Originations Report: Consumer Unsecured, November 2025

Nov 2025 Update: Consumer Unsecured Originations Remain Firm as Credit Tightening Continues

dv01’s latest origination report shows consumer unsecured lending holding up well into November, with volumes remaining elevated and underwriting continuing to skew toward higher-quality borrowers—even as pricing dynamics reveal increased competition at the top end.

Quick Insights

Consumer Unsecured

• Volumes Remain Elevated: November originations declined modestly on a MoM basis, consistent with seasonal patterns, while YoY growth remained strong—albeit slower than earlier in 2025 due to tough comps.

• Credit Tightening Persists: Top Grades reached a new cycle high share of originations, extending a multi-month trend toward higher-quality borrower mix across issuers.

• Pricing Reflects Competition for Prime Borrowers: While credit quality tightened, GWACs declined most sharply for higher-income borrowers, contributing to wider pricing gaps between the highest- and lowest-income cohorts—even though income itself remains a secondary pricing variable.