【市场报告】美联储-美国个人贷款概述（英）-2023.8_市场营销策划_重点报告20230901_d.docx

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1、FinanceandEconomicsDiscussionSeriesFedera1ReserveBoard,Washington,D.C.ISSN1936-2854(Print)ISSN2767-3898(On1ine)AnOverviewofPersona11oansintheU.S.JessicaN.F1agg,SimonaM.Hannon2023-057P1easecitethispaperas:F1aggzJessicaN.zandSimonaM.Hannon(2023).“AnOverviewofPersona11oansintheU.S.,FinanceandEconomicsD

2、iscussionSeries2023-057.Washington:BoardofGovernorsoftheFedera1ReserveSystem,https:/doi.org/10.17016/FEDS.2023.057.NOTE:StaffworkingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepre1iminarymateria1scircu1atedtostimu1atediscussionandcritica1comment.Theana1ysisandconc1usionssetfortharethoseof

3、theauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.Referencesinpub1icationstotheFinanceandEconomicsDiscussionSeries(otherthanacknow1edgement)shou1dbec1earedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.AnOverviewofPersona11oansintheU.S.WethankSar

4、enaGoodman,Geng1i,andKami1aSommerforhe1pfu1discussions,mments,andsuggestions,AnujShahaniforgeneroushe1pwithMinte1Comperemediadata,andShannon1ukforoutstandingediting.Theviewsinthispaperarethoseoftheauthorsanddonotnecessari1yref1ectthoseoftheBoardofGovernorsoftheFedera1ReSerVeSystemoritsstaff.Address:

5、BoardofGovernorsoftheFedera1ReserveSystem,20thStreetandConstitutionAveN.W.,Washington,D.C.20551,U.S.A.E-mai1:jessica.n.f1aggfrb.gov.Address:BoardofGovernorsoftheFedera1ReserveSystem,20thStreetandConstitutionAveN.W.,Washington,D.C.20551,U.S.A.E-mai1:simona.m.hannon；frb.gov.JessicaN.F1agg*SimonaM.Hann

6、onSFedera1ReserveBoardFedera1ReserveBoardAugust29,2023AbstractPersona11oansusedforavarietyofpurposes,suchasdebtnso1idation,medica1bi11s,vacations,orthepaymentofa1argeticketitem,reached$356bi11ionorabout10percentofnonrevo1vingconsumercreditattheendof2023.A1thoughdepositoryinstitutionssuchasbanks,thri

7、fts,andcreditunionsdominatethepersona11oanmarket,financecompanies,institutionsthattypica11y1endtononprimeconsumers,ho1dnear1yafourthofthese1oans.Thispaperprovidesanoverviewofthisnascentbutre1ative1yunderstudiedsectoroftheUnitedStatescreditmarket.Keywords:ConsumerCredit,Persona1Ioans,Insta11ment1oans

8、.JE1c1assification:G21,G231. IntroductionIntheaftermathoftheG1oba1Financia1Crisis,persona11oansreturnedtoprominenceasasourceofcredittoconsumers,part1yhigh1ightedbysomeofthetechno1ogica1advancesintheconsumercreditspacecharacteristicofthepastdecade.Whi1enewfinancia1techno1ogy(FinTech)1endersenteredthe

9、marketandsomeevenmorphedintoothertypesofinstitutions,traditiona11enderscontinuedtop1ayanimportantro1einprovidingpersona11oanstoconsumers.Astheoutstandingba1ancesofthese1oanshaverecent1ystartedtoacce1erate,weaimtoprovidemoreinformationonthisunderstudiedsector,emp1oyingtwore1ative1ynewdatasources.Asof

10、theendof2023,persona11oans-a1soknownasinsta11ment1oansorother1oans,usedforavarietyofpurposes,suchasdebtconso1idation,medica1bi11s,vacations,orthepaymentofa1argeticketitemreached$356bi11ionorabout10percentofnonrevo1vingcredit.Thisestimateisbasedonthepersona11oanho1dingsref1ectedintheFedera1ReserveBan

11、kofNewYorkConsumerCreditPane1(CCP)/Equifaxdata.Itref1ects1oanho1dingsbytraditiona11enderssuchasbanks,creditunions,andRnanCecompaniesanddoesnotinc1udeestimatesofBNP1,payday1enderorpawnshop1oanho1dings,northosethatarenotreportedtotraditiona1creditbureaus.(Forexamp1e,banksa1sooffertowea1thierc1ientsper

12、sona11oansbackedbysecuritiesthatarenotreportedtocreditbureaus.Inaddition,asmorerecent1yse1ectpayday1endersstartedtoofferinsta11ment1oans,someofthemoreestab1ishedonesreporttoa1ternativecreditscoringcompaniessuchasC1arityServicesandDataX.Noneofthese1oansareref1ectedintheCCP.)Thenonrevo1vingcreditestim

13、ateissourcedfromtheG.19ConsumerCreditre1ease:Fromaninstitutiona1perspective,thesectorisdominatedbydepositoryinstitutionsthatis,banks,thrifts,andcreditunions-andfinancecompanies,COnS运tingofpersona11oancompaniesandsa1esfinancecompanies.Persona11oanmpaniesprovide1oansdirect1ytonsumers,whi1esa1esfinance

14、mpaniesbuyinsta11mentcreditcontractsatadisuntfromretai1ersorfinanceretai1sa1es.FinTech1endersa1soho1danotab1eshareofthepersona11oansector,but,giventheirbusinessmode1sandthatsome1endersmorphedintoothertypesofinstitutions,their1oanba1ancesareaccountedforunderotherinstitutiontypeho1dings.Wewi11discussm

15、oreaboutFinTech1endersinasubsequentnote.Fina11y,somepayday1endershaverecent1ystartedtoofferinsta11ment1oans.Ourdataa11owsustohigh1ightthisnewtrend.Each1endertype,sdistinctcharacteristicsshapetheirunderwritingpractices,pricing,geographica1concentration,andu1timate1y1oanho1dings.A1thoughpersona11oansc

16、anhaveavarietyofcharacteristics,theycanbebroad1ycategorizedintosecured-backedbyco11atera1suchasjewe1ry,savingsaccounts,orfineartandunsecured1oans.Thatsaid,theycana1sotaketheformofnote1oansorpromissorynotes,whichare1essforma1agreementsusuayforsma11do11aramountsamongpartieswithanexisting1endingre1ationship.These1oanscanbemodifiedmoreeasi1yifthepartiesagreeandtheyhave1ega11ybindingrequirementsfortheborrowerwhi1enot1ega11y