What factors are driving the payday loan market? Technavio market analysis reports answer important questions

NEW YORK, August 30, 2022 /PRNewswire/ — The “Payday Loan Market by Type (Storefront Payday Loans and Online Payday Loans) and Geography (North America, EuropeAPAC, South America, middle East and AfricaUS, ChinaGreat Britain, Japanand Germany) – Forecast and Analysis 2022-2026″ has been added to Technavio’s offering. Technavio is ISO 9001:2015 certified and has been working with more than 100 Fortune 500 companies for over 16 years.

The latest market research report, titled Payday Loans Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026, has been announced by Technavio, proud to have worked with Fortune 500 companies for over 16 years

The potential growth difference for Payday Loans market between 2021 and 2026 is $8.4 billion. To get the exact annual growth variance and YOY growth rate, request a FREE sample PDF report

key market dynamics

  • Market driver: The growing awareness regarding the payday loan among the youth drives the growth of the market. About a third of people ages 25 to 34 have college credit, which is the largest source of debt for Gen Z. Due to the debt, individuals have to apply for payday loans, which is driving the growth of the fintech industry. In addition, the rising cost of living around the world has put significant pressure on college students to pay off their debts. Hence, many young people prefer online payday loans, which will boost the growth of the targeted market over the forecast period.

  • Market Challenge: Payday loans are considered predatory, which is impeding the growth of the market. Payday loans are aimed at people with low incomes and bad credit. These individuals are also targeted by several other vendors and financial institutions. However, payday lenders have a negative reputation for aggressively pursuing unpaid loans. Hence, their reputation may question the payday loan market growth during the forecast period.

Technavio provides major drivers, trends and challenges that will impact the future of the market. Check out our FREE PDF sample report now!

market segmentation

Payday Loans Market Report is segmented by Type (Storefront Payday Loans and Online Payday Loans) and Geography (North America, EuropeAPAC, South Americaand the middle East and Africa). North America will be the leading region with 42% of the market growth during the forecast period. The US is the key country for the payday loan market in North America.

Learn about the contribution of each segment, summarized in concise infographics and detailed descriptions. View a FREE sample PDF report

provider landscape

The global payday loan market is fragmented through the presence of numerous regional and global players. Vendors compete on differentiated product offerings and business expansion. Some major players have large geographic presence and market reach. In order to survive and be successful in such a competitive environment, providers must differentiate their offerings with clear and unique value propositions.

Some companies mentioned

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Scope of the payday loan market

report coverage

details

page number

120

base year

2021

forecast period

2022-2026

Growth Dynamics & CAGR

Accelerate with a CAGR of 4.34%

Market growth 2022-2026

$8.4 billion

market structure

fragmented

YoY Growth (%)

3.58

Regional Analysis

North America, Europe, APAC, South America, Middle East & Africa, USA, China, UK, Japan and Germany

make a market contribution

North America at 42%

Important consumer countries

USA, China, Japan, Great Britain and Germany

competitive landscape

Leading companies, competitive strategies, levels of consumer engagement

company profiled

AARC LLC, Axis Bank Ltd., Citigroup Inc., Creditstar Group AS, CS SALES LLC, DJS UK Ltd., Enova International Inc., FloatMe Corp., GAIN Credit Inc., GC DataTech Ltd., Kotak Mahindra Bank Ltd., KrazyBee Services Pvt. Ltd., Maxed Up Media Ltd., Payday America Inc., Payday Loans Ltd., PDL Finance Ltd., Speedy Cash, Upward Finance Ltd., Western Circle Ltd. and Whizdm Innovations Pvt. GmbH.

market dynamics

Root Market Analysis, Market Growth Drivers and Obstacles, Fast Growing and Slow Growing Segment Analysis, COVID-19 Impact and Future Consumer Dynamics, and Market State Analysis for the forecast period.

customization area

If our report does not contain the data you are looking for, you can contact our analysts and have segments adjusted.

search Consumer Discretionary market reports

Key topics covered

1. Summary

2 market landscape

3 market size

4 Five Forces Analysis

5 Market Segmentation by Type

6 customer landscape

7 Geographical Landscape

8 drivers, challenges and trends

9 provider landscape

10 Vendor Analysis

11 Appendix

about us

Technavio is a leading global technology research and consulting firm. Her research and analysis focuses on trends in emerging markets and provides actionable insights that help companies identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialist analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies and spanning 50 countries. Their customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s extensive reporting, extensive research and actionable market insights to identify opportunities in existing and potential markets and to assess their competitive position in changing market scenarios.

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decision

decision

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