market is segmented by Customer Age, Marital Status, Type, and Region.

Segmentation based on Customer Age

  • Less than 21
  • 21-30
  • 31-40
  • 41-50
  • More than 50

Segmentation based on Marital Status

  • Married
  • Single
  • Others

Segmentation based on Gender

  • Male
  • Female
  • Others

Segmentation based on Type

  • Storefront Payday Loans 
  • Online Payday Loans

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Segmentation based on Region

  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • Western Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Western Europe
  • Eastern Europe
  • Poland
  • Russia
  • Rest of Eastern Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
  • Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
  • South America
  • Brazil
  • Argentina
  • Rest of South America

What are the key findings of the report?

•This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
•The report offers the current state of the market and future prospects for various geographical regions.
•This report provides both qualitative and quantitative information about the competitive landscape of the market.

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