Origination Report: Consumer Unsecured, August 2024

Modest Origination Growth Amid Tightened Credit Standards

Originations of unsecured personal loans have fluctuated between weak and strong trends throughout the year. In August, credit standards tightened significantly, contributing to slower growth in loan volume.

Quick Insights

• Both loan volume and loan count grew by 3.8% and 1.9% MoM, respectively, aligning with seasonally adjusted trends but at the lower end of the range.

• The New England/NY Tri-State region saw a surprising surge in originations after experiencing the largest relative decline over the past two years.

• Average borrower income rose $2,020 MoM (0.6%), reversing prior declines.