After a strong economic rebound in the wake of COVID-19, a more challenging environment and heightened recession worries are forcing small businesses to “hit the reset button”. Small business anxiety about elevated inflation and labor shortages persisted in Q2 2022, as small businesses held debt balances longer, while seeking additional credit in anticipation of a tighter lending environment.
Our analysis delves into various attributes to help us gain a deeper understanding of the digital borrower compared to all other borrowers for unsecured personal loans as well as credit cards. Our data analysts also looked at borrowers, irrespective of generation, regarding information such as household income, credit score and history, open trade lines, credit utilization, and more.
Explore state-level and industry level data that banks, credit unions and fintechs can leverage to track the downturn and be correctly positioned for the recovery in this monthly report.
This report delves deeper into these fintech credit trends and analyzes their potential impact on the fintech lending landscape. Inside, you'll find:
Explore state-level and industry level data that banks, credit unions and fintechs can leverage to track the downturn and be correctly positioned for the recovery in this monthly report.
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