FinTechs Continue to Drive Personal Loans to Record Levels
Q4 2018 TransUnion Industry Insights Report features latest consumer credit trends
The FinTech revolution has propelled personal loans to another record-breaking quarter. TransUnion’s Q4 2018 Industry Insights Report found that personal loan balances increased $21 billion in the last year to close 2018 at a record high of $138 billion. Much of this growth was driven by online loans originated by FinTechs.
“FinTechs have helped make personal loans a credit product that is recognized as both a convenient and simple way to secure funding online,” said Jason Laky, senior vice president and TransUnion’s consumer lending line of business leader. “More and more consumers see value in using a personal loan for their credit needs, whether to consolidate debt, finance a home improvement project or pay for an online purchase. Strong consumer interest in personal loans has prompted banks and credit unions to revisit their own offerings, leading to more innovation and choice for borrowers from all risk tiers.”
Jason Laky, Senior Vice President and TransUnion’s Consumer Lending Line of Business Leader
FinTech total personal loan balances have grown rapidly
The Share of FinTech Total Personal Loan Balances Has Grown Rapidly
- Credit Union
- Traditional Finance Company
More details — and insights — available across market segments
For more information on these and other findings, watch our Q4 2018 Industry Insights webinar on demand.