Enova’s online lending business grows, with quarterly revenue surpassing $1 billion for the first time

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Online lender Enova’s third-quarter revenue exceeded $1 billion for the first time, increasing 26% year on year, while loan originations rose 31%. At period-end, the consolidated loans and finance receivables portfolio reached $5.9 billion, up 30% year on year; the consolidated net charge-off rate fell to 8.1%, compared with 8.5% in the same period last year. The company said its consumer and small-business businesses both maintained steady growth and expects strong financial performance in the fourth quarter.