Total outstanding U.S. consumer loans hit a new record last year, driven by digital-first lending options.
Financial technology, or fintech, companies now make up 38 percent of the personal loan market — up from just 5 percent five years ago, according to new data from TransUnion. Banks’ market share is going the other direction.
“The rapid growth in consumer loans sits squarely on the shoulders of fintechs,” says Jason Laky, senior vice president and leader of TransUnion’s consumer lending line of business.
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