According to the report published by Allied Market Research, the global payday loan market generated $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.
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Rising awareness of payday loans among young people and fast approval of loans with no usage restrictions are driving the growth of the global payday loans market. However, high interest rates are hampering market growth. On the other hand, the increase in the adoption of advanced technologies among payday lenders and the presence of a large number of payday lenders are expected to open up lucrative opportunities for market players in the future.
The Covid-19 pandemic has affected millions of people due to rising unemployment and financial hardship. As payday is only available to employed people with a stable source of income, market growth has slowed down during the pandemic.
Declining NGO support and curtailing government payday loan programs have had a negative effect on the market.
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The report segments the global payday loan market on the basis of type, marital status, brokerage type and region.
Based on type, the report is divided into in-store payday loans and online payday loans. The storefront payday loan segment held the largest share in 2020, accounting for nearly three-fifths of the market. However, the online payday loans segment is expected to register the highest CAGR of 5.7% during the forecast period.
Based on marital status, the ratio is categorized into married and single. The single segment held the largest share in 2020, contributing more than two-thirds of the market. However, the married segment is estimated to have the highest CAGR of 5.8% from 2021 to 2030.
The global payday loans market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The North American market held the lion’s share in 2020, accounting for more than two-fifths of the market. However, Asia-Pacific is expected to show the highest CAGR of 6.2% during the forecast period.
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The Global Payday Loans Market includes an in-depth analysis of major market players such as Cashfloat, Creditstar, CashNetUSA, Myjar, Lending Stream, Speedy Cash, Silver Cloud Financial, Inc., Titlemax, THL Direct, and TMG Loan Processing.
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Main impact factors
Growing Awareness of Payday Loan Among Youth Population
Large number of payday lenders
Payday Loans Market Report Highlights
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)
Main market players: CASHFLOAT, CASHNETUSA, CREDITSTAR, LENDING STREAM, MYJAR, SILVER CLOUD FINANCIAL, INC, SPEEDY CASH, THL DIRECT, TITLEMAX, TMG LOAN PROCESSING
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