Payday Loans Market Projected to Surpass $48 Billion by 2030: Trends and Insights

As per the report published by Allied Market Research, the global payday loans market generated $32.48 billion in 2020, and is expected to reach $48.68 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030.

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Rise in awareness regarding payday loans among youth population and fast loan approval with no restriction on usage drive the growth of the global payday loans market. However, high-interest rates hinder the market growth. On the other hand, rise in adoption of advanced technology among payday lenders and presence of a large number of payday lenders are expected to open lucrative opportunities for the market players in the future.

Covid-19 Scenario:
The Covid-19 pandemic affected millions of people due to rise in unemployment and financial hardships. As payday is only available to employed people with a steady source of income, the market growth reduced during the pandemic.
Decline in support from NGOs and reduction in payday loans government schemes affected the market negatively.

The report segments the global payday loans market on the basis of type, marital status, brokerage type, and region.
Based on type, the report is divided into storefront payday loans and online payday loans. The storefront payday loans segment held the largest share in 2020, accounting for nearly three-fifths of the market. However, the online payday loans segment is projected to register the highest CAGR of 5.7% during the forecast period.

On the basis of marital status, the report is classified into married and single. The single segment held the largest share in 2020, contributing to more than two-thirds of the market. However, the married segment is estimated to manifest the highest CAGR of 5.8% from 2021 to 2030.

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The global payday loans market is analyzed across several 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 anticipated to portray the highest CAGR of 6.2% during the forecast period.

The global payday loans market includes an in-depth analysis of the prime market players such as Cashfloat, Creditstar, CashNetUSA, Myjar, Lending Stream, Speedy Cash, Silver Cloud Financial, Inc., Titlemax, THL Direct, and TMG Loan Processing.

Key Findings Of The Study

Depending on type, the storefront payday loans accounted for the largest global payday loans market share in 2020.
Region wise, North America accounted highest revenue in 2020.
Depending on marital status, the single generated the highest revenue in 2020.

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Depending on marital status, single is expected to hold the largest global payday loans market as individuals are rapidly using payday loans for full filling their daily necessities. However, married is expected to witness significant growth rate during the forecast period, owing to growing need to repay the loan amount among the married people as well as to pay unexpected debt and medical bill provides lucrative opportunity for the market.

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