Predatory Lender Ends Bid to Become a Bank

On news that the lender Enova International — which is publicly listed and operates consumer brands CashNetUSA and NetCredit and small business lender OnDesk ­— withdrew its application to become a bank, Center for Responsible Lending President Mike Calhoun issued the following statement:

Unaffordable, predatory lending that financially destroys working families and small businesses should have no place in our insured banking system, so it is appropriate that Enova dropped its bank application. If OppFi does not do the same, our government should reject its attempt to spread predatory, 100%+ APR loans to every corner of America.

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Press Contact: Matthew Kravitz matthew.kravitz@responsiblelending.org