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Top Payday Loan Companies Characterizing the industry landscape

Published
Published Date : Feb 2023
Author : Pratibha Bhattacharjee
Biography : Sr. content writer at Brand Essence Market Research. Passionate about content curation in the market research vertical. Always striving to create reliable and engaging industry-based content.

Top Payday Loan Companies Characterizing the industry landscape

A payday loan is a type of short-term loan designed to help borrowers cover unexpected expenses or bridge a gap between pay checks.

Some of the prominent payday loan companies are-

CashNetUSA

Market Position or History

In 2018, the U.S. News & World Report recognized CashNetUSA as the best payday loan company.

Business Overview and Strategy

Founded in 2004, the company has its headquarters in Chicago, Illinois. It has made its mark as a reputable online lender which provides short term loans to US citizen. It offers a variety of loan products, including payday loans, instalment loans, and lines of credit. These loans are designed to help consumers cover unexpected expenses or bridge the gap between pay checks. CashNetUSA's loans are typically for small amounts, ranging from $100 to $2,500, and are available to consumers with a range of credit scores.

CashNetUSA assures a fast and hassle-free application process for its consumers. In fact, people can apply for the loan online and receive the approval within minutes if all documents are in place. The company is keen onto ease the loan procedure and enhance customer satisfaction.

CashFloat

Market Position or History

In 2019, the company was named "Best Short-Term Loan Provider" at the Consumer Credit Awards. Cashfloat has also received high ratings and reviews from customers on various platforms, including Trustpilot and Google Reviews.

Business Overview and Strategy

The company was established in 2014 with its headquarters in London, United Kingdiom. It is known for offering short term loans to the clients. It provides a wide array of loan products including personal loans, payday loans, and instalment loans, among others. Loans are available in amounts ranging from £200 to £2,500, with repayment terms of up to 12 months.

Cashfloat is committed to responsible lending and transparent practices.  The company ensures to conduct affordability assessments so determine if loan seekers are eligible to repay the amount on time. It also provides financial education and resources to help customers enhance their financial literacy and avoid falling into debt.

Creditstar

Market Position or History

In 2019, Creditstar launched a mobile app to make the loan application process even more convenient for customers. The app allows customers to apply for a loan, track their repayment schedule, and manage their account on-the-go.

Business Overview and Strategy

Headquartered in Estonia, the company was established in 2006.  It is an online lender providing short term loans to consumers. It is licensed and regulated by financial authorities in each of the countries where it operates. It offers loans of up to €1,000 with repayment terms ranging from 30 days to 12 months, depending on the country.

Creditstar is committed to responsible lending and transparent practices. It ensures that its loyal client-base gets all the information about the interest rates and other crucial details before obtaining the loan.

Lending Stream

Market Position or History

In 2019, Lending Stream partnered with Credit Kudos, a UK-based credit scoring and analytics company, to improve its credit decisioning and risk assessment processes.

Business Overview and Strategy

With  is headquarters in London, the company was established in 2008. It is known for offering short term loans to the masses for various purposes. It offers loans of up to £1,500 with repayment terms ranging from 6 to 12 months, depending on the loan amount. The company's loan products are designed to provide customers with quick access to funds to cover unexpected expenses or manage their finances during times of financial difficulty.

The company conducts thorough credit assessments and affordability checks to ensure that customers can afford to repay their loans. Lending Stream also provides financial education and resources to help customers improve their financial literacy and avoid falling into debt.

Speedy Cash

Market Position or History

In 2019, Speedy Cash announced a partnership with Netspend, a provider of prepaid debit cards, to offer a co-branded prepaid debit card to customers. The card allows customers to receive their loan funds directly on the card, as well as make purchases and manage their finances.

Business Overview and Strategy

The company was founded in 1997 and is headquartered in Wichita, Kansas, with over 200 store locations across the US. Speedy Cash offers a variety of loan products to customers, including payday loans, installment loans, and lines of credit. It also offers other financial services including check cashing, prepaid debit cards, and money transfers. Customers can obtain these services via both in-store and online mediums.

Speedy Cash emphasizes on adhering to safe and transparent lending practices. It believes in adopting a customer centric approach and stands by the regulatory standards formulated by authorized financial organizations.

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