NEW YORK, Aug. 30, 2022 /PRNewswire/ — The "Payday Loans Market by Type (Storefront payday loans and Online payday loans) and Geography (North America, Europe, APAC, South America, Middle East and Africa, US, China, UK, Japan, and Germany) – Forecast and Analysis 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the payday loans market between 2021 and 2026 is USD 8.4 bn. To get the exact yearly growth variance and the Y-O-Y growth rate, Request a FREE PDF Sample Report
- Market Driver: The growing awareness regarding the payday loan among the youth is driving the growth of the market. Approximately, one-third of people aged 25 to 34 have a college loan, which is the largest source of debt for Generation Z. Due to the debt, individuals have to seek payday loans, which is fueling the growth of the fintech industry. In addition, the growing cost of living globally has led to significant pressure on college students to repay their debts. Thus, many young people are preferring online payday loans, which will fuel the growth of the market in focus during the forecast period.
- Market Challenge: Payday loans are considered predatory, which is hampering the growth of the market. Payday loans target individuals that have low incomes and poor credit. These individuals are also targeted by several other vendors and financial institutions. However, payday lenders have a negative reputation for chasing unpaid loans aggressively. Thus, their reputation may challenge the payday loans market growth during the forecast period.
Technavio offers key drivers, trends, and challenges that will impact the future of the market. View our FREE PDF Sample Report right now!
The payday loans…