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Online Payday Loans Market to Reach $18,094.01 Million, Globally, by 2032 at 9.1% CAGR: Allied Market Research
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159 – Tables
52 – Charts
213 – Pages
Growing awareness about online payday loans among the youth population and fast loan approval with no restriction on usage boost the growth of the global online payday loan market. In addition, the presence of many payday lenders positively impacts the growth of the market. However, factors such as high interest rates and the negative impact of online payday loans on credit scores are expected to hamper the market growth. On the contrary, rise in the adoption of advanced technology among payday lenders is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
By type, the installment segment held the highest market share in 2023, accounting for more than three-fifths of the global online payday loan market revenue, owing to growing demand for longer-term loans among borrowers who require larger loan amounts or more time to repay. Instalment loans meet this demand by providing extended repayment periods. However, the single-phase segment is projected to attain the highest CAGR of 11.2% from 2023 to 2032, due to the simplicity and quick access to funds offered by single-phase loans making them attractive to borrowers who need immediate cash, which boosts the global market.
Based on marital status, the married segment held the highest market share in 2023, accounting for more than two-thirds of the global online payday loan market revenue. This is attributed to the rise of online lending platforms that has made it easier for married couples to apply for payday loans without the hassle of visiting physical loan offices. However, the single segment is projected to manifest the highest CAGR of 10.5% from 2024 to 2032, the increasing number of single individuals globally contributes to the growing demand for payday loans in this segment.
Based on customer age outlook, the less than 21 segment held the highest market share in 2023, accounting for nearly one-thirds of the global online payday loan market revenue. This is attributed to the growing financial needs and limited access to traditional credit options among young adults. However, the 31-40 segment is projected to manifest the highest CAGR of 11.6% from 2024 to 2032, the increasing prevalence of online financial services and mobile banking apps has made it easier for young adults to apply for payday loans conveniently from their smartphones or computers globally contributes to the growing demand for payday loans in this segment.
Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global online payday loan market revenue due to several factors. The region boasts a highly developed financial infrastructure, including well-established financial markets, regulatory frameworks, and a large pool of sophisticated investors. However, the Asia-Pacific region is expected to witness the fastest CAGR of 12.5% from 2024 to 2032 and is likely to dominate the market during the forecast period, several factors contribute to this trend, including the region's strong economic growth, expanding middle class, and increasing investor sophistication.
The report provides a detailed analysis of these key players of the global Online payday loan market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Enterprise Size, by Provider: Global Opportunity Analysis and Industry Forecast, 2021-2031
Size, Share, Competitive Landscape and Trend Analysis Report by Component, by Enterprise Size, by Application, by End User: Global Opportunity Analysis and Industry Forecast, 2021-2031
Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Repayment Plan, by Age Group, by End User: Opportunity Analysis and Industry Forecast, 2021-2031
Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Repayment Plan, by Age Group, by End User: Global Opportunity Analysis and Industry Forecast, 2021-2031
Size, Share, Competitive Landscape and Trend Analysis Report by Service Provider and by End User: Global Opportunity Analysis and Industry Forecast, 2023-2032
Size, Share, Competitive Landscape and Trend Analysis Report by Component, by Deployment Model, by Enterprise Size and by Application: Global Opportunity Analysis and Industry Forecast, 2023-2032
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