Portland, OR, September 13, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the payday loan market generated $ 32.48 billion in 2020 and is expected to reach $ 48.68 billion by 2030, with a CAGR of 4.2% from 2021 to 2030.
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The increased awareness of payday loans among young people and the rapid approval of unrestricted loans is driving the growth of the global payday loan market. However, high interest rates hamper the growth of the market. On the other hand, the increasing adoption of advanced technologies among payday lenders and the presence of a large number of payday lenders are expected to open 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 the salary is only available to employed people with a stable source of income, market growth has been reduced during the pandemic.
- The decline in NGO support and the reduction in government payday loan programs have had a negative impact on the market.
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The report segments the global payday loans market on the basis of type, marital status, type of brokerage, and region.
Depending on the type, the report is divided into in-store payday loans and online payday loans. The in-store payday loan segment held the largest share in 2020, accounting for almost 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 report is categorized into married and single. The single segment held the biggest part in 2020, contributing to more than two-thirds of the market. However, the honeymoon 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 have the highest CAGR of 6.2% during the forecast period.
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Global Payday Loans Market includes 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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Pawan Kumar, CEO of Allied Market Research, leads the organization towards providing high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.