What is Quick Loans Market Scope?
Quick loans are the loan products that are designed for taking care of short-term financial troubles. As the name states itself that these loans are given out very quickly in comparison to other loans that are available. Quick loans have typically very least amount of documentation, and usually, the process of applying is performed online. These types of loans help in times of crisis. Quick loans are not the traditional kind of loans such as the bank loans and hence do not require much of the documentation and security and the money is handed over to the client within 24 hours of putting up an application for the acquirement of the loan. Now day’s quick loan services have gained much popularity worldwide and are having an edge over the other long term bank loans due to the swift and hassle-free process. Also, due to less waiting time of getting the loan approval the quick loans are trending than the traditional loan processes.
The Quick Loans market study is being classified by Type (Personal Loans, Pawn Shop Loans, Payday Loans and Others), by Application (Individual and Commercial) and major geographies with country level break-up.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analysts at AMA predicts that Players from Indian will contribute to the maximum growth of Global Quick Loans market throughout the predicted period.
SBI (India), American Express (United States), ICICI (India), Barclays (United Kingdom), BNP Paribas (France), Santander (Spain), HSBC (United Kingdom), Bajaj Finance Ltd (India), Standard Chartered (United Kingdom), Citigroup (United States), Muthoot Finance Ltd (India), Crédit Agricole (France), Mahindra & Mahindra Financial Services Limited (India), UniCredit (Italy) and Capital Float (India) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are BBVA (Spain), Funding Circle (United States), Axis Bank (India), Groupe BPCE (France) and The Bottom Line (United Kingdom).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Quick Loans market by Type, Application and Region.
On the basis of geography, the market of Quick Loans has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
On January 23rd, 2020 - Barclays announced a new fintech partnership with Nimbla. In a high street banking first, Barclays has announced a partnership with Nimbla, a pioneer of single invoice insurance. Barclays’ one million SME clients will have the opportunity to benefit from the partnership, with the new ability to take out insurance against individual invoices, rather than the whole book. Nimbla’s solution provides simplicity and speed and aims to disrupt a market where a sale typically takes days or weeks as opposed to a few minutes. Nimbla graduated from the Barclays Accelerator, powered by Techstars in 2018, having built a new digital platform to give business customers a flexible and affordable way to ensure individual invoices, helping protect them from insolvency and late payments.
Influencing Market Trend
- Increasing Urbanization and Rising Demands for Financial Stabilities among the Middle Income Population is expected to provide a Stable Growth for the Quick Loans Market
- The Growing Trend of Customer Loyalty and Retention by Providing Integrated Services to the Customer
Market Drivers
- With the Increasing Competition in the Market, the Banking Institutions Have Started to Bring in Better Products and Extended Customer Service
- Growing Demand of Customers for Getting Complete Solutions and Services All Under One Roof will drive the Growth of the Market
Opportunities
- Improvement in the Processing Time by Ease of Accessibility and Reduced Turnaround Time making the Loan Process Hassle-Free for the Customers will boost the Quick Loans Market near Future
Restraints
- Concern towards False Calls and Fraudulent Activities within the Websites Due To Increasing Usage of Mobile Applications
Challenges
- Lack of Service Disruptions or Data Safety and Security
Key Target Audience
Quick Loan Providers, End Users of Quick Loans, Regulatory Bodies and Governmental Bodies
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.