Market Overview:
The global payday loans service market is expected to grow at a CAGR of XX% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for short-term loans and the growing popularity of payday loans among consumers. In addition, the availability of online platforms that offer payday loans services has helped in driving the growth of this market. The global payday loans service market can be segmented on the basis of type and application. On the basis of type, it can be divided into platform financial support and non-platform financial support. Platform financial support includes services offered by online platforms that provide short-term unsecured personal loans, while non-platform financial support includes services offered by traditional lenders such as banks and credit unions. On the basis of application, it can be divided into staff, retired people, and others (students etc.).
Product Definition:
A payday loan service is a type of short-term lending that provides borrowers with access to funds in order to cover unexpected expenses or financial emergencies. Payday loans are typically unsecured, meaning they do not require any form of collateral. This makes them an attractive option for those who may not have access to other forms of credit.
The importance of payday loans lies in their ability to provide borrowers with quick and easy access to funds when they need them most. Payday loans are often the only option available for those who need cash quickly and do not have time to wait for traditional financing options.
Platform Financial Support:
Platform financial support is a new term in the industry of digital money. It is an electronic payment service that allows users to get loans and raise capital without going to banks. The main objective of this system is to make banking easy for people who are unable to find a bank that will give them loans at reasonable rates. This has been made possible by the development of blockchain technology, which helps lenders and borrowers connect directly without having go through banks or any other intermediaries.
Non-platform Financial Support:
Non-platform financial support is a term used to define the sources of payment for a customer who does not have sufficient funds in his/her bank account to obtain a loan. The most common types of non-platform financial support are direct deposit, check advance, and third party funding.
The global non-platform financial support and it's usage in the Payday Loans Service market size was valued at USD 4.5 billion in 2017.
Application Insights:
The others application segment accounted for the largest share of more than 60.0% in 2017. The segment includes students, self-employed people and salaried people who cannot afford to pay off dues on time. The staff application is expected to be the fastest growing at a CAGR of XX% from 2018 to 2030 owing to increasing demand among employees for short-term financial solutions due to not being able pay salaries on time or face other similar emergencies such as medical bills or home repair costs etc., In addition, payday loans are considered beneficial by most small businesses since they can easily get funding without having good credit history and proof of income which makes it easy for them in obtaining funds they need quickly without going through a long approval process with traditional banks thus resulting in high adoption among small businesses across all regions studied including North America, Europe & Asia Pacific and Latin America.
Regional Analysis:
North America dominated the global market in 2017. The presence of a large number of players coupled with stringent regulations is hampering the growth of the regional market. However, some non-profit organizations are providing payday loans at low interest rates to people who need money urgently but cannot get it from any other source. This will help them tide over their financial emergencies and pay off debts quickly after getting out of them.
Asia Pacific is expected to be one of the fastest growing markets during the forecast period owing to increasing disposable income among middle class population groups in countries such as China and India, which has resulted into an increase in consumer spending on various goods and services including short term finance products such as payday loans for unexpected expenses or medical bills etcetera thereby driving demand for cost effective financial solutions that provide quick access to funds while minimizing risks associated with investments over long terms thus resulting into increased adoption by platforms offering these services globally amongst others).
Growth Factors:
- Increasing disposable income of consumers: The growth in the payday loans service market is mainly attributed to the increasing disposable income of consumers. With rising incomes, people are able to afford high-cost items and services such as payday loans.
- Growing awareness about payday loans: There has been a growing awareness about payday loans among consumers in recent years. This has led to an increase in demand for these services, driving the growth of the market.
- Availability of online payday loan services: The availability of online payday loan services has made it easier for consumers to access these loans quickly and easily. This has helped fuel the growth of the market in recent years.
Scope Of The Report
Report Attributes
Report Details
Report Title
Payday Loans Service Market Research Report
By Type
Platform Financial Support, Non-platform Financial Support
By Application
Staff, Retired People, Others
By Companies
Wonga, Cash America International, Wage Day Advance, DFC Global Corp, Instant Cash Loans, MEM Consumer Finance, Speedy Cash, TitleMax, LoanMart, Check `n Go, Finova Financial, TMG Loan Processing, Just Military Loans, MoneyMutual, Allied Cash Advance, Same Day Payday, LendUp Loans
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
131
Number of Tables & Figures
92
Customization Available
Yes, the report can be customized as per your need.
