The Lending Pulse

OppFi, OneMain, Upstart: Three Q1 Earnings Reports. Three Different Stories About the Same Consumer.

OppFi posted record revenue but charge-offs rose and originations fell. OneMain grew 6% with broadly stable credit — but its back book is delinquenting at twice the expected rate. Upstart grew originations 61% and revenue 44% — and posted a net loss. Three non-bank consumer lenders, one macro environment, three very different positions heading into the back half of 2026.