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Check Cashing & Payday Loan Services: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Check Cashing & Payday Loan Services Market Research Report | NAICS OD5408 | Jan 2017

Fast cash: Consumers' recessionary struggles proved beneficial as more people sought industry services

IBISWorld’s Check Cashing & Payday Loan Services market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

Report Snapshot
Market Share of Companies
Industry Statistics & Market Size
Revenue
$12bn
Annual Growth 11-16
-1.6%
Annual Growth 16-21
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Profit
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Employment
83,130
Businesses
16,508
Industry Analysis & Industry Trends

The Check Cashing and Payday Loan Services industry accounts for nearly a quarter of financial services spending by underbanked consumers. Frozen lending markets caused by the recession expanded the underbanked client pool for industry operators, as a growing number of individuals were unable to access traditional financial product offerings. Over the five years to 2021, industry revenue is forecast to decrease. Despite decreasing poverty levels, rising competition from online vendors constricted industry revenue growth during the five-year period. Though competition from commercial banks that offer similar short-term, high-interest products is expected to fall, online vendors continue to pose a real threat... purchase to read more

Industry Report - Industry Analysis Chapter

The countercyclical Check Cashing and Payday Loan Services industry did not benefit from elevated poverty and unemployment rates over the five years to 2016, due to increased external competition and increased state regulation. The considerable fees and interest rates that check cashing and payday loan services carry large appeal only to consumers who are unable to qualify for products offered by traditional banks and credit unions. However, rising competition from online vendors and increasing regulations have taken a toll on industry operators, as consumers turned to external competition from online sites. Consequently, industry revenue is expected to decrease at an annualized rate of 1.6% to reach $11.5 billion over the five years to 2016; this includes an anticipated 0.6% d.. purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Check Cashing & Payday Loan Services Industry?

This industry cashes checks, drafts or money orders for the general public. Companies in this industry may also offer payday loans, installment loans and other financial services. Banks and firms that operate exclusively online are excluded.

Industry Products
Payday loans for recurring expensesPayday loans for unexpected emergencies/expensesPayday loans for other reasonsCheck cashing
 
Industry Activities
Providing payday loans for recurring expensesProviding payday loans for unexpected emergencies/expensesProviding check cashing services


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