Originations Report: Consumer Unsecured, October 2025

Oct Update: Consumer Unsecured Originations Remain Elevated Despite Seasonal Miss

dv01’s latest origination report shows continued strength in Unsecured Personal Loans, even as October underperformed seasonal expectations for only the second time in six months.

Quick Insights

Consumer Unsecured

• Moderating Growth: Originations rose 1.6% MoM, below typical seasonal patterns, yet October still ranked as the third-highest origination month in the sector’s history. YoY growth came in at 26%, the slowest since mid-2024 due to exceptionally strong comps

• Credit Tightening Continues: Top Grades reached 53.1% of total originations — the highest share in six months — marking the third consecutive month of tightening across issuers.

• Borrower Strength Improving: PTI ratios fell to their lowest level since late 2023, supported by rising incomes and slower balance growth, indicating stronger post-loan affordability.