Personal loans surge to a record $138 billion in US as fintechs lead new lending charge

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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.

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“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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