Origination Report: Consumer Unsecured, August 2025

August Update: Record Growth Stalls as Originations Post Largest Non-COVID Decline in 5+ Years

This month’s report also includes our quarterly integration of CFPB credit card data, providing additional context on borrower mix and origination quality.

Quick Insights

• Largest Monthly Decline Since 2019 (Ex-COVID): August originations fell 16% MoM, breaking a year-long streak of record growth. Still, volumes ranked third-highest on record, behind only June and July.
• Sustained YoY Growth: Despite the pullback, originations rose 33.1% YoY, extending a 12-month streak of >30% growth.
• Credit Quality Tightened: Top Grades represented 52.3% of issuance, FICOs rose 2 points to 728, and lending to 760+ borrowers reached record share.
• Credit Card Mix Skews Super Prime: CFPB data shows 83% of credit card originations now come from Super Prime borrowers, underscoring the post-COVID migration to higher-credit segments