Originations Report: Consumer Unsecured, July 2026

July 2026: Consumer Unsecured Originations Hold Above $7 Billion

dv01's latest research shows Consumer Unsecured originations remained above $7 billion in July, just under June’s record high. With YoY growth remaining above 30%, the sector extends the consistently strong growth seen over the past two years.

What the Data Shows:

• Gaining market share from credit cards: Consumer Unsecured originations have grown over 45% annually for the past two years, compared to 5% for credit cards, suggesting the sector is capturing origination share amid strong demand for debt consolidation.
• Pricing dispersion by FICO hit a new record: The GWAC spread between 760+ and sub-670 FICO borrowers reached 1440 bps in July, more than 100 bps above the pre-COVID record.
• Credit trends diverged: 720+ FICO originations increased, while the share of sub-670 stayed above 2024/2025 levels, meaning new volumes are simultaneously top-heavy and carry a growing share of low FICOs.
• DTI has stayed near its lows over the past year: This decline coincides with easing credit card APRs, suggesting origination DTI may have passed its peak.