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.
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