2022 Alternative Financial Services Lending Trends Report
If you’re a lender offering payday loans, installment loans, car title loans… 0r a vendor, an investor… and you somehow failed to study the much-anticipated Clarity AFS Report for 2022, here’s your opportunity to learn from it!
Clarity writes, “We analyzed the trends and financial behavior of alternative financial services (AFS) consumers from Clarity’s credit database. The study extends from 2017–2021 and is based on a sample of ~800 million consumer loan applications and nearly 35 million loans.”
“Highlights at-a-glance:
- Over the past five years, we’ve seen the highest amount of growth in the rent-to-own industry.
- The installment industry has also been on an incline and is showing signs of continued growth in the future.
- Prescreen and prequalification volumes have doubled compared to prior years and are still on the rise.
- Since 2019, each AFS industry has seen a decline in consumers new to
the market. - During 2020, we observed a decrease in the average loan amount.
- In 2021, we saw an increase in average loan amount specified for the installment loan market.”
Here’s a link to Clarity’s 2022 Industry Trends Report.
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