U.S. Alternative Financial Services Market
Channel: MarketResearchDotCom
Date: 2021-01-20

To learn more about this industry, visit https://www.marketresearch.com/Marketdata-Enterprises-Inc-v416/Alternative-Financial-Services-Check-Cashing-13758881/?progid=91694

This updated analysis by Marketdata examines the controversial “alternative financial services” sector — a $36 billion business comprised of fragmented and loosely regulated check cashing and money transfer services, payday loan services, pawn shops and rent-to-own stores. These retail and online outlets serve the “unbanked” segment of the U.S. population. Many companies are happy to accept the business of consumers with spotty credit records who need cash fast, and who have been rejected by banks--the 12+million households that choose not to use traditional banks.

There are about 12,000 check cashing stores, 14,000 payday loan outlets, 800,000 money transfer agents, 11,000 pawn shops and 10,000 rent-to-own stores competing for this business today. Many outlets/services overlap—providing multiple services at the same site.

The study explores the effects of the current pandemic and recession on operations and revenues, increased competition and disruption by new start-ups, industry consolidation, state and federal regulation, consumer attitudes, and the shift to online virtual distribution channels.

This new study by Marketdata examines the nature of the business, reasons for the growth of non-bank services, immigration trends, industry receipts/growth from 1999-2019, 2020 outlook and 2025 long-term forecasts, average store revenues, customer demographics, key industry trends, federal/state industry regulation/fee caps, self-service check cashing machines, profit margins, franchising, gold buying/selling, global remittance trends, consumer debt levels, and the pivot to online services. Findings of research studies by: FISCA, Financial Health Network, Federal Reserve Board, brokerage analysts, APRO, Consumer Financial Protection Bureau, state banking departments, The World Bank, INS, U.S. Census Bureau, FDIC, and more.

Contains 19 in-depth company profiles (with financials) for: Purpose Financial (Advance America), Populus (ACE Cash Express), Check Into Cash, Check ‘N Go,
EZCorp., First Cash, Curo Group Holdings, QC Holdings, Western Union, MoneyGram, Euronet, Earnin, Elevate, Enova, Aaron’s, Rent-A-Center and AMSCOT.