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Payday Loans Market to be Worth $6.8 Billion by 2030: Grand View Research, Inc.

Payday Loans Market to be Worth $6.8 Billion by 2030: Grand View Research, Inc.
PR Newswire
SAN FRANCISCO, Dec. 5, 2022

SAN FRANCISCO, Dec. 5, 2022 /PRNewswire/ — The global payday loans market size is anticipated to reach USD 6.8 billion by 2030,…

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Payday Loans Market to be Worth $6.8 Billion by 2030: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Dec. 5, 2022

SAN FRANCISCO, Dec. 5, 2022 /PRNewswire/ -- 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.

Key Industry Insights & Findings from the report:

  • In terms of type, the storefront payday loans segment accounted for the maximum revenue share of 53.7% in 2021. This can be attributed to the presence of numerous payday lending stores. The online payday loans segment is likely to expand at the highest CAGR of 4.2% during the forecast period. This is due to the digitalization across the Banking, Financial Services, and Insurance (BFSI) sector.
  • Based on marital status, the single segment dominated the market with a share of 63.7% in 2021 and is also expected to expand at the highest CAGR of 4.0% during the forecast period. This can be attributed to the generally single source of income for the singles, divorced, and widowed parents which are more likely to use a payday loan as compared to married parents. The married segment accounted for a revenue share of 36.3% in 2021 and is expected to develop by a significant CAGR during the forecast period.
  • Based on customer age, the 31- 40 segments dominated the market with a share of 28.1% in 2021 and are expected to develop by a CAGR of 3.9% during the forecast period. This can be attributed to generally more financial responsibilities for the customers in this age group. The 21-30 segments are expected to develop the highest CAGR of 4.8% during the forecast period.
  • North America held the largest share of 31.0% in 2021 and is expected to retain its position throughout the forecast period. This can be attributed to the presence of numerous direct payday lenders in the region. Moreover, developed technology infrastructure is aiding the growth of the market in the region. The Asia Pacific region is anticipated to expand at the highest CAGR of more than 5.0% during the forecast period owing to the developing technology infrastructure.
  • In August 2021, Credit star Group's subsidiary, Credit star Czech s.r.o, launched Monefit in the Czech Republic. Customers can finance their everyday expenses and purchases with Monefit Credit Line and Monefit Split products. Customers can pay in three installments instead of paying large amounts at once without hidden fees or any interest. This would help Credit star to increase its market share in the region.

Read 122 page full market research report, "Payday Loans Market Size, Share & Trends Analysis Report By Type (Storefront Payday, Online Payday), By Marital Status (Married, Single), By Customer Age, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Payday Loans Market Growth & Trends

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 payday loan market players offer payday loans online with a simple online application process. It helps them improve the overall customer experience. Moreover, these players use advanced technologies such as AI/ML and analytics to improve the overall process. Some market players, such as the U.S.-based Speedy Cash and Title Max, have mobile applications through which their customers can manage their loans. U.S.-based Enova.com's Colossus platform is driven by AI/ML-enabled analytics.

Payday Loans Market Segmentation

Grand View Research has segmented the payday loans market based on type, marital status, customer age, and region:

Payday Loans Market - Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Storefront Payday Loans
  • Online Payday Loans

Payday Loans Market - Marital Status Outlook (Revenue, USD Million, 2017 - 2030)

  • Married
  • Single

Payday Loans Market - Customer Age Outlook (Revenue, USD Million, 2017 - 2030)

  • Less than 21
  • 21-30
  • 31-40
  • 41-50
  • More than 50

Payday Loans Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Chile
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa

List of Key Players in Payday Loans Market

  • Title Max
  • Cash Money
  • Check City Online
  • Mr. Lender
  • Fast Loan UK
  • Speedy Cash
  • GAIN Credit
  • Cash float
  • Credit star Group
  • Mr. Payday

Check out more related studies published by Grand View Research:

