On Wednesday, FactorTrust released its newest Underbanked Index, highlighting quarterly insights of the earning, spending and living habits of underbanked consumers — what the firm contends is a $105 billion untapped market.

The index highlighted the demographic characteristics, credentials and capacities of the underbanked, like the trend of median loan values among this segment increasing as incomes increase.

The analysis — derived from FactorTrust’s proprietary alternative credit data used in analytics and risk scoring solutions by lenders and to make informed decisions about consumers they want — showed four main findings. They included:

—Age and gender: The average age of underbanked consumers at the time of the loan application is 39, and the average age of the borrower in 41. The average loan amount borrowed trends upwards with age, peaking at 45. This trend has shifted to a slightly older demographic over the course of the last several years, due in part to growth in the diversity of products, channels of delivery and average size of loans.

—Income and loan amounts: While the average income for applicants is $2,712 ($32,544 annually), for borrowers, the average is slightly higher at $2,936 ($35,232 annually).

—Employment: More than 50 percent of underbanked consumers are employed in two primary areas: retail (32 percent) and quick serve restaurants (20 percent). The average length of employment with one employer is 34 months.

—Education: Approximately 45 percent of underbanked consumers hold a bachelor’s degree or higher. Another 54 percent hold only a high school diploma, while another one percent has attended a vocational or technical school or program.

FactorTrust chief executive officer Greg Rable explained that determining which consumers are borrowing, how much they borrow, and their income can assists finance companies and other lenders with determining right-pricing opportunities and term setting appropriate for the underbanked market.

“As the leading alternative credit bureau, our updated Index on underbanked consumers is another educational resource we provide the industry that sets us apart,” Rable said.

“We continuously update our findings to help lenders, as well as interested associations, analysts and media, to better understand the demographics of this growing segment of the consumer population,” he continued in a news release.

FactorTrust generated an infographic about the latest Underbanked Index, which can be downloaded here.