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.
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.
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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.
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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
Axis Bank Ltd.
Creditstar Group AS
CS SALES LLC
DJS UK Ltd.
Enova International Inc.
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.
Upward Finance Ltd.
Western Circle Ltd.
Whizdm Innovations Pvt. Ltd.
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Payday Loans Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 4.34%
Market growth 2022-2026
USD 8.4 billion
YoY growth (%)
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
Leading companies, competitive strategies, consumer engagement scope
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.
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.
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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
9.2 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.
11.1 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
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