  • Finance Lease Market - The global finance lease market size is expected to reach USD 324.40 billion by 2030, growing at a CAGR of 5.1% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market is anticipated to be driven by several advantages offered by finance leasing over traditional borrowing methods, including higher margins, tax advantages, and inflation-friendly and secure investments. Furthermore, the massive demand for new commercial models and branded equipment across the globe has become one of the significant factors driving the growth.
  • Neobanking Market - The global neobanking market size is expected to reach USD 2,048.53 billion by 2030, growing at a CAGR of 53.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. Factors, such as a faster process of loan approval and funding, compared to traditional banks, with low-interest rates via banking applications are driving the growth of the market. Increasing technological advancements, such as Artificial Intelligence (AI) and IoT, in online banking platforms, are also expected to boost the market growth over the forecast period. The rising popularity of mobile-based applications for making international fund transfers and online payments is also propelling the market growth. Governments in various countries are making efforts to promote internet services across rural areas.
  • Micro Lending Market - The global micro lending market size is expected to reach USD 86.82 billion by 2030, growing at a CAGR of 13.4% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growth is anticipated to be driven by several advantages offered by micro lending to the loan providers, such as the easy accessibility to offer loans within and aboard the country and earning more interest rates compared to the traditional fixed deposit and other investments. Furthermore, the growing demand for micro lending by individuals through peer-to-peer lending platforms is another major factor driving the market's growth.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
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Aging at AACR Annual Meeting 2024

BUFFALO, NY- March 11, 2024 – Impact Journals publishes scholarly journals in the biomedical sciences with a focus on all areas of cancer and aging…

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March 11, 2024

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BUFFALO, NY- March 11, 2024 – Impact Journals publishes scholarly journals in the biomedical sciences with a focus on all areas of cancer and aging research. Aging is one of the most prominent journals published by Impact Journals. 

Credit: Impact Journals

BUFFALO, NY- March 11, 2024 – Impact Journals publishes scholarly journals in the biomedical sciences with a focus on all areas of cancer and aging research. Aging is one of the most prominent journals published by Impact Journals. 

Impact Journals will be participating as an exhibitor at the American Association for Cancer Research (AACR) Annual Meeting 2024 from April 5-10 at the San Diego Convention Center in San Diego, California. This year, the AACR meeting theme is “Inspiring Science • Fueling Progress • Revolutionizing Care.”

Visit booth #4159 at the AACR Annual Meeting 2024 to connect with members of the Aging team.

About Aging-US:

Aging publishes research papers in all fields of aging research including but not limited, aging from yeast to mammals, cellular senescence, age-related diseases such as cancer and Alzheimer’s diseases and their prevention and treatment, anti-aging strategies and drug development and especially the role of signal transduction pathways such as mTOR in aging and potential approaches to modulate these signaling pathways to extend lifespan. The journal aims to promote treatment of age-related diseases by slowing down aging, validation of anti-aging drugs by treating age-related diseases, prevention of cancer by inhibiting aging. Cancer and COVID-19 are age-related diseases.

Aging is indexed and archived by PubMed/Medline (abbreviated as “Aging (Albany NY)”), PubMed Central, Web of Science: Science Citation Index Expanded (abbreviated as “Aging‐US” and listed in the Cell Biology and Geriatrics & Gerontology categories), Scopus (abbreviated as “Aging” and listed in the Cell Biology and Aging categories), Biological Abstracts, BIOSIS Previews, EMBASE, META (Chan Zuckerberg Initiative) (2018-2022), and Dimensions (Digital Science).

Please visit our website at www.Aging-US.com​​ and connect with us:

  • Aging X
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  • Aging Instagram
  • Aging YouTube
  • Aging LinkedIn
  • Aging SoundCloud
  • Aging Pinterest
  • Aging Reddit

Click here to subscribe to Aging publication updates.

For media inquiries, please contact media@impactjournals.com.

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NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

One month after the inflation outlook tracked…

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March 11, 2024

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NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

One month after the inflation outlook tracked by the NY Fed Consumer Survey extended their late 2023 slide, with 3Y inflation expectations in January sliding to a record low 2.4% (from 2.6% in December), even as 1 and 5Y inflation forecasts remained flat, moments ago the NY Fed reported that in February there was a sharp rebound in longer-term inflation expectations, rising to 2.7% from 2.4% at the three-year ahead horizon, and jumping to 2.9% from 2.5% at the five-year ahead horizon, while the 1Y inflation outlook was flat for the 3rd month in a row, stuck at 3.0%. 

