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What Factors are Driving the Payday Loans Market? Technavio's Market Analysis Reports Answer Key Questions

NEW YORK, Aug. 30, 2022 /PRNewswire/ -- The "Payday Loans Market by Type (Storefront payday loans and Online payday loans) and Geography (North America, Europe, APAC, South America, Middle East and Africa, US, China, UK, Japan, and 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.

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 which is proudly partnering with Fortune 500 companies for over 16 years
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 which is proudly partnering with Fortune 500 companies for over 16 years

The potential growth difference for the payday loans market between 2021 and 2026 is USD 8.4 bn. To get the exact yearly growth variance and the Y-O-Y 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 predatory, which 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. Thus, 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, Europe, APAC, South America, and 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.

Related Reports

Unsecured Business Loans Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026

Micro Lending Market by Source and Geography - Forecast and Analysis 2022-2026

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

YoY growth (%)

3.58

Regional analysis

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

Performing market contribution

North America at 42%

Key consumer countries

US, China, Japan, UK, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies 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. Ltd.

Market Dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse Consumer Discretionary Market Reports

Key Topics Covered

1 Executive Summary

  • 1.1 Market overview

2 Market Landscape

  • 2.1 Market ecosystem

3 Market Sizing

  • 3.1 Market definition

  • 3.2 Market segment analysis

  • 3.3 Market size 2021

  • 3.4 Market outlook: Forecast for 2021-2026

4 Five Forces Analysis

  • 4.1 Five forces summary

  • 4.2 Bargaining power of buyers

  • 4.3 Bargaining power of suppliers

  • 4.4 Threat of new entrants

  • 4.5 Threat of substitutes

  • 4.6 Threat of rivalry

  • 4.7 Market condition

5 Market Segmentation by Type

  • 5.1 Market segments

  • 5.2 Comparison by Type

  • 5.3 Storefront payday loans - Market size and forecast 2021-2026

  • 5.4 Online payday loans - Market size and forecast 2021-2026

  • 5.5 Market opportunity by Type

6 Customer Landscape

  • 6.1 Customer landscape overview

7 Geographic Landscape

  • 7.1 Geographic segmentation

  • 7.2 Geographic comparison

  • 7.3 North America - Market size and forecast 2021-2026

  • 7.4 Europe - Market size and forecast 2021-2026

  • 7.5 APAC - Market size and forecast 2021-2026

  • 7.6 South America - Market size and forecast 2021-2026

  • 7.7 Middle East and Africa - Market size and forecast 2021-2026

  • 7.8 US - Market size and forecast 2021-2026

  • 7.9 China - Market size and forecast 2021-2026

  • 7.10 UK - Market size and forecast 2021-2026

  • 7.11 Japan - Market size and forecast 2021-2026

  • 7.12 Germany - Market size and forecast 2021-2026

  • 7.13 Market opportunity by geography

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers

  • 8.2 Market challenges

  • 8.3 Impact of drivers and challenges

  • 8.4 Market trends

9 Vendor Landscape

  • 9.1 Overview

  • 9.2 Vendor landscape

  • 9.3 Landscape disruption

  • 9.4 Industry risks

10 Vendor Analysis

  • 10.1 Vendors covered

  • 10.2 Market positioning of vendors

  • 10.3 Creditstar Group AS

  • 10.4 CS SALES LLC

  • 10.5 Enova International Inc.

  • 10.6 GAIN Credit Inc.

  • 10.7 GC DataTech Ltd.

  • 10.8 Kotak Mahindra Bank Ltd.

  • 10.9 PDL Finance Ltd.

  • 10.10 Speedy Cash

  • 10.11 Upward Finance Ltd.

  • 10.12 Western Circle Ltd.

11 Appendix

  • 11.1 Scope of the report

  • 11.2 Inclusions and exclusions checklist

  • 11.3 Currency conversion rates for US$

  • 11.4 Research methodology

  • 11.5 List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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