Origination Report: Consumer Unsecured, November 2024

Originations for Consumer Unsecured Loans Drop in November but Maintain Strong YoY Growth

Additional market data was incorporated into our research, providing a more comprehensive representation of the unsecured personal lending landscape, with trends now appearing more positive than earlier reports suggested. We have also introduced a new section highlighting changes in pricing across key attributes, made adjustments to our FICO and income ranges, and conducted an in-depth analysis.

Quick Insights

• Overall: November originations fell 11% MoM, consistent with seasonal trends. November is typically a weak month for volume due to the Thanksgiving holiday.

• GWAC: Top Grade GWACs rose 10 bps MoM, while Middle Grades and Bottom Grades fell 10 bps and 12 bps, respectively. With rates rising post-election, this move likely reflects a recalibration of expected IRR behavior coupled with issuer composition.

• Credit Age: Credit Age is the only attribute that has continued to loosen throughout 2024, with a continued expansion in loans for borrowers with Credit Ages <= 10 years