Payday Loans Market size to grow by USD 8.4 billion from 2021 to 2026; Market is fragmented due to the presence of prominent companies like AARC LLC, Axis Bank Ltd. and Citigroup Inc., and many more – Technavio

NEW YORK, Dec. 4, 2023 /PRNewswire/ — The payday loans market is estimated to grow by USD 8.4 billion from 2021 to 2026, growing at a CAGR of 4.34%. The payday loans market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer payday loans market are 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. The report provides a full list of key companies, their strategies, and the latest developments. Download a Free Sample before buying

Company Offering:

Creditstar Group AS – The company offers payday loans for emergency expenses such as SmartCredit and SmartPay. CS SALES LLC – The company offers payday loans namely online payday loans, with 256-bit encryption and SSL technology. Enova International Inc. – The company offers online payday loans for emergency expenses, under the brand name CashNetUSA. For details on companies and their offerings – Buy a report!

By Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa. North America will have the largest share of the market. North America contributes to 42% of the global market growth. Countries like the US are major contributors to the regional market. Factors such as the increasing awareness about payday loans among the youth and the aggressive adoption of the latest and advanced technologies by payday lenders will facilitate the payday loan market growth in North America over the forecast period.  Download a sample report to get more insights on the market share of various regions and the contribution of the segments.

Impactful driver- Growing awareness regarding the payday loan among the youthKey Trend – Rising number of payday lendersMajor Challenges – Payday loans are considered predatory.

 Market Segmentation

By Type, the storefront payday loans segment will be significant during the forecast period. The extra costs, such as processing costs can be eliminated by the storefront payday loans, and the major factor for the adoption of storefront payday loans by customers is the customer dealing directly with the payday lender.

Technavio Research experts have provided more insights on the market share of segments – View a Sample Report

Related Reports:

The unsecured business loans market size is estimated to grow at a CAGR of 10.13% between 2022 and 2027. The market size is forecast to increase by USD 2,895.17 billion.

The personal loans market size is estimated to grow at a CAGR of 11.79% between 2023 and 2027. The market size is forecast to increase by USD 476.25 billion.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

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SOURCE Technavio