Payday Market Contracts as Installment Market Expands (CFSI Study)

/, News/Payday Market Contracts as Installment Market Expands (CFSI Study)

Payday Market Contracts as Installment Market Expands (CFSI Study)

CFSI Financially Underserved Market Study 2017

The well-respected Center for Financial Services Innovation (CFSI) carries out a great deal of research in the consumer finance space, developing new thinking intended to shape the creation of lending products and the regulatory environment for them.

The most recent piece of research likely to be of interest to visitors to this website is CFSI’s 2017 Financially Underserved Market Size Study.

Picture Credit: CFSI

The study illustrates the growing opportunity to address the needs of financially underserved consumers and identifies significant trends driving marketplace evolution and growth.

  • Overall market revenue grew by $10.7 billion or 6.6% from 2015 to 2016
  • Consumer spending was generated by $1.94 trillion in financial product usage volume
  • The market has grown an average of 4% each year since 2009
  • The market is projected to expand 8.3% in 2017 to $188 billion

Interestingly, while the market for Single Payment Credit (i.e. payday loans) has contracted, the market for Short Term Loans (including traditional installment loans) has expanded.

For more, CFSI has published a blog post HERE.

The study can be downloaded HERE

Story: National Installment Lenders Association

 

 

2018-01-17T02:14:52+00:00 November 16th, 2017|Categories: Financially Underserved, News|Tags: , , |Comments Off on Payday Market Contracts as Installment Market Expands (CFSI Study)