NEW YORK, August 30, 2022 /PRNewswire/ — The “payday loan market by type (storefront payday loans and online payday loans) and geography (North America, EuropeACPA, South America, Middle East and AfricaWE, ChinaUK, Japanand Germany) – The “Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with over 100 Fortune 500 companies for over 16 years.
The difference in potential personal loan market growth between 2021 and 2026 is $8.4 billion. To get the exact annual growth variance and annual growth rate, Request a FREE Sample PDF Report
Key market dynamics
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Market driver: the growing awareness of payday loan among young people is driving the growth of the market. About a third of people aged 25 to 34 have a college loan, which is the biggest source of debt for Gen Z. Due to debt, individuals have to apply for payday loans, fueling the growth of the fintech industry. Additionally, the rising cost of living around the world has put significant pressure on students to pay off their debts. Thus, many young people are favoring online payday loans, which will fuel the growth of the targeted market over the forecast period.
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Market challenge: Payday loans are considered predatory, which is hampering the growth of the market. Payday loans target people with low income and low credit. These people are also targeted by several other providers and financial institutions. However, payday lenders have a bad reputation for aggressively pursuing unpaid loans. Thus, their reputation may challenge the growth of the payday loans market over the forecast period.
Technavio offers key drivers, trends, and challenges that will impact the future of the market. Check out our FREE sample PDF report now!
Market segmentation
The Payday Loans Market report is segmented by Type (In-Store Payday Loans and Online Payday Loans) and by Geography (North America, EuropeACPA, South Americaand the Middle East and Africa). North America will be the leading region with 42% of the market growth during the forecast period. The United States is the key country in the payday loan market in North America.
Discover the contribution of each segment summarized in concise infographics and detailed descriptions. See a sample FREE PDF report
Supplier Landscape
The global payday loan market is fragmented due to the presence of many regional and global players. Suppliers compete in terms of differentiated product offerings and business expansion. Some major players have wide geographical presence and extensive market reach. To survive and succeed in such a competitive environment, vendors must distinguish their offerings with clear and unique value propositions.
Some companies mentioned
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Scope of the payday loan market |
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Report cover |
Details |
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Page number |
120 |
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base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum and CAGR |
Accelerate at a CAGR of 4.34% |
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Market Growth 2022-2026 |
$8.4 billion |
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Market structure |
Fragmented |
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Annual growth (%) |
3.58 |
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Regional analysis |
North America, Europe, APAC, South America, Middle East and Africa, USA, China, UK, Japan and Germany |
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Successful market contribution |
North America at 42% |
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Main consumer countries |
United States, China, Japan, United Kingdom and Germany |
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Competitive landscape |
Leading companies, competitive strategies, scope of consumer engagement |
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Profiled companies |
AARC LLC, Axis Bank Ltd., Citigroup Inc., Creditstar Group AS, CS SALES LLC, DJS UK Ltd., Enova International Inc., FloatMe Corp., GAIN Credit Inc., GC DataTech Ltd., Kotak Mahindra Bank Ltd., KrazyBee Services Pvt. Ltd., Maxed Up Media Ltd., Payday America Inc., Payday Loans Ltd., PDL Finance Ltd., Speedy Cash, Upward Finance Ltd., Western Circle Ltd. and Whizdm Innovations Pvt. ltd. |
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Market dynamics |
Parent market analysis, market growth drivers and barriers, analysis of fast and slow growing segments, impact of COVID-19 and future consumer dynamics, and analysis of market conditions for the forecast period. |
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Personalization area |
If our report does not include the data you are looking for, you can contact our analysts and customize the segments. |
Browse Consumer Discretionary Market reports
Main topics covered
1. Summary
2 Market landscape
3 Market sizing
4 Five forces analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic landscape
8 drivers, challenges and trends
9 Supplier landscape
10 Vendor Analysis
11 Appendix
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