Payday Loans Market: Trends, Challenges, and Growth Projections 2022-2030
The global payday loans market size is anticipated to reach USD 6.8 billion by 2030, registering a CAGR of 3.8% during the forecast period, according to a new report by Grand View Research, Inc. Demand for payday loans is likely to grow owing to advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and analytics being adopted by payday lenders. COVID-19 had a negative impact on the payday loans market. According to The Washington State Department of Financial Institution’s, 2020 payday lending report, the total number of payday lending locations in Washington, U.S. reduced by 20.5% from 2019 to 2020. Moreover, the volume of payday loans also saw a reduction. People became cautious spenders owing to the economic slowdown caused by COVID-19. Moreover, some governments, such as the U.S. government, provided relief packages to help people during financially stressful condition, reducing demand for payday loans. Many ...