Payday loan market to reach $48.68 billion by 2030: Allied

Portland, OR, Sept. 13, 2021 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the 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 rapid loan approval with no usage restriction is 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 lucrative opportunities for market players in the future.

Covid-19 scenario:

  • 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 unique segment held the greater share in 2020, contributing to 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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About Us:

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

Pawan Kumar, CEO of Allied Market Research, directs the organization towards the provision of high quality data and information. We are in professional corporate relationships with various companies and this helps us determine market data which helps us to generate accurate research data tables and confirms utmost accuracy in our market forecasts. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.


        

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