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, however, increasing competition from online lenders and increasing regulation has negatively affected industry revenue over the past five years. Over the five years to 2023, industry revenue is forecast to decrease. Rising competition from online vendors will constrict industry revenue growth and increasing regulation at the state level will impose limits on interest rates narrowing profit margins.
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.