Check Cashing & Payday Loan Services
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.
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.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.