Subprime Loan Originations Expected to Soar After Q3

Published: Thu, 07/07/22

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A new Bank Rate study is out! [Link below.]

"As the job market cools down and inflation heats up, a new survey from Bankrate indicates that side hustles are a necessity for a growing number of Americans. Former top motivations for side hustling, like paying off debt and saving, have given way to a more pressing need: making ends meet."

“Unfortunately, due to high inflation and other financial burdens, more side hustlers are working a side job just to make ends meet,” said Ted Rossman, Senior Industry Analyst for Bankrate. “Instead of using this income to boost savings, knock out debt or pay for a vacation, there has been a big increase in people who simply need these funds just to pay for everyday living expenses.”

"41% of U.S. adults who have a side jobin 2022 need the extra income to pay for everydaylivingexpensesas compared to 31%in 2019 (the last year of polling), according to a new survey from Bankrate.com.Fewer are putting this money towards savings(17% vs. 24%in 2019) and using it for discretionary spending (26% vs. 36%in 2019)."

Bottom Line? The nearprime will soon be the subprime. Demand for loans is trending up and will continue to scale rapidly. Opportunities abound for Lenders!

ARE YOU EMPLOYING THE BEST OF BREED CUSTOMER ACQUISTION, UNDERWRITING, FUNDING... RESOURCES & PLATFORMS RAPIDLY ENTERING OUR INDUSTRY TODAY? DON'T KNOW WHERE TO BEGIN? LOOK NO FURTHER! YOUR ANSWERS ARE HERE: LENDER RESOURCES

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Here's a link to the Bank Rate Study: Bank Rate