LendingInsights PersonalLoans R3b

Lending Insight Series: Personal loans

Let's get personal (about loans and lending)

Personal loans were the fastest growing unsecured lending product in the market in the second quarter of 2018. From debt consolidation to major purchases, consumers are increasingly choosing these flexible, easy-access loans over plastic. Here are some other Q2 insights on personal loan trends:

What Q2 2018 industry data shows

Super-prime

781?850

Prime

661?780

38%

24%

Q2 2018 VantageScore?

(Source: Experian's IntelliViewSM)

4%

Deep-subprime

300?499

21%

Subprime

500?600

13%

Near-prime

601?660

650 Average VantageScore? for new personal loans

$273 billion Existing personal

loan debt reached

12% Personal loan

originations

vs. Q2 2017

35.7 million existing personal loan trades

Late-stage delinquencies (90?180 days)

12.4% vs. prior year

68.2% Balance-to-credit ratio

87% of direct-mail personal loan o ers are prescreened

What consumer data shows1

#1

reason consumers take a personal loan is debt consolidation.

20%

of millennials applied for their last unsecured loan or credit card online.

9%

of Generation X applied for their last personal loan at

a bank branch.

The important factors in choosing the lender(s) for unsecured loans.1

Factors

Interest rate

All

42%

Millennials

Age 22?35

Generation X Baby Boomers

Age 36?50

Age 51?71

40%

47%

41%

Lender has a good reputation

32%

31%

34%

31%

I already have an account there

26%

23%

25%

33%

Ability to apply online

23%

28%

23%

19%

11,215 internet users age 18+ who have an unsecured loan or credit card.

Visit LendingInsights today to learn about how to optimize your personal loan portfolio.

1Mintel Unsecured Loan Report. Lightspeed/Mintel Comperemedia.

? 2018 Experian Information Solutions, Inc. All rights reserved. Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners. VantageScore is a registered trademark of VantageScore Solutions, LLC.

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download