NEW YORK, Dec. 4, 2023 /PRNewswire/ — The payday loans market is estimated to grow by USD 8.4 billion from 2021 to 2026, growing at a CAGR of 4.34%. The payday loans market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer payday loans market are 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. The report provides a full list of key companies, their strategies, and the latest developments. Download a Free Sample before buying
Technavio has announced its latest market research report titled Global Payday Loans Market 2022-2026
Company Offering:
Creditstar Group AS – The company offers payday loans for emergency expenses such as SmartCredit and SmartPay.
CS SALES LLC – The company offers payday loans namely online payday loans, with 256-bit encryption and SSL technology.
Enova International Inc. – The company offers online payday loans for emergency expenses, under the brand name CashNetUSA.
For details on companies and their offerings – Buy a report!
By Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa. North America will have the largest share of the market. North America contributes to 42% of the global market growth. Countries like the US are major contributors to the regional market. Factors such as the increasing awareness about payday loans among the youth and the aggressive adoption of the latest and advanced technologies by payday lenders will facilitate the payday loan market growth in North America over the forecast period. Download a sample report to get more insights on the market share of various regions and the contribution of the segments.
Impactful driver- Growing awareness regarding the payday loan among the youth
Key Trend – Rising number of payday lenders
Major Challenges – Payday loans are considered predatory.
Market Segmentation
By Type, the storefront payday loans segment will be significant during the forecast period. The extra costs, such as processing costs can be eliminated by the storefront payday loans, and the major factor for the adoption of storefront payday loans by customers is the customer dealing directly with the payday lender.
Technavio Research experts have provided more insights on the market share of segments – View a Sample Report
Related Reports:
The unsecured business loans market size is estimated to grow at a CAGR of 10.13% between 2022 and 2027. The market size is forecast to increase by USD 2,895.17 billion.
The personal loans market size is estimated to grow at a CAGR of 11.79% between 2023 and 2027. The market size is forecast to increase by USD 476.25 billion.
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Payday Loans Market Scope |
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Report Coverage |
Details |
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Historic period |
2017-2021 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.34% |
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YoY growth 2022-2023 (%) |
3.58 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Key countries |
US, China, Japan, UK, and Germany |
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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 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.
Contact US:
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Email: [email protected]
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SOURCE Technavio
