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. However, increasing competition from online lenders and increasing regulation has negatively affected industry revenue over the past five years. Given the industry's reliance on poorer consumers for revenue and the high interest rates they offer, regulatory agencies have sought to increase legislation surrounding payday loans and check cashing fees so they are not as exploitative, which has hampered industry performance over the five years to 2019. Over the five years to 2024, industry revenue is forecast to decrease, largely due to rising competition from online vendors.
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 companies 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.
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