What Factors are Driving the Payday Loans Market? Technavio’s Market Analysis Reports Answer Key Questions – QNT Press Release


NEW YORK, Aug. 30, 2022 /PRNewswire/ — The “Payday Loans Market by Type (Storefront payday loans and Online payday loans) and Geography (North America, EuropeAPAC, South America, Middle East and AfricaUS, ChinaUK, Japanand Germany) – Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.

The potential growth difference for the payday loans market between 2021 and 2026 is USD 8.4bn. To get the exact yearly growth variance and the YOY growth rate, Request a FREE PDF Sample Report

Key Market Dynamics
  • Market Driver: The growing awareness regarding the payday loan among the youth is driving the growth of the market. Approximately, one-third of people aged 25 to 34 have a college loan, which is the largest source of debt for Generation Z. Due to the debt, individuals have to seek payday loans, which is fueling the growth of the fintech industry. In addition, the growing cost of living globally has led to significant pressure on college students to repay their debts. Thus, many young people are preferring online payday loans, which will fuel the growth of the market in focus during the forecast period.
  • Market Challenge: Payday loans are considered predatorywhich is hampering the growth of the market. Payday loans target individuals that have low incomes and poor credit. These individuals are also targeted by several other vendors and financial institutions. However, payday lenders have a negative reputation for chasing unpaid loans aggressively. , their reputation may challenge the payday loans market growth during the forecast period.

Technavio offers key drivers, trends, and challenges that will impact the future of the market. View our FREE PDF Sample Report right now!

Market Segmentation

The 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’s growth during the forecast period. The US is the key country for the payday loans market in North America.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report

Vendor Landscape

The global payday loans market is fragmented due to the presence of numerous regional and global players. Vendors compete in terms of differentiated product offerings and business expansions. Some major players have a vast geographical presence and market outreach. To survive and succeed in such a competitive environment, vendors need to distinguish their offerings through clear and unique value propositions.

Some Companies Mentioned
  • 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.
  • Whizdm Innovations Pvt. Ltd.

Want your report customized? Speak to an analyst and personalize your report according to your needs.

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Payday Loans Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 4.34%

Market growth 2022-2026

USD 8.4 billion

Market structure

Fragmented

Full story available on Benzinga.com



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