Originations Report: Consumer Unsecured, August 2026

August 2026: Originations Remain Near Record Levels as Higher-Quality Borrowers Gain Share

dv01’s latest Consumer Unsecured research shows origination volumes declined 2.4% MoM, the second consecutive month of seasonal underperformance. However, originations remained near $7 billion, the record reached in June 2026 when volumes surpassed the previous monthly high by $1.1 billion.

What the Data Shows:

• Top Grade share rose for the third consecutive month to 59.1%: Credit quality continues to tighten even as originations remain near record highs, suggesting growth is organic rather than driven by looser underwriting.
• Year-over-year volume growth rose to 52.6%: YoY growth has exceeded 33% in 22 of the past 24 months, unprecedented for a relatively mature consumer credit market outside periods of significant rate declines.
• Pricing dispersion remained at record levels: GWAC spreads across FICO ranges remained near July’s record levels, while income-based spreads widened to their highest point since 2023.
• Lower-FICO originations reversed most of their spring increase: Sub-670 FICO share declined substantially over the past three months, while 760+ originations moved back to just below their March 2026 record high.