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The unsecured personal loan market in the US increased 17% last year, reaching $138b. Fintech companies issued 38% of all U.S. personal loans, up from just 5% in 2013 (according to TransUnion). Traditional banks' share of those loans is down to 28% from 40% 5 years ago.
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Traditional banks' share of those loans is down to 28 percent from 40 percent five years ago. Credit unions are down to 21 percent from 31 percent in the time period. While their market share shrank, they still saw overall growth in total loan balances, according to Laky.
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