Enova offers $500M ABS notes backed by OnDeck small business loans

Enova International, Inc.

$500,026,000 Series 2026-1 fixed-rate ABS notes; Class A 5.61% to Class D 8.28%; closing expected Sept 25, 2026.
Notes rated by KBRA: Class A AA(sf), B A-(sf), C BBB-(sf), D BB(sf); collateral: OnDeck small business loans.
Proceeds purchase small business loans from OnDeck and fund reserve account; OnDeck remains servicer.
Term loan annualized net charge-off rate 10.94% as of 7/31/2026; line of credit rate 12.01%.
Term loans 60+ DPD $69.8M (4.0% of UPB) at 7/31/2026 vs $64.6M at 12/31/2025.

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