Global Payday Loans Service Market Report Segments:
The global Payday Loans Service market is segmented on the basis of:
Types
Platform Financial Support, Non-platform Financial Support
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Staff, Retired People, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Wonga
- Cash America International
- Wage Day Advance
- DFC Global Corp
- Instant Cash Loans
- MEM Consumer Finance
- Speedy Cash
- TitleMax
- LoanMart
- Check `n Go
- Finova Financial
- TMG Loan Processing
- Just Military Loans
- MoneyMutual
- Allied Cash Advance
- Same Day Payday
- LendUp Loans
Highlights of The Payday Loans Service Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Platform Financial Support
- Non-platform Financial Support
- By Application:
- Staff
- Retired People
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Payday Loans Service Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Payday loans service is a company that provides short-term, high-interest loans to people who need money quickly. The company typically charges borrowers interest rates of more than 300 percent.
Some of the major companies in the payday loans service market are Wonga, Cash America International, Wage Day Advance, DFC Global Corp, Instant Cash Loans, MEM Consumer Finance, Speedy Cash, TitleMax, LoanMart, Check `n Go, Finova Financial, TMG Loan Processing, Just Military Loans, MoneyMutual, Allied Cash Advance, Same Day Payday, LendUp Loans.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Payday Loans Service Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Payday Loans Service Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Payday Loans Service Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Payday Loans Service Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Payday Loans Service Market Size & Forecast, 2018-2028
4.5.1 Payday Loans Service Market Size and Y-o-Y Growth
4.5.2 Payday Loans Service Market Absolute $ Opportunity
Chapter 5 Global Payday Loans Service Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Payday Loans Service Market Size Forecast by Type
5.2.1 Platform Financial Support
5.2.2 Non-platform Financial Support
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Payday Loans Service Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Payday Loans Service Market Size Forecast by Applications
6.2.1 Staff
6.2.2 Retired People
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Payday Loans Service Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Payday Loans Service Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Payday Loans Service Analysis and Forecast
9.1 Introduction
9.2 North America Payday Loans Service Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Payday Loans Service Market Size Forecast by Type
9.6.1 Platform Financial Support
9.6.2 Non-platform Financial Support
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Payday Loans Service Market Size Forecast by Applications
9.10.1 Staff
9.10.2 Retired People
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Payday Loans Service Analysis and Forecast
10.1 Introduction
10.2 Europe Payday Loans Service Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Payday Loans Service Market Size Forecast by Type
10.6.1 Platform Financial Support
10.6.2 Non-platform Financial Support
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Payday Loans Service Market Size Forecast by Applications
10.10.1 Staff
10.10.2 Retired People
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Payday Loans Service Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Payday Loans Service Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Payday Loans Service Market Size Forecast by Type
11.6.1 Platform Financial Support
11.6.2 Non-platform Financial Support
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Payday Loans Service Market Size Forecast by Applications
11.10.1 Staff
11.10.2 Retired People
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Payday Loans Service Analysis and Forecast
12.1 Introduction
12.2 Latin America Payday Loans Service Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Payday Loans Service Market Size Forecast by Type
12.6.1 Platform Financial Support
12.6.2 Non-platform Financial Support
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Payday Loans Service Market Size Forecast by Applications
12.10.1 Staff
12.10.2 Retired People
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Payday Loans Service Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Payday Loans Service Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Payday Loans Service Market Size Forecast by Type
13.6.1 Platform Financial Support
13.6.2 Non-platform Financial Support
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Payday Loans Service Market Size Forecast by Applications
13.10.1 Staff
13.10.2 Retired People
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Payday Loans Service Market: Competitive Dashboard
14.2 Global Payday Loans Service Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Wonga
14.3.2 Cash America International
14.3.3 Wage Day Advance
14.3.4 DFC Global Corp
14.3.5 Instant Cash Loans
14.3.6 MEM Consumer Finance
14.3.7 Speedy Cash
14.3.8 TitleMax
14.3.9 LoanMart
14.3.10 Check `n Go
14.3.11 Finova Financial
14.3.12 TMG Loan Processing
14.3.13 Just Military Loans
14.3.14 MoneyMutual
14.3.15 Allied Cash Advance
14.3.16 Same Day Payday
14.3.17 LendUp Loans
