Report Code: A10399 | Pages: NA | Jul 2023 | 5572 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Cash Advance Services Market
Request Now !The cash advance services market have been significantly growing and is expected to maintain its dominance during the forecast period. Cash advance service is a kind of short-term loan provided by banks, credit card companies, and other alternative lenders in the market. In addition, these services involve high interest & fees charged on the principal amount. Moreover, cash advance services offer instant approvals & quick funding options, which results in massive demand from borrowers in the market.Â
The global cash advance services market is segmented on the basis of types, deployment, service providers, end users and region. Based on type, the market is divided into credit card cash advance, merchant cash advance, payday loans, others. In terms of deployment, the market is categorized into online, offline. On the basis of service providers, the market is divided into banks, credit card companies, others. On the basis of end users the market is divided into personal, commercial. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global cash advance services industry include Lendio, Fundbox, CAN Capital, Inc., National Business Capital & Securities Inc., Kabbage Inc., Paypal, FINOVA CAPITAL, Social Finance, Stripe, And Square Inc.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
Covid-19 Scenario Analysis
Rise in instant need of cash, multiple cash advance alternatives, and short-term payback solutions are some of the factors, which act as drivers for the global cash advance services market. However, purchases made with credit cards are considered as cash advances, therefore incurs high interest, lack of grace period, and non-disclosure of alternative types of transactions involved in cash advance services are some of the factors that hamper the market growth.Â
In addition, high fees associated under the advance cash services and lack of control & ownership in the business are also some of the other factors which act as hindrance to the global market. Conversely, maintaining transparency in transaction process, restructuring fees charged, and extending of grace period concept are becoming some of the major factors expected to provide lucrative opportunities to the
market in the upcoming years.Â
Banks, financial institutions, and other entities providing cash advance services are largely adopting technologies to avoid traditional processes. In addition, to store customer data, secure confidential information, and maintain transactions are core business functions operated with the help of advance technologies. This, as a result has become a major growth factor in the market. Furthermore, with the help of technological innovations, several key players are offering online platform via mobile applications, where the customer can apply for the cash advances and avail instant cash.Â
Customers availing cash advance services usually have a lower grace period. In addition, most of cash advances includes huge interest rate and changes in due dates each month, which hamper the market growth.
Key Benefits Of The Report
Questions Answered in the Cash Advance Services Market Research Report
Cash Advance Services Market Report Highlights
Aspects | Details |
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By Type |
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By Deployment |
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By Services Providers |
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By End Users |
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By Region |
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Key Market Players | Lendio, Fundbox, Square Inc, Paypal, Kabbage Inc., Company10, CAN Capital, Inc., Stripe, FINOVA CAPITAL, National Business Capital & Securities Inc., Social Finance |
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