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U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018.

Americans are borrowing at record levels, and using online lenders like never before

36%

Personal loans, measured through outstanding balances, surged 18% to a record of $120 billion in the first quarter, says credit bureau TransUnion.

Published   |  Photo by Reuters/Jose Luis Gonzalez
U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018.
36%

One of the elements driving that growth is a surge in online borrowing. Fintech firms made only 1% of personal loans in 2010. Now, they make 36%.

U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018.
36%

They include online lenders like Prosper, LendingClub, and Social Finance, and compete with traditional banks and their online lending platforms, like Goldman Sachs’s Marcus.

U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018.
36%

These fintech firms are seizing the recent expansion of household debt in the country, which reached a record level of $13.2 trillion in the first quarter.

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