ENVA

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How ENVA rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

58%

of sentences unchanged

Added

437

new sentences

Dropped

462

sentences removed

Length

−308

words, now 61,192

New in FY2025

In 2025, we extended approximately $7.8 billion in credit or financing to borrowers.
As of December 31, 2025, we offered or arranged loans or draws on lines of credit to consumers in 37 states in the United States and Brazil.
We also offered or arranged financing to small businesses in 49 states and Washington D.C. in the United States.
We were an early entrant into online lending, launching our online business in 2004, and through December 31, 2025, we have completed approximately 69.3 million customer transactions and collected more than 95 terabytes of currently accessible customer behavior data since launch, allowing us to better analyze and underwrite our specific customer base.
We have developed proprietary underwriting systems based on data we have collected over our more than 21 years of experience.
In 2025, we processed approximately 4.3 million transactions, and we continue to grow our loan and finance receivable portfolios and increase the number of customers we serve through desktop, tablet and mobile platforms.
(“OnDeck”), a small business lending company offering lending and funding solutions to small businesses, to expand our small business offerings.
These products and services have allowed us to further diversify our product offerings and customer base.
We originate, arrange, guarantee, purchase or purchase a participating interest in installment loans and line of credit accounts to consumers and small businesses.
Certain subsidiaries (i) directly offer installment loans, (ii) as part of our Bank Programs, as discussed below, purchase, or purchase a participating interest in, installment loans or (iii) as part of our CSO program, arrange and guarantee installment loans, as discussed below, to consumers in 37 states in the United States.
The average annualized yield for these loans was 90% for the year ended December 31, 2025.
Certain subsidiaries offer, or arrange through our Bank Programs, small business installment loans in 49 states and in Washington D.C. in the United States.
Terms for these products range between 6 and 24 months with an average contractual term of 15 months.
Loan sizes for these products range between $5,000 and $400,000.
The average annualized yield for these products was 48% for the year ended December 31, 2025.
The average annualized yield for these products was 147% for the year ended December 31, 2025.
Loan sizes for these products range between $5,000 and $200,000.
The average annualized yield for these products was 49% for the year ended December 31, 2025.
As of December 31, 2025 and 2024, the outstanding amount of active and current consumer loans originated by third-party lenders and guaranteed by us under the CSO program was $22.3 million and $23.8 million, respectively.
As of December 31, 2025, we operated programs with five separate bank partners.
Purchases under these programs represented 31.6% and 32.0% of our consolidated originations and purchases for the years ended December 31, 2025 and 2024, respectively.
As of December 31, 2025, we provided services in all 50 states and Washington D.C.
The United States represented 97.5% of our total revenue in 2025 and 98.0% of our total revenue in 2024.
Brazil represented 2.4% of total revenue in 2025 and 1.9% of total revenue in 2024.
According to a study by the United Nations, 74% of the world’s population had access to the internet in 2025.
Census Bureau of the Department of Commerce reported e-commerce saw a 5.1% increase in the third quarter of 2025 compared to 2024.
Census Bureau, e-commerce sales as a percent of total quarterly retail sales in the United States accounted for 16.4% in the third quarter of 2025.
A November 2025 report by the American Bankers Association found that approximately 76% of bank customers in a U.S. sample have used mobile apps or online banking as a means of accessing banking services in the past 12 months.
Households in 2024 published in May 2025, the Federal Reserve noted that relatively small, unexpected expenses, such as a car repair or a modest medical bill, can be a hardship for many families and that, when faced with a hypothetical expense of $400, 37 percent of adults said they could not cover it completely using cash, savings or a credit card paid off at the end of the month, revealing the need for alternative sources.
The Federal Reserve also reported that a sizable portion of the population (17%) is unbanked or underbanked.
In 2025, according to the same study, the Federal Reserve also reported a 2% decrease in the origination of new consumer credit over the past 12 months.
According to a 2025 study by the Federal Reserve Banks, 55% of employer firms used personal funds to address their business’s financial challenges.
Our Customers Our non-prime consumer base is comprised largely of individuals who earn an average annual income of $42,000 in the United States.
We estimate there is an $85 billion consumer lending opportunity market in the United States.
In Brazil, we estimate there to be a $49 billion consumer loans market.
Small business lending is also an attractive market opportunity, with an estimated total U.S. small business loan market of $313 billion.
According to a 2025 study by the Federal Reserve Banks, loans under $250 thousand accounted for 78% of all small business loan applications.
Our small business customers have median annual sales of approximately $585 thousand and an average operating history of 11.4 years.
As an early entrant in the online lending sector, we have accumulated more than 95 terabytes of currently accessible consumer behavior data from more than 69 million transactions.
We have also created strong brand recognition over our more than 21 years of operating history and we continue to invest in our brands, such as CashNetUSA, NetCredit, OnDeck, Headway Capital, Simplic and Pangea, to further increase our visibility. • Proprietary analytics, data and underwriting .

and 397 more.

