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New Data on Online Lending Industry in 2016 (Even Financial), Rated: A

The following data includes borrower behavior on choosing a loan, average loan size by credit score, conversion rates, average time to fund, top platforms and loan performance. Some key data points include:

  • Over ⅓ of borrowers choose the originator with the fastest funding times, not the originator with the lowest APR
  • The top 4 originators with the fastest funding times also have the highest take rates (percentage of borrowers who ultimately accept the loan offer once the borrower is approved), which is between 20-30%
  • Average time to fund a loan is 4.55 days
  • The average loan size is:
    • Excellent Credit – $15,684
    • Good – $10,928
    • Fair – $9,765
  • Borrowers sourced via “inorganic channels” (display ads, performance marketers, etc.) have a 30% higher default rate within the first 3 months

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