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Online Lenders Alliance Releases New Survey Research from Morning Consult Finding that Online Lenders Have Become the Most Common Source of Personal Loans; Overwhelming Majority Say Loans Obtained Online Helped them Manage Financial Situation

By October 3, 2022April 26th, 2024No Comments

-Still, Millions of Americans Still Lack Access to Credit Despite Recent Advancements-


ARLINGTON, Va. (October 3, 2022)—A new market research report unveiled at the LEND360 Conference earlier this month outlined several key findings related to Americans’ credit access and sources of credit, including:

  • Millions of Americans, specifically those who are riskier borrowers, still lack access to credit, despite recent advancements in innovation and financial technology.
  • Americans who are unable to access credit experience a variety of negative outcomes, including late bill payments, cutting back expenses, and skipping meals.
  • Online lenders have become the most common source of personal loans in the United States, with 39 percent of borrowers saying they had applied for credit at an online lending company, followed by banks, credit unions, and storefront lenders.
  • 89 percent of those obtaining credit said that the loan helped them manage the financial situation they were facing at the time, a finding that was consistent across income levels, gender, and age.

“This survey really highlights the extent to which online loans are giving many consumers access to credit which they were previously shut out from,” said Andrew Duke, Executive Director of the Online Lenders Alliance. “This category of financial services continues to grow as borrowers find it a convenient, trustworthy, and easy way to obtain the funds they need to manage their financial situation.”

“Many consumers choose these products because it is the best available option for their unique financial needs,” Duke continued. “We hope that policymakers will recognize that millions of Americans depend on these products and want them protected.”

The report was compiled based on two national surveys conducted in June 2022 by Morning Consult, a Washington, D.C.-based research firm, on behalf of the Online Lenders Alliance. The first survey used a statistical technique called multilevel regression and poststratification (MRP) to conduct state-level estimates from national survey data. More than 10,000 adults were surveyed using this technique between June 22 and June 27. The second survey was a standard national poll of 1,000 adults who had applied for or taken out a personal consumer loan, also conducted between June 22 and June 27.

 The survey also found that approximately 25 percent of consumers with FICO scores between 300 and 670 applied for or took out a personal loan. Roughly 17 percent of Americans said they had been unable to borrow money from a lender when they needed it over the last 12 months, including 55 percent of those with FICO scores between 300 and 579.

When unable to borrow money from a lender, the top three situations that have occurred were paying bills late and generating fees (48 percent of consumers), cutting back on everyday expenses (43 percent of consumers), and buying less food (42 percent of consumers).

Download the full report.


About The Online Lenders Alliance

The Online Lenders Alliance (OLA) is the first trade association in FinTech. OLA is focused on credit inclusion, bringing together a diverse group of innovative companies who share a common goal: to serve hardworking Americans who deserve access to trustworthy credit. Our members are entrepreneurs, publicly-traded companies, lenders, credit bureaus, advertisers, lead generators, compliance professionals, and software developers who are leveraging technology to responsibly improve consumers’ financial health. Consumer protection is our top priority and OLA members abide by a rigorous set of Best Practices and Code of Conduct to ensure consumers are fully informed and fairly treated. For more information, please visit

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