The increases in both the three-year ahead and five-year ahead measures were most pronounced for respondents with at most high school degrees (in other words, the "really smart folks" are expecting deflation soon). The survey’s measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) decreased at all horizons, while the median inflation uncertainty—or the uncertainty expressed regarding future inflation outcomes—declined at the one- and three-year ahead horizons and remained unchanged at the five-year ahead horizon.

Going down the survey, we find that the median year-ahead expected price changes increased by 0.1 percentage point to 4.3% for gas; decreased by 1.8 percentage points to 6.8% for the cost of medical care (its lowest reading since September 2020); decreased by 0.1 percentage point to 5.8% for the cost of a college education; and surprisingly decreased by 0.3 percentage point for rent to 6.1% (its lowest reading since December 2020), and remained flat for food at 4.9%.

We find the rent expectations surprising because it is happening just asking rents are rising across the country.

At the same time as consumers erroneously saw sharply lower rents, median home price growth expectations remained unchanged for the fifth consecutive month at 3.0%.

Turning to the labor market, the survey found that the average perceived likelihood of voluntary and involuntary job separations increased, while the perceived likelihood of finding a job (in the event of a job loss) declined. "The mean probability of leaving one’s job voluntarily in the next 12 months also increased, by 1.8 percentage points to 19.5%."

Mean unemployment expectations - or the mean probability that the U.S. unemployment rate will be higher one year from now - decreased by 1.1 percentage points to 36.1%, the lowest reading since February 2022. Additionally, the median one-year-ahead expected earnings growth was unchanged at 2.8%, remaining slightly below its 12-month trailing average of 2.9%.

Turning to household finance, we find the following:

  • The median expected growth in household income remained unchanged at 3.1%. The series has been moving within a narrow range of 2.9% to 3.3% since January 2023, and remains above the February 2020 pre-pandemic level of 2.7%.
  • Median household spending growth expectations increased by 0.2 percentage point to 5.2%. The increase was driven by respondents with a high school degree or less.
  • Median year-ahead expected growth in government debt increased to 9.3% from 8.9%.
  • The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months increased by 0.6 percentage point to 26.1%, remaining below its 12-month trailing average of 30%.
  • Perceptions about households’ current financial situations deteriorated somewhat with fewer respondents reporting being better off than a year ago. Year-ahead expectations also deteriorated marginally with a smaller share of respondents expecting to be better off and a slightly larger share of respondents expecting to be worse off a year from now.
  • The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 1.4 percentage point to 38.9%.
  • At the same time, perceptions and expectations about credit access turned less optimistic: "Perceptions of credit access compared to a year ago deteriorated with a larger share of respondents reporting tighter conditions and a smaller share reporting looser conditions compared to a year ago."

Also, a smaller percentage of consumers, 11.45% vs 12.14% in prior month, expect to not be able to make minimum debt payment over the next three months

Last, and perhaps most humorous, is the now traditional cognitive dissonance one observes with these polls, because at a time when long-term inflation expectations jumped, which clearly suggests that financial conditions will need to be tightened, the number of respondents expecting higher stock prices one year from today jumped to the highest since November 2021... which incidentally is just when the market topped out during the last cycle before suffering a painful bear market.

Tyler Durden Mon, 03/11/2024 - 12:40

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Homes listed for sale in early June sell for $7,700 more

New Zillow research suggests the spring home shopping season may see a second wave this summer if mortgage rates fall
The post Homes listed for sale in…

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March 11, 2024

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  • A Zillow analysis of 2023 home sales finds homes listed in the first two weeks of June sold for 2.3% more. 
  • The best time to list a home for sale is a month later than it was in 2019, likely driven by mortgage rates.
  • The best time to list can be as early as the second half of February in San Francisco, and as late as the first half of July in New York and Philadelphia. 

Spring home sellers looking to maximize their sale price may want to wait it out and list their home for sale in the first half of June. A new Zillow® analysis of 2023 sales found that homes listed in the first two weeks of June sold for 2.3% more, a $7,700 boost on a typical U.S. home.  

