Originations Report: Consumer Unsecured, December 2025

Dec 2025 Update: Consumer Unsecured Originations Surge as Pricing Signals Diverge

dv01’s latest origination report shows consumer unsecured lending finishing the year on exceptionally strong footing.

Quick Insights

• Volumes Break Seasonal Patterns: December originations surged well above historical seasonal norms, marking one of the strongest December performances on record. YoY growth reaccelerated meaningfully, even against strong 2024 comps, underscoring sustained borrower demand and issuer willingness to deploy capital.

• Credit Tightening Partially Reverses: After substantial tightening in November, December saw a modest easing across several credit attributes. Top Grade share declined slightly but remained near cycle highs, while borrower mix continued to skew toward higher-quality profiles relative to earlier years.

• Pricing Dispersion Reemerges: While overall GWAC movements were mixed, pricing differences across borrower segments widened again in December. High-income and top-tier borrowers saw renewed repricing, while mid-income ranges experienced incremental dispersion—reinforcing that issuers are increasingly fine-tuning risk-based pricing rather than moving the credit box uniformly.