Enova International, Inc.

Enova International is a publicly traded financial technology company headquartered in Chicago, Illinois, that operates several consumer and small business lending brands in the United States and internationally. Enova is best known as a technology-driven lender rather than a traditional bank, and it operates through multiple branded lending products.

For small businesses, Enova's most relevant division is OnDeck, the small business lending brand it acquired in 2020. OnDeck provides short-term business loans and lines of credit to small businesses. Enova also operates other fintech lending products targeted at consumers and small businesses.

Enova's businesses are not banks. They are online fintech lenders that use proprietary technology and data analytics to evaluate loan applications and make fast credit decisions. Because of this model, Enova-affiliated lenders can often approve and fund loans more quickly than traditional banks, but the cost of borrowing is typically higher than bank or SBA-backed financing.

Enova International is a publicly traded company on the New York Stock Exchange. Its business model is built on using technology and data to serve borrowers who may not qualify for or need a traditional bank loan. Its products are designed for borrowers who need quick access to capital and are willing to pay a premium for that accessibility.

If you are considering any lending product associated with Enova International, including OnDeck loans, carefully review the full cost of borrowing including the annual percentage rate or equivalent effective rate. Compare the total cost against bank loans, SBA financing and other alternatives before making a decision.