The best time to list consistently had been early May in the years leading up to the pandemic. The shift to June suggests mortgage rates are strongly influencing demand on top of the usual seasonality that brings buyers to the market in the spring. This home-shopping season is poised to follow a similar pattern as that in 2023, with the potential for a second wave if the Federal Reserve lowers interest rates midyear or later. 

The 2.3% sale price premium registered last June followed the first spring in more than 15 years with mortgage rates over 6% on a 30-year fixed-rate loan. The high rates put home buyers on the back foot, and as rates continued upward through May, they were still reassessing and less likely to bid boldly. In June, however, rates pulled back a little from 6.79% to 6.67%, which likely presented an opportunity for determined buyers heading into summer. More buyers understood their market position and could afford to transact, boosting competition and sale prices.

The old logic was that sellers could earn a premium by listing in late spring, when search activity hit its peak. Now, with persistently low inventory, mortgage rate fluctuations make their own seasonality. First-time home buyers who are on the edge of qualifying for a home loan may dip in and out of the market, depending on what’s happening with rates. It is almost certain the Federal Reserve will push back any interest-rate cuts to mid-2024 at the earliest. If mortgage rates follow, that could bring another surge of buyers later this year.

Mortgage rates have been impacting affordability and sale prices since they began rising rapidly two years ago. In 2022, sellers nationwide saw the highest sale premium when they listed their home in late March, right before rates barreled past 5% and continued climbing. 

Zillow’s research finds the best time to list can vary widely by metropolitan area. In 2023, it was as early as the second half of February in San Francisco, and as late as the first half of July in New York. Thirty of the top 35 largest metro areas saw for-sale listings command the highest sale prices between May and early July last year. 

Zillow also found a wide range in the sale price premiums associated with homes listed during those peak periods. At the hottest time of the year in San Jose, homes sold for 5.5% more, a $88,000 boost on a typical home. Meanwhile, homes in San Antonio sold for 1.9% more during that same time period.  

 

Metropolitan Area Best Time to List Price Premium Dollar Boost
United States First half of June 2.3% $7,700
New York, NY First half of July 2.4% $15,500
Los Angeles, CA First half of May 4.1% $39,300
Chicago, IL First half of June 2.8% $8,800
Dallas, TX First half of June 2.5% $9,200
Houston, TX Second half of April 2.0% $6,200
Washington, DC Second half of June 2.2% $12,700
Philadelphia, PA First half of July 2.4% $8,200
Miami, FL First half of June 2.3% $12,900
Atlanta, GA Second half of June 2.3% $8,700
Boston, MA Second half of May 3.5% $23,600
Phoenix, AZ First half of June 3.2% $14,700
San Francisco, CA Second half of February 4.2% $50,300
Riverside, CA First half of May 2.7% $15,600
Detroit, MI First half of July 3.3% $7,900
Seattle, WA First half of June 4.3% $31,500
Minneapolis, MN Second half of May 3.7% $13,400
San Diego, CA Second half of April 3.1% $29,600
Tampa, FL Second half of June 2.1% $8,000
Denver, CO Second half of May 2.9% $16,900
Baltimore, MD First half of July 2.2% $8,200
St. Louis, MO First half of June 2.9% $7,000
Orlando, FL First half of June 2.2% $8,700
Charlotte, NC Second half of May 3.0% $11,000
San Antonio, TX First half of June 1.9% $5,400
Portland, OR Second half of April 2.6% $14,300
Sacramento, CA First half of June 3.2% $17,900
Pittsburgh, PA Second half of June 2.3% $4,700
Cincinnati, OH Second half of April 2.7% $7,500
Austin, TX Second half of May 2.8% $12,600
Las Vegas, NV First half of June 3.4% $14,600
Kansas City, MO Second half of May 2.5% $7,300
Columbus, OH Second half of June 3.3% $10,400
Indianapolis, IN First half of July 3.0% $8,100
Cleveland, OH First half of July  3.4% $7,400
San Jose, CA First half of June 5.5% $88,400

 

The post Homes listed for sale in early June sell for $7,700 more appeared first on Zillow Research.

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