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Payday Loans Market By Type (Platform Financial Support and Non-platform Financial Support) and Application (Staff, Retired Employees, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Feb 2021 | 75 Views
 
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Payday Loans Market Outlook - 2027

A payday loan is a type of short-term borrowing in which the investor can extend high interest credit period on the terms of receiver’s income & credit score profile. It is generally less than the consumer’s per month earning, which depends on the duration of the loan. Furthermore, payday loan charges a higher level of interest and requires collateral payment in terms of loose personal loan. 

Moreover, the paycheck of the consumer is analyzed during the application process. The payday investors provide the loan on a percentage of the borrower’s principal short-term salary. Therefore, surge in demand for short-term loose personal loans for fixed period of time based on the borrower’s income level is expected to boost the market growth.

The global payday loans market is segmented on the basis of type, application and region. Based on type, the market is divided into platform financial support and non-platform financial support. In terms of application, the market is categorized into staff, retired employees, and others. 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 payday loans industry include Wonga, Cash America International, Wage Day Advance, DFC Global Corp, Instant Cash Loans, MEM Consumer Finance, Speedy. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the market.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available For Years

2019–2027

Base Year Considered

2019

Forecast Period

2020–2027

Forecast Units

Value ($)

Segments Covered

Type, Application, and Region

Regions Covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and Middle East & Africa

Companies Covered

Major players analyzed include Wonga, Cash America International, Wage Day Advance, DFC Global Corp, Instant Cash Loans, MEM Consumer Finance, Speedy Cash, TitleMax, LoanMart, and Allied Cash Advance.

 

COVID-19 Scenario Analysis

  • Owing to the COVID-19 pandemic, governments across the affected countries have declared lockdown over the past few months, which has disrupted the demand & supply chain network for manufacturers, due to which the demand for payday loans has witnessed a devasting decline.
  • Majority of global manufacturers are facing issues such as closure of factories and unavailability of workforce. The financial sector was majorly affected and therefore payday loan industry was hampered, and the demand for fresh investment on the consumers was witnessed to decline due to rise in the interest rate.

Top Impacting Factors

Increase in adoption of blockchain & internet-of-things based payday loans, lower operating cash for the development of production and subordinate market risk for payday loans are driving the growth of the market. However, uncertainty at the time of unprecedented incidents such as COVID-19 is expected to hamper the growth of the market. Contrarily, advanced & innovative improvements in the payday loans is expected to provide an immense opportunity to the market in the upcoming years.

Rise in Adoption of Blockchain and Internet-Of-Things Based Payday Loans

The payday loan investors are continuing to invest in benefits of internet-of-things & blockchain-based technologies as internet-of-things which helps in adding the advanced proficiencies such as transparency and easy accessibility to the payday loans platforms. For instance, in California, a payday lender can charge a 14-day annual percentage charge of 459 percent on a $100 loan, the charges exclude the financial charges which can range up to $18 on a $100 loan. 

Furthermore, owing to the above mentioned technological based developments, it becomes fast, easy and transparent to generate finance into the market with higher returns. Therefore, rise in adoption of blockchain and internet-of-things based payday loans platform is expected to foster the market growth for the global payday loans industry during the forecast period.

Lower Market Risk for Payday Loans

Payday loans are easy to operate and have a higher growth for the investors. During the pandemic, the market has experienced steady growth after the devasting downfall in the market. Furthermore, the investors have been investing a huge amount since the downfall to achieve higher returns which will recover the losses for the investors during the coronavirus pandemic. Moreover, the market risk for the payday loans are lower for the investors, as the borrowers are required to grant the bank account access to the lenders. Therefore, the lower market risk for payday loans, will boost the growth for the global payday loans market during the forecast period.

Key Segments Covered

Segments

Sub-Segments

Type

  • Platform Financial Support
  • Non-Platform Financial Support

Application

  • Staff
  • Retired Employees
  • Others

 

Key Benefits of the Report

  • This study presents analytical depiction of the global payday loans market along with the current 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 payday loans market share.     
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global payday loans market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed payday loans market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Payday Loans Market Research Report    

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

 

 
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