Enova International, Inc. filed a current report on Form 8-K on September 15, 2026, disclosing that its indirect subsidiary OnDeck Asset Securitization IV, LLC announced a proposed private securitization of $500,026,000 in fixed-rate asset-backed notes, with closing anticipated on or about September 25, 2026.

Key Highlights

  • Total offering size: $500,026,000 in initial principal amount of Series 2026-1 Fixed Rate Asset-Backed Notes across four classes.
  • Legal final payment date: All Offered Notes carry a legal final payment date of October 18, 2032.
  • Four note classes: Class A ($235,275,000 at 5.61%), Class B ($114,637,000 at 6.05%), Class C ($94,742,000 at 6.73%), and Class D ($55,372,000 at 8.28%).
  • Anticipated KBRA ratings: Class A rated AA (sf), Class B rated A- (sf), Class C rated BBB- (sf), and Class D rated BB (sf), subject to satisfaction of closing conditions.
  • Collateral: A revolving pool of small business loans originated or purchased by ODK Capital, LLC (OnDeck), a wholly-owned indirect subsidiary of Enova International.
  • No company guarantee: According to the filing, "the Offered Notes will not be obligations of, or guaranteed by, the Company or OnDeck."
  • Use of proceeds: The filing states OnDeck will use substantially all proceeds to purchase small business loans from certain of its affiliates and for other general corporate purposes.

Enova's OnDeck Unit Prices Four-Class Securitization Backed by Small Business Loans

According to the filing, Enova International (NYSE:ENVA) announced on September 9, 2026 that OnDeck Asset Securitization IV, LLC, a wholly-owned indirect subsidiary, intends to offer the Series 2026-1 Fixed Rate Asset-Backed Notes in a private securitization transaction, subject to market and other customary conditions. The Issuer is described as the sole obligor of the Offered Notes, and the filing states expressly that neither Enova International nor OnDeck guarantees the notes or is otherwise obligated on them.

The four classes carry fixed annual interest rates ranging from 5.61% for the Class A notes to 8.28% for the Class D notes. Kroll Bond Rating Agency, LLC is expected to assign ratings at closing, ranging from AA (sf) on the Class A tranche to BB (sf) on the Class D tranche, according to the filing. Closing is anticipated on or about September 25, 2026, subject to customary closing conditions, including the KBRA ratings requirement. The filing discloses that the Issuer will use the net proceeds to purchase small business loans from OnDeck that will be pledged as collateral, and to fund a reserve account. OnDeck will serve as servicer of the underlying loans.

The Offered Notes are not registered under the Securities Act of 1933 and are being offered only to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S. The filing also contains forward-looking statements, which the company identifies as subject to risks including changes in credit markets, securitization markets, and conditions affecting the online or broader marketplace lending industry, and cautions that "there can be no assurance that the proposed offering of the Offered Notes will be completed as currently contemplated or at all."

What Was Disclosed

Enova International disclosed the proposed private securitization of $500,026,000 in fixed-rate asset-backed notes through its OnDeck subsidiary, detailing the four-class note structure, fixed interest rates, anticipated KBRA ratings, collateral composition, use of proceeds, and expected closing date of on or about September 25, 2026.