New Online Lender Recognized as One of The Most Promising New Financial Services for Underbanked
CHICAGO (May 23, 2013) – Enova International’s new NetCredit personal loan service was named one of 11 finalists in the 3rd Annual Core Innovators Mega Challenge conducted by the Center for Financial Services Innovation and Core Innovation Capital. Chosen from a record number of applications, this select group of financial technology entrepreneurs will compete to be named the most promising new idea serving the Emerging Middle Class.
NetCredit is a new online lender specializing in personal loans for those who either cannot qualify for a small loan from their bank or who simply prefer the convenience of a fast, online approval process. NetCredit was launched in 2012 and currently offers personal loans in the states of Alabama, Delaware, Idaho, Missouri, New Mexico, South Dakota, Utah, Virginia, and Wisconsin. License applications are pending approval in several other states.
Following a quick online application process at www.NetCredit.com, its proprietary underwriting technology will make an instant eligibility decision. Qualified customers will then be presented with a customized loan offer ranging from $500 to $6,000, depending on the state, that can be repaid through installments over six to 36 months. Unlike some other online lenders, NetCredit looks at several variables in the applicant’s broader financial picture – not just credit score – to determine loan eligibility. This allows NetCredit to approve many customers who may not qualify for a traditional credit product through their local bank.
Defined as the 80 million underbanked Americans representing more than one trillion dollars in annual income, the Emerging Middle Class is a tremendous opportunity for financial technology entrepreneurs. Core Innovation Capital is committed to identifying, supporting, and investing in the most disruptive companies serving this space.
“It is great to be recognized as an innovative new service at the forefront of helping the growing number of Americans in today’s economy that are falling into the credit gap, unable to borrow from their bank and not adequately served by existing non-bank products in the marketplace,” said Stephanie Klein, head of consumer lending at NetCredit. “NetCredit is designed as a solution for the millions of Americans who are turned down by their banks, but need access to credit to pay for unexpected expenses, such as medical costs, car repairs or home improvements.”
The expanded 2013 Mega Challenge will be featured on the main stage at the 8th Annual Underbanked Financial Services Forum presented by the Center for Financial Services Innovation (CFSI) and SourceMedia in Miami this June. Finalists will present live show-and-tell demos of their products, followed by a real-time Q&A session and a live vote by the Forum’s audience of hundreds of financial services industry executives, investors, academic researchers, nonprofit providers and government leaders. The winner will receive $10,000 cash, a public announcement and broad media exposure, plus a complementary consulting session with the CFSI Advisory Services team. By shining a spotlight on innovation, the event echoes the Forum’s theme, Fresh Ideas for an Emerging Market.
“We are thrilled to announce NetCredit as one of eleven finalists offering a broad and compelling range of services to the 80 million Emerging Middle Class consumers known as the underbanked,” said Arjan Schütte of Core Innovation Capital. “Each of these companies meets our 3D banking criteria – the ability to offer a disruptive, digital and democratic solution that serves this market at scale.”
To learn more about the Mega Challenge and the finalists, visit http://www.cfsinnovation.com/content/finalists-revealed-third-annual-core-innovators-mega-challenge.
For more information about the Forum, visit http://www.americanbanker.com/conferences/cfsi/ and join the conversation at #FreshIdeas13.
NetCredit, a service of Chicago-based Enova International, is a licensed online lender for small personal loans, and an ideal choice for consumers who cannot qualify for a traditional credit product through their local bank. A trusted online provider, NetCredit ingrains a “customer first” attitude into everything it does, and works hard to deliver the best financial services to close the credit gap for underserved customers.
Additional information may be found at www.netcredit.com.
Enova believes everyone deserves access to simple and trustworthy financial services and works to close the credit gap for underserved consumers.
A wholly-owned subsidiary of Cash America International, Inc. (NYSE: CSH), Enova is a trusted online provider of credit alternatives for more than two million hard-working people worldwide facing short-term cash demands through our brands CashNetUSA.com, NetCredit.com, PoundstoPocket.com, QuickQuid.com, DollarsDirect.com.au and DollarsDirect.ca. Enova pioneered online lending in 2004 and today leads the industry in our dedication to responsible and licensed lending. Our advanced analytical models provide automated and real-time approval of customers’ loan applications, significantly faster than traditional loan processing. Headquartered in Chicago, Enova has more than 1,100 employees serving our global customers.
About Core Innovation Capital
Core Innovation Capital is a leading investor in financial technologies serving the Emerging Middle Class, the 80 million Americans that generate over $1 trillion in annual income and spend more than $78 billion in fees and interest on financial services. Core partners with proven entrepreneurs and invests in disruptive financial technologies that measurably improve the lives of the Emerging Middle Class. The Core Impact Alignment investment thesis leverages social impact to create above-market financial return. For more information about Core Innovation Capital, visit www.corevc.com or follow @coreemc.