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Small-Dollar Loans in the U.S.: Evidence from Credit Bureau Data, Accessible Data

Figure 1. Small-Dollar Loans Outstanding

Millions of Dollars

Quarter Miscellaneous Companies Sales Finance Companies Personal Loan Companies Credit Unions Banks and Thrifts
3/31/2010 16.82 64.20 869.73 181.49 61.47
6/30/2010 16.67 66.81 894.26 182.77 59.97
9/30/2010 17.33 68.81 906.12 184.12 62.75
12/31/2010 18.17 70.18 923.62 186.71 62.52
3/31/2011 17.62 69.05 924.08 189.53 63.50
6/30/2011 18.42 68.67 941.81 193.71 62.87
9/30/2011 17.67 67.67 944.04 198.84 61.68
12/31/2011 18.27 63.54 934.15 200.54 63.23
3/31/2012 17.60 59.39 925.79 204.58 61.82
6/30/2012 17.63 56.62 938.28 211.03 63.44
9/30/2012 17.69 52.87 928.19 212.94 61.43
12/31/2012 17.52 55.99 938.68 220.20 60.68
3/31/2013 17.68 53.81 951.45 227.82 60.83
6/30/2013 17.96 53.96 945.60 233.19 62.40
9/30/2013 19.37 59.08 977.85 246.51 68.34
12/31/2013 20.84 63.25 982.37 255.21 70.51
3/31/2014 21.10 61.78 971.69 262.65 74.01
6/30/2014 21.15 66.81 966.98 266.99 77.10
9/30/2014 19.39 70.50 938.03 265.85 74.49
12/31/2014 23.13 72.97 927.22 269.64 74.09
3/31/2015 23.26 66.52 928.85 269.60 73.93
6/30/2015 25.05 64.58 918.70 273.61 70.67
9/30/2015 28.89 58.83 923.49 278.86 73.72
12/31/2015 29.52 50.02 924.54 279.97 77.56
3/31/2016 30.97 39.22 917.83 283.48 75.18
6/30/2016 31.33 35.38 927.85 287.57 72.86
9/30/2016 28.64 33.11 1080.45 289.46 88.03
12/31/2016 29.15 35.90 1043.15 291.41 72.14
3/31/2017 26.96 33.53 741.67 292.79 76.05
6/30/2017 26.26 35.16 725.59 290.73 68.07
9/30/2017 27.30 38.95 723.87 289.78 62.63
12/31/2017 29.36 43.90 728.20 291.04 62.92
3/31/2018 31.01 37.14 1021.26 288.61 60.39
6/30/2018 35.56 36.36 999.41 289.48 68.72
9/30/2018 38.32 31.27 1005.43 290.05 78.33
12/31/2018 43.13 33.42 1030.29 290.64 91.58
3/31/2019 53.89 27.96 1036.90 294.03 102.65
6/30/2019 62.57 29.92 1053.04 296.74 113.84
9/30/2019 72.64 26.92 1048.44 296.80 122.49
12/31/2019 78.74 23.89 1059.44 297.83 130.45
3/31/2020 82.34 14.41 1021.68 295.22 146.79
6/30/2020 75.04 19.37 800.66 248.36 184.56
9/30/2020 69.75 16.18 719.44 218.21 252.88
12/31/2020 80.37 16.23 779.19 214.91 312.84
3/31/2021 83.70 14.91 803.08 213.19 363.20
6/30/2021 97.96 16.72 772.51 209.84 400.93
9/30/2021 133.36 15.11 808.15 213.39 394.74
12/31/2021 154.18 15.66 818.00 221.44 376.74
3/31/2022 191.60 16.07 844.33 234.46 386.16
6/30/2022 232.16 16.38 840.65 244.58 365.70
9/30/2022 243.81 15.10 773.14 250.14 344.73
12/31/2022 243.92 16.14 705.84 253.56 324.93
3/31/2023 224.68 15.69 655.13 254.05 326.65
6/30/2023 206.05 14.93 634.66 255.12 341.61
9/30/2023 219.56 14.05 617.96 257.70 340.88
12/31/2023 192.75 14.49 606.00 257.72 334.26

Note: Key identifies in order from top to bottom. This figure shows the small-dollar loan outstanding balances by sector. Data are seasonally adjusted.

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

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Figure 2. Delinquency Rates by Sector

Percent

Quarter Banks and Thrifts Credit Unions Finance Companies
3/31/2010 3.16 2.46 9.34
6/30/2010 2.77 2.61 9.31
9/30/2010 2.98 2.36 9.82
12/31/2010 3.65 2.43 9.66
3/31/2011 3.76 2.47 9.72
6/30/2011 2.79 2.35 10.22
9/30/2011 3.10 2.56 10.57
12/31/2011 2.81 2.57 10.57
3/31/2012 2.37 2.45 9.93
6/30/2012 2.13 2.50 9.98
9/30/2012 2.57 2.57 10.38
12/31/2012 2.52 2.42 10.83
3/31/2013 2.28 2.57 10.69
6/30/2013 2.29 2.50 10.67
9/30/2013 2.51 2.61 11.23
12/31/2013 2.88 2.49 11.48
3/31/2014 2.24 2.63 11.85
6/30/2014 2.49 2.76 11.75
9/30/2014 3.24 2.74 11.85
12/31/2014 3.48 2.88 12.27
3/31/2015 3.06 2.97 12.10
6/30/2015 4.18 3.05 12.51
9/30/2015 4.58 2.89 12.78
12/31/2015 4.79 3.15 12.98
3/31/2016 4.23 2.97 13.18
6/30/2016 4.90 3.15 13.23
9/30/2016 4.04 3.27 11.65
12/31/2016 4.56 3.27 10.48
3/31/2017 3.71 3.24 11.53
6/30/2017 4.05 3.15 11.87
9/30/2017 3.95 3.08 11.52
12/31/2017 3.66 3.01 11.86
3/31/2018 3.18 3.26 12.71
6/30/2018 4.04 3.45 12.89
9/30/2018 5.62 3.31 13.92
12/31/2018 4.77 3.40 13.95
3/31/2019 5.09 3.53 13.93
6/30/2019 6.20 3.42 13.36
9/30/2019 6.74 3.41 13.59
12/31/2019 6.77 3.63 14.98
3/31/2020 5.76 3.69 15.00
6/30/2020 2.99 3.72 16.74
9/30/2020 4.49 2.68 10.80
12/31/2020 6.81 2.74 10.96
3/31/2021 5.59 2.67 12.43
6/30/2021 5.41 2.42 12.46
9/30/2021 8.12 2.76 13.56
12/31/2021 9.89 2.64 15.60
3/31/2022 8.56 3.83 16.75
6/30/2022 9.81 4.24 17.41
9/30/2022 12.46 4.38 17.78
12/31/2022 11.61 4.47 16.16
3/31/2023 8.98 4.65 14.29
6/30/2023 8.74 4.68 14.07
9/30/2023 10.95 4.78 13.08
12/31/2023 11.14 4.93 13.57

Note: This figure shows the small-dollar loan delinquency rates by sector. Data are seasonally adjusted.

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

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Last Update: July 19, 2024