21st Century? Bills, Fees, Medical payments and house loan? But now it’s time for you to ease up all your tensions because all these complex problems offer a simple solution. Payday loans, it’s a relief to all your problems! So what’s this Payday loan thing? Let’s crack it for you.
Just think of Payday loan like a short term cash advance with some interest, which helps you deal with your contemporary crisis, resolves your issues and is due on your next salary. Sounds good? Yes, it does, these payday things offer the quickest answers to your financial problems. And to add more to your curiosity, payday loans in Australia are booming to new levels.
Let’s hear it below what are the payday trends in 2019.
Payday Loans: An yearly Comparison
Payday loan industry first got established in the 2000s. Due to its highly praised benefits, it got an extreme hype attracting more and more users.
A survey shows that in 2006, there were only about 250,000 users of payday loans in the market, with the timely awareness these users multiplied in numbers. By 2012, these users had grown approximately up to 750,000 users!!!
Focusing more specifically on Australia, Payday loan beneficiaries have increased by almost 80% over the past ten years! Here’s a link to that ABC, 2016.
For 2019, it has been reported that payday loans of worth $1.85 billion have been taken for various needs. The chart below explains all.
Which Country benefits most?
Various demographic analyses have shown that the trends for Payday loans have been up the stairs in most of the developed nations.
Again! The U.S. tops the list for being the largest payday market in the world.
Just imagine for a second, what can be the value of the U.S. market?
Your guesses may go wrong, because of its almost $46 billion!!!! A joke might come into mind, that may be the U.S. progressed because of Payday market.
Then comes the countries like U.K. and Canada, who have Payday markets touching almost around $4.8 billion for the U.K. while no concrete data is available for Canada as the payday industry there varies from state to state.
Coming towards our very own Australia, the Payday industry over here values around $1.85 billion and is growing with every second.