The U.S. Check Cashing, Money Transfer, Payday Loan Services and Pawnshops Industry:

The U.S. Check Cashing, Money Transfer, Payday Loan Services and Pawnshops Industry

Published Date: June 2008

Published By: Marketdata Enterprises Inc.

Page Count: 143

Order Code: R237-234

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Table of Contents

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Introduction: Study Scope, Sources, Methodology
Executive Overview of Major Findings: • Definition of the components of the U.S. market serving consumers outside of the traditional financial services market (the “unbanked”). Alternative financial services: Check Cashing Stores, Money Transfer Services, Pawnshops, Payday Advance lenders. Definition of each segment, number of outlets, and reasons for growth, dollar mkt. size 1999-2007, 2008 & 2013 forecasts, major competitors.; • Major market trends affecting each of four sectors.; • Discussion of reasons for growth of non-bank services, population living below poverty level.; • Discussion of family debt levels.; • Discussion of non-commercial bankruptcy trends.; • Discussion of annual U.S. immigration
Tables:: - U.S. Population Living Below the Poverty Level (1990-2004); - Reasons Why Unbanked Families Do Not Have Checking Accounts (1995-2004); - Debt Service Payments to Family Income (1995-2004); - U.S. Noncommercial Bankruptcies (1991-2006); - Annual U.S. Immigration (1992-2007); - Market potential: 1999-2013 F estimated $ receipts of check cashing outlets, money transfers, pawnshops, payday loan services, total industry.
The U.S. Check Cashing Industry
Summary & Nature of the Business: How Check Cashing Companies Operate
Industry definition and size. Number of outlets. Check cashers offer convenience for a price. Typical fees charged
Other services offered: money orders, wire transfers, electronic bill payments, notary signatures, utility bill payments, and lottery tickets
Industry History and Evolution: • Beginnings in the Great Depression.; • Impact of deregulation of the U.S. banking industry.
Customer Demographics (by gender, income, race, etc.): • Scarborough Research 2006 study.; • Ace Cash Express customer profile.; • FISCA 2006 trade group customer profile
Emerging Industry Trends: • Check cashing fees on the rise, Consumer Federation of America survey; • 2007 Federal Reserve Payments study, data for 2000, 2003, 2006; • The entry of Wal-Mart into the check cashing market - discussion; • More competition from: Pay By Touch, 7-Eleven, Wal-Mart
Industry Regulation: • Federal Regulations, state regulations; • Definition of: The Bank Secrecy Act, Money Laundering Suppression Act, USA Patriot Act, Gramm-Leach-Bliley Act
Industry Size, Growth, Forecasts: • Industry sales: 1999 through 2007; • Composition of check cashing revenues by type; • Industry sales and number of projected units for 2008 through 2013
Check Cashing Industry Structure & Profit Margins: • Review of the composite financial statements for check cashing outlets in New York State.
Major Competitors: • Ace Cash Express, Inc.; • Check Into Cash; • Dollar Financial Corporation
The U.S. Money Transfer Services Industry
Nature of the Business
The transition from the money order to the electronic wire transfers.
How electronic transfers work.
Industry size.: • Industry is being driven by the rise in global immigration.
Industry Trends: • International money transfer market is very fragmented.; • Major players have a small market share.; • Increased price competition is lowering transmission costs to the consumer.; • U.S. banks are developing services for the U.S. - Latin America transmission corridor.
Regulation of the Industry: • Review of state regulations.; • Review of federal regulations.
Industry Size, Growth, Forecasts: • Industry revenues for 1999 through 2004 - discussion & analysis; • Industry revenue projections for 2005 through 2008
Major Competitors
In-Depth Profiles for… (Headquarters location services, detailed 2002-2004 financials).: • Moneygram International; • First Data Corporation; • Vigo Remittance Corporation
The U.S. Pawnshop Industry
Nature of the Business: • Earliest form of consumer lending.; • Highly fragmented industry that is concentrated in the southeast and southwestern portions of the U.S.; • The pawn loan process - discussion.
Emerging Industry Trends: • Pawnshops are entering the payday loan market.
Pawnshop Customer Demographics (by age, race, gender, income, etc.): • Review of the Georgetown study - major findings
Regulation of the Industry: • Review of state regulations.; • Review of federal regulations.
Industry Size, Growth, Forecasts: • Industry sales and number of units for 1999 through 2004 - discussion; • Industry sales and number of projected units for 2005 through 2008 - analysis
Major Competitors: In-Depth Profiles for… (Headquarters location, services, detailed 2002-2004 financials).; • Cash America International, Inc.; • Cash America International, Inc; • EZCORP, Inc.; • First Cash Financial Services
The Payday Loan Industry
Nature of The Business: • Fastest growing segment of the alternative financial services industry; • The standard and bank business models - discussion; • CFSA industry Best Practices. Guidelines.
Emerging Industry Trends: • Check cashing services and pawnshops are entering the payday loan market - analysis
End-User Demographics - Who is the Payday Advance Customer? (by age, income, amount of loan, gender, reasons for loan, etc.): • Review of the Georgetown Study - major findings; • Review of the IO Data study - major findings; • Advance America’s customer demographics.
Regulation of the Industry: • Review of federal regulation; • Review of payday loan terms and interest rates; • Industry sales and number of units for 1999 through 2004 - analysis; • Industry sales and number of projected units for 2005 through 2008
Payday Loan Industry Financials & Profit Margins: • Review of the Flannery and Samolyk study - major findings.; • Discussion of composite industry financials.
Major Competitors
In-Depth Profiles for… (Headquarters location, services, detailed 2002-2004 financials).: • Advance America Cash Advance Centers, Inc.; • World Acceptance Corporation; • QC Holdings, Inc.
Reference Directory of Trade Associations & Sources: • Address, phone, contacts for major trade groups, consultants, list of industry studies and articles, Wall Street analysts/research reports.

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