Fintech Lender Charge-Off Rates: 2026 Report

How much of the money online lenders hand out never comes back? We took the write-off figures that publicly traded lenders report in their own filings.

Published: October 14, 2026By Benjamin Margolis, Founder and Managing Editor, The Fintech Index

Online lenders write off part of the money they lend each year as uncollectible. Some lose far more than others.

Our analysts studied six publicly traded lenders that make consumer or small business loans online. They are Happen (the company formerly called LendingClub), SoFi, Enova, OppFi, Oportun and Affirm. We used each lender's latest full-year figures, with 2024 and second-quarter 2026 rates for comparison.

In the following sections, we compare rates by lender and product, then show how they changed from 2024 and where they stood in mid-2026.

Fintech Lender Charge-Off Rates by Lender and Product

The Fintech Index research team listed each lender's latest full-year rate, by product where its filing gives one.

• Taking one company-wide rate per lender, the median is 9.75%, halfway between Affirm's 7.50% and Oportun's 12.0%. The range runs from 2.07% at SoFi to 49.4% at OppFi.
• SoFi's rates differ by more than six percentage points across its products, from 0.72% on student loans to 7.15% on credit cards. SoFi reported no net charge-offs on its home loans in 2025.
• Enova's consumer loans charged off at more than three times the rate of its small business loans in 2025. Enova measures net charge-offs against an average balance that includes accrued fees and interest as well as principal.
• A lender's customer base largely sets how much of its lending goes bad. Company-wide charge-off rates run from 2.07% at SoFi to 49.4% at OppFi, with a median of 9.75%.

Change in Fintech Lender Charge-Off Rates, 2024 to 2025

Looking at two years side by side shows whether these lenders' borrowers are paying back more of what they owe or less.

Most of the lenders' charge-off rates fell from 2024 to 2025, led by SoFi's credit card rate, while Enova's consumer rate rose. A basis point is one hundredth of a percentage point.

• Seven of the 11 rates fell, Oportun's held at 12.0%, and three rose. Enova's consumer rate rose the most, by 312 basis points to 61.8%.
• SoFi's credit card rate fell by about half, to 7.15% from 14.46%. SoFi's 10-K attributes the drop to lower delinquencies after it tightened underwriting standards, with its credit card delinquency rate at 3.5% at the end of 2025, about 130 basis points lower than a year earlier.
• SoFi's student loan rate rose to 0.72% from 0.64%. The 10-K attributes the rise mainly to its repurchase in 2025 of older student loans that had higher charge-off rates.
• Most lenders improved credit quality in 2025, mainly by lending more carefully. Seven of 11 rates fell, and SoFi's card rate halved to 7.15% after it tightened underwriting.

Fintech Lender Charge-Off Rates in the Second Quarter of 2026

Annual figures run several months behind, so the most recent quarter gives a fresher view of how each lender's loans are doing.

Second-quarter rates are annualized, and the second quarter of 2026 is the latest quarter filed. Affirm is not included because its annual report for the year ended June 30, 2026 does not give charge-offs for the April to June quarter on its own.

• OppFi's annualized rate rose to 52.3% in the second quarter of 2026 from 43.5% a year earlier. OppFi's 10-Q says the increase came mainly from higher gross charge-offs, which outweighed higher recoveries on loans it had already written off.
• Enova's consumer rate fell to 51.1% from 57.9%, while its small business rate rose to 19.4% from 18.7%.
• Losses at the riskiest lenders rose again in 2026. OppFi's annualized rate climbed to 52.3% from 43.5%. Happen's rate is harder to compare: from the first quarter of 2026 its ratio includes loans carried at fair value, which put the rate at 3.2%, down from 3.8%, while on the old basis it rose to 3.9% from 3.0%.

What Fintech Lender Charge-Off Rate Trends Mean for 2027 and Beyond

How much of a lender's lending goes bad mostly reflects whom it lends to. Prime lenders lose a small share of what they lend, while high-cost lenders write off a large part of their loans each year and have to price their loans to cover it, so the same amount of money can cost very different amounts depending on where you borrow.

Most lenders' losses fell through 2025, helped in SoFi's case by stricter approval standards, but losses at the riskiest end kept rising into 2026. If that pressure spreads, lenders could approve fewer applicants, which would make credit harder to get for borrowers who already have the fewest options.

So if you need a loan, check whether you qualify with a lower-cost lender before you accept a high-cost offer.