Citi(C) GlobeNewswire News Room·2024-12-06 09:35Core Insights - The payday loans market is projected to grow by USD 9.6 billion from 2023 to 2028, with a compound annual growth rate (CAGR) of 4.89% during this period [1][2]. Market Drivers - Increasing awareness of payday loans among the youth is driving market growth [2]. - The adoption of advanced technologies by payday lenders is contributing to the market expansion [2]. - Basic eligibility criteria for payday loans are less stringent compared to other financial services, attracting more borrowers [2]. - The rising number of payday lenders is another factor fueling market growth [2]. - The growing use of online payment methods and increased spending on luxury products among adults are expected to boost demand in the market [2]. Market Analysis - The report provides a comprehensive analysis of the payday loans market, including market size, forecasts, trends, growth drivers, challenges, and vendor analysis covering around 25 vendors [3][5]. - The market is segmented into storefront payday loans and online payday loans [4]. - Geographically, the market is analyzed across North America, Europe, APAC, South America, and the Middle East and Africa [4]. Competitive Landscape - The report includes a robust vendor analysis of leading payday loan providers such as AARC, Axis Bank, Citigroup Inc., and others [4][9]. - The competitive landscape section discusses the dynamics of the market, including potential disruptions and industry risks [8]. Upcoming Trends and Challenges - The analysis report highlights upcoming trends and challenges that may influence market growth, assisting companies in strategizing for future opportunities [5].