Origination Report: Consumer Unsecured, May 2025

Weak May Seasonality Breaks 2024 Momentum, But YoY Originations Still Soar

Quick Insights

• Overall:

  Originations fell 3.8% MoM, marking the weakest May performance since 2016 (excluding COVID) and the first organic MoM decline in nearly a year. May volumes were up 50% YoY, continuing a nine-month streak of 33%+ growth.

• Credit Mix: Credit trends loosen slightly as Top Grade share drops to 61% and sub-695 FICO originations climb

• Pricing: Top Grade GWACs fell 6 bps, reversing most of April’s increase, while income-based pricing spreads widened across nearly all brackets.