Personal loans on the rise
15.8 million consumers have a personal loan
Total personal loan balances were $102 billion at the end of 2016
Baby Boomers make up the largest share of personal loan users. Surprisingly, the largest shares of FinTech loans go to Baby Boomers and Gen X.
1945 and previous
- Baby Boomers
- Gen X
- Gen Z
Personal Loans by Generation
As FinTechs entered the market, the assumption is Millennial consumers are driving the personal loan growth. Is that really the case?
Fintech Share by Generation
FinTechs have an opportunity to gain more market share with millennials, who are the largest living generation. At the end of 2016, only 26.3% of FinTech customers were millennials.
Q4 2016 Industry Insights Report - Mortgage
The mortgage delinquency rate concluded 2016 at 2.28%, and has now declined every quarter on a quarter-over-quarter basis since Q3 2013.
Mortgage - Delinquency Rates
The average mortgage balance reached a post-Recession high of $194,415 in Q4 2016.
Mortgage - Average Balance per Consumer
Q4 2016 Industry Insights Report - Auto
The auto delinquency rate reached 1.44% to close 2016, a 13.4% increase from 1.27% in Q4 2015. Auto delinquency is at its highest level since the Q4 2009 reading of 1.59%.
Auto - Delinquency Rates
The average auto balance per consumer also rose slightly to $18,391, up from $18,004 in Q4 2015.
Auto - Average Balance per Consumer
Q4 2016 Industry Insights Report - Credit
The credit card delinquency rate reached 1.79% in Q4 2016, an increase of 12.6% from 1.59% in Q4 2015. The credit card delinquency rate remains more than a full point below its peak in Q4 2009 (2.97%).
Credit Cards - Delinquency Rates
The average card balance per consumer grew 2.8% to $5,486, up from $5,337 at year-end 2015 and the highest level since $5,609 in Q4 2010.
Credit Cards - Average Balance per Consumer
Q4 2016 Industry Insights Report - Personal loans
The personal loan delinquency rate was 3.83% in Q4 2016, the highest Q4 reading since Q4 2013 and up from 3.62% in Q4 2015.
Personal Loans- Delinquency Rates
The average personal loan balance reached $7,640 in Q4 2016, up from $7,360 in Q4 2015.