Portland, OR, September 13, 2021 (GLOBE NEWSWIRE) – According to the report released by Allied Market Research, the global Payday Loans Market generated â¬ 32.48 billion in 2020
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The rising awareness of payday loan among the young population and the fast loan approval with no restriction on use are driving the growth of the global payday loan market. However, high interest rates inhibit market growth. On the other hand, the increasing adoption of advanced technologies by payday lenders and the presence of a large number of payday lenders are expected to open up lucrative opportunities for market participants in the future.
- The Covid-19 pandemic has affected millions of people due to rising unemployment and financial hardship. With payday only available to workers with a steady source of income, market growth slowed during the pandemic.
- The decline in support from NGOs and the reduction in government payday loan programs negatively impacted the market.
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The report segments the global Payday Loans Market by Type, Marital Status, Broker Type, and Region.
Based on the type, the report is divided into Storefront Payday Loans and Online Payday Loans. The storefront payday loan segment had the largest share in 2020, accounting for nearly three-fifths of the market. However, the online payday loan segment is expected to see the highest CAGR of 5.7% over the forecast period.
Based on the marital status, the report is divided into married and single. The single segment held the biggest part in 2020 and contributes to more than two thirds of the market. However, it is estimated that the married segment will have the highest CAGR of 5.8% from 2021 to 2030.
The global Payday Loans market is analyzed across multiple regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for more than two-fifths of the market. However, Asia Pacific is expected to have the highest CAGR of 6.2% over the forecast period.
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The Global Payday Loans Market encompasses an in-depth analysis of key market players such as Cashfloat, Creditstar, CashNetUSA, Myjar, Lending Stream, Speedy Cash, Silver Cloud Financial, Inc., Titlemax, THL Direct, and TMG Loan Processing.
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