Non-Bank Lenders Gain Ground As Borrowers Seek Relief From Rising Costs
By CU Today Staff —
TROY, Mich.—As inflation, higher borrowing costs and mounting household expenses continue squeezing consumers, growing numbers of Americans are turning to personal loans as a financial lifeline—but FIs risk losing ground to faster-moving non-FI competitors that are increasingly winning over financially stressed borrowers, according to the new JD Power 2026 U.S. Consumer Lending Satisfaction Study.
“We’re seeing a clear opportunity for banks to learn from what non-bank lenders are doing well,” said Bruce Gehrke, senior director of wealth and lending intelligence at JD Power. “Non-banks are making measurable gains with financially vulnerable customers by meeting their needs for speed, simplicity and certainty, even as overall satisfaction across the market remains relatively unchanged. If banks don’t adapt to those expectations, that opportunity quickly becomes a competitive risk.”
Key findings of the 2026 study:
American Express ranks highest among personal loan lenders in overall customer satisfaction for a fourth consecutive year, with a score of 779. PenFed Credit Union (736) ranks second and Discover (731) ranks third.
The U.S. Consumer Lending Satisfaction Study measures overall customer satisfaction based on performance in seven core dimensions on a poor-to-perfect rating scale. Individual dimensions measured are (in order of importance): loan met borrowing needs; level of trust; experience obtaining loan; makes it easy to do business with; people; digital channels; and kept informed about loan. The study is based on responses from 6,513 personal loan customers and was fielded from March 2025 through March 2026.
Originally reported by CU Today.