More Than Half of Americans Are Considering a Loan Within the Next Year Despite Inflation and High Rates, defi SOLUTIONS Survey Finds
While affordability remains the top priority, lenders that build trust and blend digital convenience with human support can stand out with today's borrowers
WESTLAKE, Texas, October 21, 2026--defi SOLUTIONS, a leading provider of end-to-end, SaaS loan originations, servicing, and managed servicing solutions, today released new research examining how U.S. consumers are approaching borrowing amid continued economic pressure. The survey of 1,500 U.S. consumers ages 18 to 64 examines borrowing attitudes, how consumers choose among lenders, and what they expect from the loan experience.
The research found that the majority of respondents (roughly 53%) are open to taking out a loan in the near term, 22% said they were considering a loan within the next six months, and 20% may take out a loan before the end of 2027. At the same time, 55% said they try to avoid debt whenever possible, suggesting a market where borrowing demand remains significant but consumers are approaching debt with caution.
"Consumer loan demand has been subdued, but our research suggests the tide could be starting to shift," said Tom Allanson, CEO at defi SOLUTIONS. "More than half of consumers are considering borrowing, and as that demand returns, lenders will be competing for borrowers whose expectations have evolved. Affordability will always matter, but today's borrower is also shopping around and evaluating the entire experience, from the first interaction to the ease of the digital process to the ability to reach a person when needed. Lenders should be taking a hard look at whether they're prepared to deliver on those expectations."
Key findings from the October 2026 report:
Borrowers are shopping around: Nearly half of respondents (47.3%) compare three or more lenders, and 30.5% compare two. Only 22.1% go straight to one lender.
Price leads lender selection, but trust matters: When deciding who to borrow from, 46.5% prioritized rate and loan term, while reputation and trustworthiness ranked second at 24.6%.
First impressions can influence whether borrowers move forward: 61.2% said their first interaction with a lender is "very important," while another 35.7% said it is somewhat important.
Consumers favor digital with access to human support: 44.5% prefer a mostly digital application with easy access to a person if questions arise, compared with 17.9% who want a fully digital process with no human interaction, and 24.5% who prefer working directly with someone in person or over the phone.
Economic pressures are weighing on borrowing decisions: Inflation and the rising cost of living were cited by 41.9% of respondents, slightly ahead of high interest rates at 40.1%. Financial stress was cited by 33.7%, while about one in five respondents expressed concern about not getting approved.
Vehicle purchases drive borrowing needs: Buying a vehicle was the most common reason for borrowing, cited by 24.3% of respondents, ahead of emergency expenses (12.7%), buying a home (10.9%), and consolidating debt (8.4%).
Affordability drives loan decisions: When evaluating a loan, 47.8% said the best interest rate matters most, followed by the lowest monthly payment (affordability) at 38.6%. When asked what would most increase their willingness to move forward, 39.8% selected a lower interest rate, and 32.9% selected lower monthly payments.