Accessible Version

FinTech-Issued Personal Loans in the U.S., Accessible Data

Figure 1. FinTech-Bank Unsecured Mail Volume Solicitations
State FinTech-bank share in total unsecured mail volume solicitations (%) High consumer finance interest rate ceiling
AL 22.2 x
AZ 43.6  
AR 61.0  
CA 35.0  
CO 41.3  
CT 35.1  
DE 30.3  
FL 36.9  
GA 30.4 x
ID 34.7 x
IL 32.0 x
IN 31.7 x
IA 8.3  
KS 29.1  
KY 32.1 x
LA 23.7 x
ME 43.0  
MD 37.0  
MA 38.5  
MI 43.7  
MN 45.1  
MS 36.0 x
MO 22.9 x
MT 39.2  
NE 30.2  
NV 44.4  
NH 49.0  
NJ 44.6  
NM 24.6 x
NY 39.2  
NC 35.3  
ND 34.5  
OH 31.9  
OK 26.7 x
OR 45.6  
PA 35.0  
RI 48.8  
SC 18.6 x
SD 28.4  
TN 24.5 x
TX 24.8 x
UT 35.6  
VT 26.4  
VA 37.2  
WA 43.9  
WV 15.7  
WI 29.3 x
WY 46.6  

Note: This figure shows the share of FinTech-bank partnership mail volume in total mail volume over the period. High consumer finance interest rate ceiling states are hatched. When issuing offers in partnership with banks, FinTech companies concentrate their mail solicitations in states with low consumer finance rate ceilings, as they are able to avoid these restrictions thanks to banks' ability to export their home state interest rate. For details see Elliehausen and Hannon (2023).

Source: Mintel Comperemedia.

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Figure 2. FinTech-Bank Partnership Mail Volume

(a) Specialist Bank Perspective (left panel)
Mail Volume (Millions)

Year Company
Cross River Bank Other Specialist Banks WebBank
2012 0 0 6.957171
2013 0 0 54.3499
2014 43.51642 0 227.8462
2015 213.0933 10.9188 589.7604
2016 234.8742 17.07345 541.4871
2017 263.2154 6.087353 619.2133
2018 350.1934 3.800795 570.6647
2019 245.2065 32.69928 423.1899
2020 95.42918 19.0624 80.06059
2021 283.8395 58.09955 39.07456
2022 398.4701 81.84116 18.98029

Note: The left panel shows the FinTech-bank partnership mail volume from the perspective of the specialist banks enabling the offers. Key identifies in order from top to bottom.

Source: Mintel Comperemedia.

(b) FinTech Lender Perspective (right panel)
Mail Volume (Millions)

Year Company
All Others Best Egg Lending Club Prosper Upgrade Upstart
2012 0 0 6.426185 0.530986 0 0
2013 0 0 32.62649 21.72341 0 0
2014 4.512347 43.51642 126.0251 97.3088 0 0
2015 60.64605 189.3683 330.7673 227.8492 0 5.141624
2016 46.10904 197.5359 335.9298 193.0677 0 20.79236
2017 46.5976 201.3023 340.5087 215.5346 25.91298 58.65977
2018 58.90943 227.6333 290.9737 155.7341 79.86748 111.5409
2019 60.11393 166.5129 280.7128 78.50164 42.24762 73.00668
2020 21.81039 59.37924 44.34489 12.11578 22.75609 34.14579
2021 117.1136 134.1886 3.871562 4.192152 3.332012 118.3157
2022 152.3489 215.6922 0 17.46755 0 113.7829

Note: The right panel shows the FinTech-bank partnership mail volume from the perspective of the FinTech lenders issuing the offer in partnership with the specialist banks. Key identifies in order from top to bottom.

Source: Mintel Comperemedia.

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Figure 3. FinTech-Bank Relationship Diagram

This figure shows the footprint of FinTech-bank relationships observed in our data. In shades of blue, we show a list of the specialist banks engaged in partnerships with FinTech companies. The main two banks are WebBank and Cross River Bank (shown in navy), followed by FinWise Bank, First Electronic Bank, Republic Bank, CountyBank of Rehoboth Beach, and MetaBank (shown in blue). In shades of orange, we show the FinTech companies partnering with the specialist banks we observe. LendingClub, Best Egg, Prosper, Upstart, Upgrade, Avant, and FreedomPlus (shown in dark orange) lead these companies. Other smaller companies include RISE, Payoff, Inc., or Loan Depot (shown in light orange). In gray, we show the parents of the FinTech companies engaged in the partnerships. Some of the parents are Marlette Funding for Best Egg, Freedom Financial for FreedomPlus, or Barclays for RISE. We decrease the pigment from strong to weak to indicate market shares, and we use thick lines to designate stronger partnership relationships (typically defined as more than 100 partnered campaigns during the period of analysis) and thin dashed lines for weaker relationships. The relationships and the participants highlighted are non-exhaustive.

WebBank, for example, has strong connections with LendingClub and Prosper, while Cross River Bank has such relationships with Best Egg and Upstart.

A variety of weaker relationships can be observed.

Note: This figure shows the footprint of FinTech-bank relationships observed in our data. In blue, we show a list of the banks engaged in partnerships with FinTech companies. In orange, we show the FinTech companies partnering with the banks we observe. In gray, we show the parents of the FinTech companies engaged in partnerships. We decrease the pigment from strong to weak to indicate market shares, and we use thick solid lines to designate stronger partnership relationships and dashed thin lines for weaker relationships. The relationships and the participants highlighted are non-exhaustive.

Source: Mintel Comperemedia.

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Figure 4. Share of FinTech Balances in Total Personal Loan Balances as of 2022:Q4
State Percent FinTech balances in total personal loan balances (%) High consumer finance interest rate ceiling
AL 8.5 x
AZ 15.9  
AR 14.1  
CA 15.8  
CO 17.9  
CT 26.8  
DE 20.0  
FL 15.7  
GA 16.9 x
ID 7.9 x
IL 21.2 x
IN 12.2 x
IA 7.3  
KS 17.8  
KY 9.0 x
LA 7.8 x
ME 12.0  
MD 18.9  
MA 19.3  
MI 12.4  
MN 10.1  
MS 6.7 x
MO 13.3 x
MT 6.1  
NE 13.9  
NV 17.5  
NH 15.9  
NJ 27.7  
NM 10.4 x
NY 21.3  
NC 13.1  
ND 9.3  
OH 16.0  
OK 9.8 x
OR 11.7  
PA 15.9  
RI 27.5  
SC 11.2 x
SD 10.3  
TN 11.5 x
TX 13.3 x
UT 7.3  
VT 10.9  
VA 19.3  
WA 9.5  
WV 10.5  
WI 10.2 x
WY 9.0  

Note: This figure shows the share of FinTech total outstanding balances in total outstanding personal loan balances. High consumer finance interest rate ceiling states are hatched. By partnering with specialist banks, FinTech lenders are able to circumvent usury laws and make similar amounts of loans irrespective of state interest rate ceiling height.

Source: Federal Reserve Bank of New York Consumer Credit Panel (CCP)/Equifax.

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Last Update: August 30, 2023