A recent analysis revealed a 9-point negative shift in the average VantageScore® credit score for personal loan originations from Q3 to Q4 of 2016. Additional insights into the personal loan market include:
- 67% of those who opened a personal installment loan had a revolving trade with a balance.
- 5% of consumers who close a personal loan open another within a few months of the original loan closure.
- 68% of consumers who open a new personal loan shortly after closing another one do so with the same company.
Lenders must dig deeper to keep their loan volumes up in today’s competitive marketplace. Using a propensity score and attributes, as well as tools to learn more about ability-to-pay metrics and offer alignment, can improve your organization’s marketing and retention strategies.
