Origination Report: Consumer Unsecured, September 2026

September 2026 Update: Record Originations as Top-Grade Loan Pricing Falls

dv01's latest Consumer Unsecured research shows originations grew 46% YoY in September, the second-highest growth rate in two years. Competition for higher-quality borrowers continues to push Top Grade loan rates lower, widening the spread with Middle Grades.

What the Data Shows:

• Originations reach another record high: Volumes climbed to nearly $7.1 billion, rising MoM despite the typical seasonal decline in September.
• Top Grade loan pricing continues to fall: Top Grade GWACs declined 19 bps MoM to their lowest level since Q2 2022, while Middle Grade rates remained unchanged.
• Debt-to-income ratios reach a new high: DTI rose for the second consecutive month, reaching 110 bps above the 2022–2025 average.
• Credit quality shows mixed signals: Average FICO fell to 727 and Top Grade share declined to 57.1%, while borrowers with no hard credit inquiries in the past six months accounted for nearly 70% of originations.

What We're Watching:

• With September originations outperforming seasonal expectations, can consumer unsecured lending maintain its strong YoY growth?
• Will competition for higher-quality borrowers continue to drive Top Grade loan pricing lower, widening spreads across grades?
• Will DTI ratios continue rising as more borrowers turn to personal loans for credit card debt consolidation?