Payday loan market: growing awareness of payday loan among the youth population
Payday Loans Market Outlook – 2030
The global payday loan market The size was valued at $32.48 billion in 2020 and is expected to reach $48.68 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030. A payday loan is a loan short-term unsecured, often characterized by high interest rates. This allows the borrower to write a post-dated check to the lender for the payday payday, but receives a portion of that sum in immediate cash from the lender.
The COVID-19 pandemic has negatively impacted the payday loan market, due to restrained consumer spending caused by increasing pay cuts and job losses across the globe. In addition to this, the growth in interest rates of payday lenders and the growing ban on essential and non-essential goods across the globe are negatively impacting the growth of the market.
Moreover, it is easy to get approved as there are very few requirements such as the borrower must be 18 years of age or above and have a job, driver’s license and bank account, these few requirements make more people eligible for approval.
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Main impact factors
Growing Awareness of Payday Loan Among Youth Population
Large number of payday lenders
Main benefits for stakeholders
- The study provides an in-depth analysis of the global payday loans market forecast along with current trends and future estimates to explain the impending pockets of investment.
- Information on major drivers, restraints and opportunities and their impact analysis on global payday loans market trends are provided in the report.
- Porter’s five forces analysis illustrates the power of buyers and suppliers operating in the industry.
- Quantitative market analysis from 2021 to 2030 is provided to determine the market potential.
Payday Loans Market Report Highlights
| Aspects | Details |
|---|---|
| BY TYPE | ONLINE PAYDAY LOANS |
| BY CIVIL 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) |
| Main market players | CASHFLOAT, CASHNETUSA, CREDITSTAR, LOAN FLOW, MYJAR, SILVER CLOUD FINANCIAL, INC, SPEEDY CASH, THL DIRECT, TITLEMAX, TMG LOAN PROCESSING |
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