Gone since FY2024

In 2024, we extended approximately $6.1 billion in credit or financing to borrowers.
As of December 31, 2024, we offered or arranged loans or draws on lines of credit to consumers in 37 states in the United States and Brazil.
We also offered financing to small businesses in 49 states and Washington D.C. in the United States.
We were an early entrant into online lending, launching our online business in 2004, and through December 31, 2024, we have completed approximately 65.0 million customer transactions and collected more than 85 terabytes of currently accessible customer behavior data since launch, allowing us to better analyze and underwrite our specific customer base.
We have developed proprietary underwriting systems based on data we have collected over our more than 20 years of experience.
In 2024, we processed approximately 3.9 million transactions, and we continue to grow our loan and finance receivable portfolios and increase the number of customers we serve through desktop, tablet and mobile platforms.
(“OnDeck”), a small business lending company offering lending and funding solutions to small businesses in the U.S., Australia and Canada, to expand our small business offerings.
These new products have allowed us to further diversify our product offerings and customer base.
We originate, arrange, guarantee or purchase installment loans and line of credit accounts to consumers and small businesses.
Certain subsidiaries (i) directly offer installment loans, (ii) as part of our Bank Programs, as discussed below, purchase, or purchase a participating interest in, installment loans or (iii) as part of our CSO program, arrange and guarantee installment loans, as discussed below, to consumers.
Certain subsidiaries offer, or arrange through our Bank Programs and CSO program, unsecured consumer installment loan products in 37 states in the United States.
Effective in the third quarter of 2022, Enova no longer offers any single-pay products.
The average annualized yield for these loans was 86% for the year ended December 31, 2024.
Certain subsidiaries offer, or arrange through our Bank Programs, small business installment loans in 49 states and in Washington D.C.
Terms for these products range between 3 and 24 months with an average contractual term of 14 months.
Loan sizes for these products range between $5,000 and $250,000.
The average annualized yield for these products was 46% for the year ended December 31, 2024.
The average annualized yield for these products was 159% for the year ended December 31, 2024.
Loan sizes for these products range between $5,000 and $150,000.
The average annualized yield for these products was 47% for the year ended December 31, 2024.
As of December 31, 2024 and 2023, the outstanding amount of active and current consumer loans originated by third-party lenders and guaranteed by us under the CSO program was $23.8 million and $16.4 million, respectively.
As of December 31, 2024, we operated programs with five separate bank partners.
Purchases under these programs represented 32% and 29% of our consolidated originations and purchases for the years ended December 31, 2024 and 2023, respectively.
As of December 31, 2024, we provided services in all 50 states and Washington D.C.
The United States represented 98.0% of our total revenue in 2024 and 98.6% of our total revenue in 2023.
Brazil represented 1.9% of total revenue in 2024 and 1.3% of total revenue in 2023.
According to a study by the United Nations, 68% of the world’s population had access to the internet in 2024.
Census Bureau of the Department of Commerce reported e-commerce saw a 7.4% increase in the third quarter of 2024 compared to 2023.
Census Bureau, e-commerce sales as a percent of total quarterly retail sales in the United States accounted for 15.6% in the third quarter of 2024.
A November 2024 report by the American Bankers Association found that approximately 77% of bank customers in a U.S. sample have used mobile apps or online banking as a means of accessing banking services in the past 12 months.
Households in 2023 published in May 2024, the Federal Reserve noted that relatively small, unexpected expenses, such as a car repair or a modest medical bill, can be a hardship for many families and that, when faced with a hypothetical expense of $400, 37 percent of adults said they could not cover it completely using cash, savings or a credit card paid off at the end of the month, revealing the need for alternative sources.
According to a 2024 chart by the FDIC, a sizable portion of the population (18%) is unbanked or underbanked.
In 2024, the Federal Reserve reported a 1% decrease in the origination of new consumer credit over the past 12 months.
According to a 2024 study by the Federal Reserve Banks, 53% of employer firms used personal funds to address their business’s financial challenges.
Our Customers Our non-prime consumer base is comprised largely of individuals who earn an average annual income of $39,000 in the United States.
We estimate there is a $78 billion consumer lending opportunity market in the United States.
In Brazil, we estimate there to be a $43 billion consumer loans market.
Small business lending is also an attractive market opportunity, with an estimated total U.S. small business loan market of $308 billion.
According to a 2021 study by the Federal Reserve Banks, loans under $250 thousand accounted for 75% of all small business loan applications.
Our small business customers have median annual sales of approximately $599 thousand and an average operating history of 11.3 years.

and 422 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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