Enova Originated $918M in Small Business Loans in Q2

Enova remains optimistic about the economy and its borrowers, according to its latest quarterly earnings report.

“Recently, there’s been significant talk from both pundits and our competitors about an uncertain macro environment, but our Q2 performance as well as internal and external data confirmed that both our SMB and consumer customers remain on solid footing as our customers continue to benefit from job growth, low unemployment rates, easing inflation, and rising real wages,” said CEO David Fisher during the earnings call.

SMB loan originations of $918M were down slightly from Q1 but up 29% year-over-year.

“I think competitively, I would say there’s very little has changed,” Fisher said. “There haven’t been new entrants in the space. We haven’t seen any of our competitors get particularly more aggressive. There’s always a little bit of ebb and flows but certainly no trends. As I mentioned in my comments, certainly over the last couple of quarters, we’ve heard some lack of confidence I think from some of the other players in the space and it’s probably holding them back a bit when I think we’re seeing somewhat of the opposite. … And as we talked about, we think our customers are in a really, really good place. Job growth has remained good. Wages continue to rise. Inflation is coming down. Enova is a very beneficial place for both consumers and small businesses.”