Top Companies in Payday Loan Market | Top Industry players Comprehensive Analysis in One Click
A Payday Loan is a short-term unsecured loan with often high-interest rates. This enables the borrower to write a post-dated check to the lender for the payday salary, but to receive a portion of that payday sum in cash from the lender immediately.
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Market Overview:
The Global Payday Loans Market is valued at USD 33.5 Billion in the year 2021 and is projected to reach a value of USD 42.6 Billion by the year 2028. The Global Market is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.1% over the forecast period. A is an unsecured loan with a short repayment period and high-interest rates. This allows the borrower to submit a post-dated check to the lender for the payday income, but receive a portion of it in cash from the lender right away. Furthermore, it is simple to get accepted because there are only a few requirements, such as the borrower must be 18 years old or older, have a job, a driver's license, and a bank account. Because there are only a few requirements, a larger number of people are eligible for approval. The global Payday Loans industry is growing due to rising awareness of Payday Loans among the youth population, as well as quick loan approval with no restrictions on usage. Furthermore, the presence of a large number of payday lenders has a beneficial impact on the expansion of the payday loan business. High-interest rates and the detrimental impact of Payday Loans on credit scores, on the other hand, are projected to stifle industry expansion. On the other hand, the increased adoption of advanced technologies by payday lenders is likely to provide lucrative chances for market expansion throughout the projection period.
List of Top Market Players:
|
Company Name |
Revenue in USD |
|
Cashfloat |
$5 Million |
|
$7 Million |
|
$1 Billion |
|
$59 Million |
|
$5 Million |
|
$25 Million |
|
$498 Million |
|
$5 Million |
Cashfloat is a trading name of Western Circle Ltd, a responsible short-term loan provider in the UK since 2014. Cashfloat is a technology & data-oriented lending company. We develop and integrate technologies to enable affordable loans online under the new FCA regulations. These technologies include underwriting expert systems, online loan intelligence analytics,s and proactive compliance management systems. The type of loans offered by the company includes Payday Loans, direct lender Payday Loans, bad credit loans, direct lender loans, no guarantor loans, quick loans, and loans online, among others. Cashfloat has already helped over 50,000 people in the UK alone to obtain affordable loans online, via its trading style www.cashfloat.co.uk. The company is authorized and regulated by the Financial Conduct Authority (FCA), full permission 714479.
The company was founded in 2006 and is headquartered in Tallinn, Estonia. Creditstar is a leading international digital consumer finance company. The company is a financial technology company using technology, automated processes, algorithms, and data analysis to make the credit products easily available to hundreds of thousands of customers in 8 countries in Europe. The company provides flexible personal loans and complementary financial services to private persons. Creditstar Group’s subsidiaries provide short-term loans between €50 and €10,000 to qualifying customers, with repayment terms between five days to three years. Loan applications can be made through the company’s websites, customers’ mobile phones, and selected trading partners.
Check Into Cash is a financial services retailer with more than 1,100 stores in 30 states. The company was founded in 1993 by W. Allan Jones in Cleveland, Tennessee, where the headquarters are located today. The firm offers Payday Loans, online payday advances, title loans, bill payment services, check cashing, reloadable prepaid debit cards, Western Union money transfers, and money order services.
Check City was originally founded in 1986 by Richard Rawle along with his sons Tracy Rawle and Todd Rawle as a check-cashing store. The first Check City store opened in Richmond, Virginia. Today, Check City stores are present in Virginia, Nevada, Utah, and Colorado. CheckCity.com provides online loan services in even more states, including Alabama, Alaska, California, Hawaii, Idaho, Kansas, Missouri, Nevada, Texas, Utah, Washington, Wisconsin, and Wyoming. Since 1986, Check City has grown into a nationwide company that provides many financial services along with check cashing. For instance, Check City now offers short-term loans, installment loans, personal loans, title loans, Western Union, prepaid cards, and even gold buying.
Swift Money offers short-term loans. The company is headquartered in Lancashire, England. Swift Money provides a convenient way for customers to apply for the money they need from the comfort of their own homes. The main objective is to save as much hassle as possible that is involved with searching and applying for a short-term loan with multiple payday lenders. Just one application with Swift Money along with an online decision can be completed within a matter of minutes. Throughout the current financially challenging climate, the company has been able to provide Payday Loans to thousands of customers throughout the UK. It also processes each application with a strict sense of urgency. Swift Money has access to a large network of payday lenders, making for very high success rates whilst removing the inconvenience of searching and applying with multiple payday lenders until one finds a match.
Mr Lender is a leading UK-based short-term credit provider. The company offers flexible loan solutions where one can borrow up to £1,000 repayable in installments from 3 to 6 months. At Mr Lender, customers are at the heart of everything they do, and their dedicated team works to ensure that the entire borrowing process is as clear as possible. The company funds thousands of loans every month and is committed to providing its customers with the very best service. Now in their thirteenth year, and with an experienced team of over 100 dedicated members of staff, the company funds loans to thousands of people every month, and has built a reputation for ensuring the highest quality service within our sector. With a Trustpilot rating of 4.8/5 and over 33,500 combined online reviews, the company prides itself on its customer service and its duty as a responsible lender.
Speedy Cash was founded by Chad Faulkner, Doug Rippel, and Mike McKnight in 1997. It is headquartered in Kansas, United States. The company was established to meet the growing consumer need for convenient, easily-accessible financial and loan services in a safe, clean and professional environment. As the Customers had an interest in managing their loans online, and consumers started looking for services like Speedy Cash online, hence the company launched the online website SpeedyCash.com in 2008. In 2015, it further introduced the Speedy Cash mobile app to allow Customers to manage their loans within the app.
Fast Loan UK is part of JDB Enterprise Group, which is a UK-based finance business with many years experience in consumer lending. The company is authorized by the Financial Conduct Authority (reference number: 673907) to operate in the UK. The company provides the best level of overall service out of any other short-term lender in the market, through ethical policies and a culture underpinned by great technology, systems, and processes.
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