According to the business intelligence report titled ‘Global Payday Loans Market Size study, 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) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global payday loans market is slated to expand considerably between 2021-2027.
 

Rising popularity of payday lenders in order to obtain cheap and quick cash, increasing utilization of digital marketing by lenders to target young populace, and mounting efforts to expand product offerings as well as offer short term installment loans are the key factors driving global payday loans market growth.
 

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For the unaware, a payday loan is an unsecured loan with high interest rates and a short repayment period. This type of loan allows the borrower to submit a post-dated cheque to the lender for the payday income while receiving a portion of it in cash right away.
 

Although favorable government policies and inexpensive nature of payday loans will aid towards revenue inflow, high interest rates of payday loans and their negative impact on consumer credit score will act as challenges for businesses in this domain.
 

Based on type, worldwide payday loans market sphere is divided into online payday loans, and storefront payday loans segments. Speaking of marital status, the industry is split into single, married, female, male, and others. As per customer age, the business space is bifurcated into 21-30, less than 21, 31-40, more than 50, and 41-50.
 

From regional frame of reference, North America held majority of global payday loans market share in the recent past owing to increasing penetration of payday loans among the youth. Meanwhile Asia Pacific market is projected to register significant growth between 2021-2027 due to high presence of leading players.
 

Key players shaping worldwide payday loans market dynamics are TMG Loan Processing, Cashfloat, CashNetUSA, Creditstar Group AS, Myjar Limited, Lending Stream LLC, Silver Cloud Financial Inc., THL Direct, Speedy Cash Inc., and TitleMax Inc.
 

These companies are undertaking strategic decisions such as mergers & acquisitions, partnerships, innovative product launches, and research & development investments to maximize profits and strengthen their foothold in this business sphere.