PUBLISHER: The Business Research Company | PRODUCT CODE: 1582562
PUBLISHER: The Business Research Company | PRODUCT CODE: 1582562
Payday Loans Global Market Report 2024
Payday loans are short-term, high-interest loans designed to provide immediate cash to borrowers until their next paycheck. They are generally used to cover urgent expenses and typically involve small loan amounts. Payday loans are often criticized for their high costs and the potential to create a cycle of debt, making them a contentious and risky financial product.
The main types of payday loans include storefront payday loans and online payday loans. Storefront payday loans are offered through physical retail locations and share the same characteristics of being short-term and high-interest. The borrower demographics commonly include both married and single individuals across various age groups, under 21, 21-30, 31-40, 41-50, and over 50.
The payday loans market research report is one of a series of new reports from The Business Research Company that provides payday loans market statistics, including payday loans industry global market size, regional shares, competitors with payday loans market share, detailed payday loans market segments, market trends, and opportunities, and any further data you may need to thrive in the payday loans industry. This payday loans market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The payday loans market size has grown strongly in recent years. It will grow from $35.47 billion in 2023 to $35.47 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth during the historic period can be attributed to factors such as increased financial instability, limited access to traditional credit, economic downturns, high unemployment rates, regulatory changes, and the emergence of digital lending platforms.
The payday loans market size is expected to see strong growth in the next few years. It will grow to $43.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth during the forecast period can be attributed to rising economic uncertainty, increasing unemployment rates, changes in consumer borrowing habits, regulatory shifts, fluctuations in interest rates, and a growing demand for short-term financial solutions. Major trends expected in this period include advancements in digital lending platforms, improved borrower education programs, the use of artificial intelligence for risk assessment, the development of more flexible repayment options, and the adoption of alternative credit scoring methods.
The increase in the cost of living is expected to drive the growth of the payday loan market in the future. The cost of living encompasses the total expenses required to cover essential needs such as housing, food, transportation, healthcare, and other daily expenditures necessary to maintain a specific standard of living within a particular region. This rise in living costs is attributed to factors such as escalating housing prices, local taxes, food and transportation expenses, healthcare costs, and overall economic conditions. Individuals experiencing higher costs may seek short-term financial solutions, such as payday loans, to manage cash flow gaps between paychecks or address unforeseen expenses. For example, in February 2024, the Office for National Statistics, a UK-based government department, reported a 6.2% annual increase in private rental prices in the UK. As a result, the increasing cost of living is contributing to the expansion of the payday loan market.
Leading companies in the payday loan market are concentrating on developing innovative solutions, such as online platforms, to enhance their services and address the needs of a growing digital consumer base. These online platforms streamline the process for individuals, including freelancers, to apply for cash advances swiftly and efficiently. For instance, in May 2024, PDLOANS247, a US-based online loan provider, introduced its Freelance Cash Advance Solution. This platform is specifically tailored to support freelancers, gig workers, and small business owners by offering advance payments of up to $5,000. The solution enables users to access funds quickly for various needs, including business expenses or personal requirements.
In December 2021, CURO Group Holdings Corp, a US-based consumer finance company, acquired Heights Finance for $360 million. This acquisition is intended to facilitate CURO's shift towards longer-term, higher-balance, and lower-rate credit products. Heights Finance, a US-based consumer finance company, provides a range of financial products and services, including installment and personal loans.
Major companies operating in the payday loans market are Check Into Cash, Kotak Mahindra Bank Limited, OneMain Holdings Inc., Advance America, ACE Cash Express, Opportunity Financial LLC, Check 'n Go, AmeriCash Loans, Check City, LoanMart, NetCredit, MoneyKey, Rise Credit, Speedy Cash, Speedy Cash, Fig Loans, Possible Finance, Balance Credit, Plain Green Loans, Lending Bear, Spotloan, 24CashToday, Big Picture Loans, Cash America, CashNetUSA, Checksmart
North America was the largest region in the payday loans market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the payday loans market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the payday loans market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The payday loans market includes revenues earned by entities by providing services such as loan application and approval, loan disbursement, and loan repayment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Payday Loans Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on payday loans market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for payday loans ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The payday loans market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
- Markets Covered:1) By Type: Storefront Payday Loans; Online Payday Loans
- 2) By Marital Status: Married; Single
- 3) By Customer Age: Less Than 21; 21-30; 31-40; 41-50; More Than 50
- Companies Mentioned: Check Into Cash; Kotak Mahindra Bank Limited; OneMain Holdings Inc.; Advance America; ACE Cash Express
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Table of Contents
1. Executive Summary
2. Payday Loans Market Characteristics
3. Payday Loans Market Trends And Strategies
4. Payday Loans Market - Macro Economic Scenario
- 4.1. Impact Of High Inflation On The Market
- 4.2. Ukraine-Russia War Impact On The Market
- 4.3. COVID-19 Impact On The Market
5. Global Payday Loans Market Size and Growth
- 5.1. Global Payday Loans Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
- 5.2. Global Payday Loans Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
- 5.3. Global Payday Loans Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Payday Loans Market Segmentation
- 6.1. Global Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Storefront Payday Loans
- Online Payday Loans
- 6.2. Global Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Married
- Single
- 6.3. Global Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Less Than 21
- 21-30
- 31-40
- 41-50
- More Than 50
7. Payday Loans Market Regional And Country Analysis
- 7.1. Global Payday Loans Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 7.2. Global Payday Loans Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Payday Loans Market
- 8.1. Asia-Pacific Payday Loans Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 8.3. Asia-Pacific Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 8.4. Asia-Pacific Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. China Payday Loans Market
