Q3 U.S. Economic and Credit Trends Outlook Focuses on Online Lenders
The Q3 U.S. Economic and Credit Trends Update is fast approaching. On Tuesday, August 21, chief economist Amy Crews Cutts will dive into a macroeconomic overview. Topics will include:
- Economic forecasts
- Labor market update
- High-level macro trends impacting the U.S. economy
- Trends in consumer credit, including updates on mortgage and home equity, credit cards, auto lending and additional timely topics
This quarter’s special report is on a hot topic: online lenders.
In addition, Crew Cutts will compare trends in online lending to that of traditional banks, credit unions and finance companies.
A Look Back in Time
In Q4 2014, unsecured personal loan originations barely broke $10 billion, and less than 1 in 6 were originated by an online lender. A year later, in Q4 2015, the total volume of loans passed $19 billion, and online lenders were responsible for nearly 1 in 3. The sector cooled in 2017, following a shake-up in the online industry. Finally, volumes are back and online lenders are once again dominating.
Do Online Lenders Target Higher Risk Consumers?
It is often stated that online lenders cater to the higher-risk end of the credit spectrum, those with subprime credit scores and less ‘visible’ consumers. But is this common assumption fact or fiction? Join Equifax as we take a peek behind the curtain and compare lending habits of online and more traditional lenders.
Register now for the Q3 U.S. Economic and Credit Trends Outlook from Equifax.
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