Global Payday Loans Market to reach USD XX billion by 2027.Global Payday Loans Market is valued at approximately USD XX billion in 2020 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2021-2027. A payday loan is an unsecured loan with a short repayment period and high interest rates. This allows the borrower to submit a post-dated check to the lender for the payday income, but receive a portion of it in cash from the lender right away. Payday loans are becoming more popular among the youth, who are experiencing greater financial insecurity than any previous generation. Furthermore, it is predicted that one-third of all persons between the ages of 25 and 34 have a college loan, which is Generation Z's largest source of debt. This forces individuals to apply for payday loans in order to obtain quick and cheap cash, fueling the market's expansion. Furthermore, as a result of the Trump administration's CFPB proposal to repeal a rule that shields borrowers from loans with interest rates of 400 percent or higher, payday lenders have begun to target young people with appealing digital marketing. Payday lenders are gaining popularity, and many more are following suit and entering the industry because it is so simple to do so. Furthermore, the market is expected to rise as more payday lenders offer triple-digit balloon payment loans and broaden their products to include shorter-term instalment loans. Furthermore, because of numerous policies that favor payday lenders, more are prepared to enter during pandemic conditions to provide loans to financially insecure people, propelling the market's growth. For example, President Donald Trump's Consumer Financial Protection Bureau (CFPB) has removed consumer protections that prevent those who are unable to repay loans from taking out any form of loan. However, now that the bill has been repealed, payday lenders are free to target anyone with high-interest loans and entice them into taking out even more loans. As a result, payday loans are becoming more popular. Furthermore, as the number of competitors grows, loans are becoming more diverse and inexpensive, but still pricey when compared to other types of loans, which is projected to fuel market expansion in the coming years. However, high interest rates and negative impact of payday loans on credit score may impede market growth over the forecast period of 2021-2027.

The regional analysis of the Global Payday Loans Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World (ROW). North America is the leading region across the world in terms of market share due to number of factors such as penetration of new payday loans among the youth and improvement in economy in the region. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027, due to wide presence of large number of payday loan enterprises across the region.

Major market player included in this report are:

CashNetUSA
Cashfloat
Creditstar
Lending Stream
Myjar
Silver Cloud Financial, Inc.
Speedy Cash
THL Direct
Titlemax
TMG Loan Processing
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Storefront Payday Loans
Online Payday Loans
By Marital Status:
Married
Single
Male
Female
Others
By Customer Age:
Less than 21
21-30
31-40
41-50
More than 50
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year -2018,2019
Base year -2020
Forecast period - 2021 to 2027.

Target Audience of the Global Payday Loans Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors