Dublin, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The "Payday Loans Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The payday loans market size has grown strongly in recent years, from $35.47 billion in 2023 to $35.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth during the historic period can be attributed to factors such as increased financial instability, limited access to traditional credit, economic downturns, high unemployment rates, regulatory changes, and the emergence of digital lending platforms.
The payday loans market size is expected to see strong growth in the next few years, growing to $43.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth during the forecast period can be attributed to rising economic uncertainty, increasing unemployment rates, changes in consumer borrowing habits, regulatory shifts, fluctuations in interest rates, and a growing demand for short-term financial solutions.
Major trends expected in this period include advancements in digital lending platforms, improved borrower education programs, the use of artificial intelligence for risk assessment, the development of more flexible repayment options, and the adoption of alternative credit scoring methods.
This Payday Loans market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The increase in the cost of living is expected to drive the growth of the payday loan market in the future. The cost of living encompasses the total expenses required to cover essential needs such as housing, food, transportation, healthcare, and other daily expenditures necessary to maintain a specific standard of living within a particular region. This rise in living costs is attributed to factors such as escalating housing prices, local taxes, food and transportation expenses, healthcare costs, and overall economic conditions. Individuals experiencing higher costs may seek short-term financial solutions, such as payday loans, to manage cash flow gaps between paychecks or address unforeseen expenses. For example, in February 2024, the Office for National Statistics, a UK-based government department, reported a 6.2% annual increase in private rental prices in the UK. As a result, the increasing cost of living is contributing to the expansion of the payday loan market.
Leading companies in the payday loan market are concentrating on developing innovative solutions, such as online platforms, to enhance their services and address the needs of a growing digital consumer base. These online platforms streamline the process for individuals, including freelancers, to apply for cash advances swiftly and efficiently. For instance, in May 2024, PDLOANS247, a US-based online loan provider, introduced its Freelance Cash Advance Solution. This platform is specifically tailored to support freelancers, gig workers, and small business owners by offering advance payments of up to $5,000. The solution enables users to access funds quickly for various needs, including business expenses or personal requirements.
Major companies operating in the payday loans market are Check Into Cash, Kotak Mahindra Bank Limited, OneMain Holdings Inc., Advance America, ACE Cash Express, Opportunity Financial LLC, Check `n Go, AmeriCash Loans, Check City, LoanMart, NetCredit, MoneyKey, Rise Credit, Speedy Cash, Speedy Cash, Fig Loans, Possible Finance, Balance Credit, Plain Green Loans, Lending Bear, Spotloan, 24CashToday, Big Picture Loans, Cash America, CashNetUSA, Checksmart.
This report focuses on payday loans market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- By Type: Storefront Payday Loans; Online Payday Loans
- By Marital Status: Married; Single
- By Customer Age: Less Than 21; 21-30; 31-40; 41-50; More Than 50
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $35.47 Billion |
| Forecasted Market Value (USD) by 2028 | $43.93 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Payday Loans Market Characteristics
3. Payday Loans Market Trends and Strategies
4. Payday Loans Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Payday Loans Market Size and Growth
5.1. Global Payday Loans Market Drivers and Restraints
5.2. Global Payday Loans Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Payday Loans Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Payday Loans Market Segmentation
6.1. Global Payday Loans Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Storefront Payday Loans
- Online Payday Loans
6.2. Global Payday Loans Market, Segmentation by Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Married
- Single
6.3. Global Payday Loans Market, Segmentation by Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Less Than 21
- 21-30
- 31-40
- 41-50
- More Than 50
7. Payday Loans Market Regional and Country Analysis
7.1. Global Payday Loans Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Payday Loans Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8-29. Country and Region Payday Loans Market
30. Payday Loans Market Competitive Landscape and Company Profiles
30.1. Payday Loans Market Competitive Landscape
30.2. Payday Loans Market Company Profiles
- Check Into Cash
- Kotak Mahindra Bank
- OneMain Holdings Inc.
- Advance America
- ACE Cash Express
31. Payday Loans Market Other Major and Innovative Companies
- Opportunity Financial
- Check `N Go
- AmeriCash Loans
- Check City
- LoanMart
- NetCredit
- MoneyKey
- Rise Credit
- Speedy Cash
- Fig Loans
- Possible Finance
- Balance Credit
- Plain Green Loans
- Lending Bear
32. Global Payday Loans Market Competitive Benchmarking
33. Global Payday Loans Market Competitive Dashboard
34. Key Mergers and Acquisitions in the Payday Loans Market
35. Payday Loans Market Future Outlook and Potential Analysis
35.1 Payday Loans Market in 2028 - Countries Offering Most New Opportunities
35.2 Payday Loans Market in 2028 - Segments Offering Most New Opportunities
35.3 Payday Loans Market in 2028 - Growth Strategies
For more information about this report visit https://www.researchandmarkets.com/r/b89r9l
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