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Cash Advance Services Market

Cash Advance Services Market

by Type (Credit Card Cash Advance, Merchant Cash Advance, Payday Loans, Others), by Deployment (Online, Offline), by Services Providers (Banks, Credit Card Companies, Others) and by End Users (Personal, Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032

Report Code: A10399
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Jul 2023 | 5572 Views
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Cash Advance Services Market Outlook - 2027

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. 

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

  • Due to COVID-19 virus outbreak, large number of countries globally have been impacted and World Health Organization (WHO) has declared it a public health emergency. In addition, with lockdowns & shutdowns of businesses, demand for cash advance services has declined tremendously during this global health crisis.
  • Moreover, decline in global economy and jolted production & supply chain are two major factors having an indirect impact on the cash advance services market.  
  • Furthermore, in order to curb the spread of coronavirus, the usage of cash has severely declined, and cash advance services providers are switching their existing product lines towards online platforms in the market.

Top Impacting Factors

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. 

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. 

Technological Innovations and Advancements

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. 

Lack of Grace Period 

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

  • This study presents analytical depiction of the global market along with the current cash advance services market trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the cash advance services market share.     
  • The current market is quantitatively analyzed to highlight the global cash advance services market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed cash advance services market analysis based on the present and future competitive intensity of the cash advance services market forecast. 

Questions Answered in the Cash Advance Services Market Research Report

  • Who are the leading market players active in the global market?
  • What would be the detailed impact of COVID-19 on the global cash advance services market size?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global market?
  • What are the projections for the future that would help in taking further strategic steps?

Cash Advance Services Market Report Highlights

Aspects Details
By Type
  • Credit Card Cash Advance
  • Merchant Cash Advance
  • Payday Loans
  • Others
By Deployment
  • Online
  • Offline
By Services Providers
  • Banks
  • Credit Card Companies
  • Others
By End Users
  • Personal
  • Commercial
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (UK, Germany, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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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