2023-09-17-美联储-美国个人贷款概述_13页_386kb

An Overview of Personal Loans in the U.S. Summary

In August 2023, Jessica Flagg and Simona Hannon of the Federal Reserve Board released a study on the U.S. personal loan market. The research combines data from two sources to analyze personal loan balances and supply.

Loan Market Size and Composition As of late 2022, personal loans totaled approximately $356 billion, accounting for about 10% of non-revolving consumer credit. The market is dominated by depository institutions (banks, thrifts, credit unions) holding $273.6 billion in loans (77% market share), with finance companies accounting for the remaining $82.5 billion (23%). The median personal loan balance is $4,198 with a median monthly payment of $202. About 25% of balances are secured, 60% have fixed interest rates, and 40% are held by borrowers with Equifax Risk Scores below 720 (nonprime borrowers).

Loan Product Types and Lender Behavior About one-fourth of personal loans are secured. Depository institutions hold larger loan balances ($6,299 median) and target higher-credit-score borrowers (median score 727). Finance companies concentrate lending in states with favorable interest rate ceilings and target riskier borrowers (median score 626). FinTech lenders hold about $49.9 billion in loans (14%) and target near-prime and low-prime borrowers with medium-to-long-term secured loans.

Regulatory Environment The U.S. personal loan market is regulated at the state level via usury laws and interest rate ceilings. The Marquette v. First Omaha ruling allows banks to charge home-state interest rates regardless of borrower location. The 36% interest rate cap affects states such as Alabama and Georgia. The Payday Rule (2016–2019) temporarily restricted high-cost loan supply but was later revoked.

Supply-Side Trends In 2022, finance companies and FinTech lenders through partnerships with banks dominated the supply side. Mintel Comperemedia data shows 1.5 billion loan acquisition offers were sent to consumers in 2022. About 7% of these offers are for secured loans, while the rest are unsecured. Among major players, oneMain/Springleaf dominates offline supply, while partnerships between WebBank and CrossRiverBank lead in FinTech. Payday lenders primarily target low- to medium-interest environments.

Conclusion Personal loans are a significant but understudied segment of U.S. credit markets. The sector continues to be influenced by regulatory restrictions and the blending of traditional finance and FinTech for growth.