SoFi Technologies (SOFI) and OneMain (OMF) are among consumer financing companies whose credit commentary will be under focus by investors given ongoing macroeconomic and labor market concerns, BofA Securities said in a Q3 preview note Thursday.

With shares of SoFi Technologies' rising 51% since Q2, BofA said that expectations are "quite high" for the upcoming Q3 results. The company benefits from "strong" momentum in the financial services segment along with "strong" private capital demand for personal loans, BofA said.

Wall Street is largely expecting a beat-and-raise from SoFi Technologies in Q3, according to the note.

Regarding OneMain, BofA said it believes that credit results and origination growth will be the most important factors in Q3. With OneMain primarily serving lower-FICO rating borrowers, consumer health will be a point of focus, BofA said.

BofA maintained an underperform rating on SoFi Technologies while raising its price target to $17.5 from $15.

BofA has a buy rating on OneMain with price target lowered to $62 from $65.

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