- 9.1. China Payday Loans Market Overview
- 9.2. China Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
- 9.3. China Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
- 9.4. China Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10. India Payday Loans Market
- 10.1. India Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 10.2. India Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 10.3. India Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11. Japan Payday Loans Market
- 11.1. Japan Payday Loans Market Overview
- 11.2. Japan Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 11.3. Japan Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 11.4. Japan Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Australia Payday Loans Market
- 12.1. Australia Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 12.2. Australia Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 12.3. Australia Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Indonesia Payday Loans Market
- 13.1. Indonesia Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 13.2. Indonesia Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 13.3. Indonesia Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. South Korea Payday Loans Market
- 14.1. South Korea Payday Loans Market Overview
- 14.2. South Korea Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 14.3. South Korea Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 14.4. South Korea Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. Western Europe Payday Loans Market
- 15.1. Western Europe Payday Loans Market Overview
- 15.2. Western Europe Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 15.3. Western Europe Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 15.4. Western Europe Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. UK Payday Loans Market
- 16.1. UK Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 16.2. UK Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 16.3. UK Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17. Germany Payday Loans Market
- 17.1. Germany Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 17.2. Germany Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 17.3. Germany Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. France Payday Loans Market
- 18.1. France Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 18.2. France Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 18.3. France Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19. Italy Payday Loans Market
- 19.1. Italy Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 19.2. Italy Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 19.3. Italy Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20. Spain Payday Loans Market
- 20.1. Spain Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 20.2. Spain Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 20.3. Spain Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. Eastern Europe Payday Loans Market
- 21.1. Eastern Europe Payday Loans Market Overview
- 21.2. Eastern Europe Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 21.3. Eastern Europe Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 21.4. Eastern Europe Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22. Russia Payday Loans Market
- 22.1. Russia Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 22.2. Russia Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 22.3. Russia Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. North America Payday Loans Market
- 23.1. North America Payday Loans Market Overview
- 23.2. North America Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 23.3. North America Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 23.4. North America Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. USA Payday Loans Market
- 24.1. USA Payday Loans Market Overview
- 24.2. USA Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 24.3. USA Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 24.4. USA Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. Canada Payday Loans Market
- 25.1. Canada Payday Loans Market Overview
- 25.2. Canada Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 25.3. Canada Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 25.4. Canada Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. South America Payday Loans Market
- 26.1. South America Payday Loans Market Overview
- 26.2. South America Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 26.3. South America Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 26.4. South America Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. Brazil Payday Loans Market
- 27.1. Brazil Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 27.2. Brazil Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 27.3. Brazil Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Middle East Payday Loans Market
- 28.1. Middle East Payday Loans Market Overview
- 28.2. Middle East Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 28.3. Middle East Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 28.4. Middle East Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Africa Payday Loans Market
- 29.1. Africa Payday Loans Market Overview
- 29.2. Africa Payday Loans Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 29.3. Africa Payday Loans Market, Segmentation By Marital Status, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 29.4. Africa Payday Loans Market, Segmentation By Customer Age, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Payday Loans Market Competitive Landscape And Company Profiles
- 30.1. Payday Loans Market Competitive Landscape
- 30.2. Payday Loans Market Company Profiles
- 30.2.1. Check Into Cash
- 30.2.1.1. Overview
- 30.2.1.2. Products and Services
- 30.2.1.3. Strategy
- 30.2.1.4. Financial Performance
- 30.2.2. Kotak Mahindra Bank Limited
- 30.2.2.1. Overview
- 30.2.2.2. Products and Services
- 30.2.2.3. Strategy
- 30.2.2.4. Financial Performance
- 30.2.3. OneMain Holdings Inc.
- 30.2.3.1. Overview
- 30.2.3.2. Products and Services
- 30.2.3.3. Strategy
- 30.2.3.4. Financial Performance
- 30.2.4. Advance America
- 30.2.4.1. Overview
- 30.2.4.2. Products and Services
- 30.2.4.3. Strategy
- 30.2.4.4. Financial Performance
- 30.2.5. ACE Cash Express
- 30.2.5.1. Overview
- 30.2.5.2. Products and Services
- 30.2.5.3. Strategy
- 30.2.5.4. Financial Performance
- 30.2.1. Check Into Cash
31. Payday Loans Market Other Major And Innovative Companies
- 31.1. Opportunity Financial LLC
- 31.2. Check 'n Go
- 31.3. AmeriCash Loans
- 31.4. Check City
- 31.5. LoanMart
- 31.6. NetCredit
- 31.7. MoneyKey
- 31.8. Rise Credit
- 31.9. Speedy Cash
- 31.10. Speedy Cash
- 31.11. Fig Loans
- 31.12. Possible Finance
- 31.13. Balance Credit
- 31.14. Plain Green Loans
- 31.15. Lending Bear
32. Global Payday Loans Market Competitive Benchmarking
33. Global Payday Loans Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Payday Loans Market
35. Payday Loans Market Future Outlook and Potential Analysis
- 35.1 Payday Loans Market In 2028 - Countries Offering Most New Opportunities
- 35.2 Payday Loans Market In 2028 - Segments Offering Most New Opportunities
- 35.3 Payday Loans Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies
36. Appendix
- 36.1. Abbreviations
- 36.2. Currencies
- 36.3. Historic And Forecast Inflation Rates
- 36.4. Research Inquiries
- 36.5. The Business Research Company
- 36.6. Copyright And Disclaimer
