Originations Report: Consumer Unsecured, February 2026

Feb 2026: Consumer Unsecured Origination Growth Remains Elevated as Borrower Mix Shifts Upmarket

dv01’s latest Consumer Unsecured Origination Report shows continued growth in origination volumes, alongside ongoing shifts in borrower mix and issuance characteristics.

What the Data Shows: Growth Persists as Credit Skews Higher

• Origination growth remains strong: Volumes rose 34% YoY, with February declines more muted than seasonal norms—marking one of the strongest February performances since 2020.

• Credit mix continues to move upmarket: 760+ FICO and Top Grade originations reached new highs, now exceeding 55% of total production as mid-tier borrowers continue to decline.

• Improving credit quality, but rising leverage: Average FICO ticked higher, yet DTI reached another record high, signaling increasing borrower leverage beneath stronger headline credit metrics.

What We’re Watching: Strength at the Top, Signals Beneath the Surface

• Whether elevated growth levels persist through 2026

• How far the shift toward higher-quality borrowers continues

• The balance between improving credit metrics and rising borrower leverage