WASHINGTON, May 03, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Payday Loans Market finds that the increasing awareness about the Payday Loan is expediting market growth. Primarily driven by rising number of payday lenders, the total Global Payday Loans Market is estimated to reach USD 42.6 Billion by the year 2028.
The Global Market value stood at a revenue of USD 33.5 Billion in the year 2021 and is anticipated to grow exhibiting at a Compound Annual Growth Rate (CAGR) of 4.1%.
Furthermore, the increase in improvement in the economy is also anticipated to augment the growth of the Global Payday Loans Market, states Vantage Market Research, in a report, titled “Payday Loans Market Size, Share & Trends Analysis Report by Type (Store front Payday Loans, Online Payday Loans), by Marital Status (Married, Single, Others), by Customer Age (Less than 21, 21 to 30, 31 to 40, 41 to 50), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Increasing Awareness about the Payday Loan to Stimulate Global Payday Loans Market
The increasing awareness about the payday loan among the youth population is expected to fuel the growth of the Payday Loans Market during the forecast period. Payday loans are becoming more popular among young people, who are facing greater financial insecurity than prior generations. Furthermore, one-third of all people between the ages of 25 and 34 are expected to have a student loan, which will be Generation Z's largest source of debt. This forces individuals to apply for payday loans in order to obtain quick and cheap cash, fueling the market's growth. Furthermore, payday lenders have begun to target young people with appealing digital marketing as a result of the Trump administration's CFPB proposal to abolish a rule that protects borrowers from loans with interest rates of 400 percent or higher. Additionally, according to Citizens Advice, up to 4 out of 10 young adults will utilize a payday loan at some point in their lives. Furthermore, as the cost of living rises around the world, students with college loans are under increasing pressure to repay their obligations, and many young people are turning to the online payday loans industry, which is fuelling the market's growth.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Payday Loans market is predicted to grow at a CAGR of roughly 4.1% during the forecast period.
The Payday Loans market was estimated to be worth roughly USD 33.5 Billion in 2021 and is expected to reach USD 42.6 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Payday Loans market.
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Segmentation of the Global Payday Loans Market:
Storefront Payday Loans
Online Payday Loans
Less than 21
21 to 30
31 to 40
41 to 50
More than 50
Middle East & Africa
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Growing Number of Payday Lenders to Augment Market Growth
The growing number of payday lenders is anticipated to augment the growth of the Payday Loans Market within the estimated period. Payday lenders are gaining popularity, and most of the lenders are following them and entering this industry because it is so simple to do so. Furthermore, as more payday lenders offer triple-digit balloon payment loans and expand their product offerings to include shorter-term instalment loans, this is likely to support the market growth. In addition, because of numerous policies that favour payday lenders, more are prepared to enter during pandemic conditions to provide loans to financially insecure people, propelling the market's growth. For example, the Consumer Financial Protection Bureau (CFPB) under President Donald Trump has eliminated consumer protections that restrict those who are unable to repay loans from taking out any type of loan. Payday lenders, on the other hand, are now free to target anyone with high-interest debts and urge them to take out even more loans now that the bill has been repealed. Payday loans are becoming more popular as a result.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the financial services industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
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The report on Payday Loans Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
North America to Dominate the Global Payday Loans Market
North America dominated the Global Payday Loans Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing penetration of new payday loans among the youth along with improvement in the economy of the region. Further, the presence of a large number of payday loan lenders is also anticipated to augment the regional growth of the market. Asia-Pacific is expected to grow at a considerable CAGR during the forecast period. This is attributable to the presence of a large number of payday loan enterprises, in developing economies such as China, India, and Singapore.
List of Prominent Players in the Payday Loans Market:
Cash Net USA
Silver Cloud Financial Inc.
TMG Loan Processing
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Payday Loans Market Size, Share & Trends Analysis Report by Type (Storefront Payday Loans, Online Payday Loans), by Marital Status (Married, Single, Others), by Customer Age (Less than 21, 21 to 30, 31 to 40, 41 to 50), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/payday-loans-market-727835
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Payday Loans Market?
How will the Payday Loans Market change in the upcoming six years?
Which application and product will take a lion’s share of the Payday Loans Market?
What is the Payday Loans market drivers and restrictions?
What will be the CAGR and size of the Payday Loans Market throughout the forecast period?
This market titled “Payday Loans Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Top Companies in Payday Loan Market: - https://v-mr.biz/payday-loan-market
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