QUESTION | ANSWER |
Customer Service and Sales Representatives | |
1. Customer facing response to start all inbound. | We recognize this might come as a surprise. As we’ve been working through these extraordinary times, we have continually looked to make changes where necessary to ensure that we’re in the best position to continue to provide you with the excellent customer service you deserve. We believe this combination is the right decision for our business and, more importantly, for our customers. We will continue to be here for you and your business. Your loan [or line of credit] with us will not change as a result of the transaction. Our relationship will not change as a result of this announcement, you can still reach out to us with any questions, anytime. We will be working to ensure all our customers experience a seamless transition to our new parent company. We truly appreciate your business and believe this change will enable us to provide you better service and support for your business well into the future. |
2. Who is Enova? | Enova is a leading provider of online financial services to underserved consumers and small businesses, providing access to credit powered by its advanced analytics, innovative technology, and world-class online platform and services. Enova has assisted almost 7 million customers around the globe access more than $20 billion in loans and financing. The company has a portfolio of trusted brands (CashNetUSA®, NetCredit®, Simplic®, Headway Capital® and The Business Backer®) serving consumers and small businesses and offers online lending platform services to lenders. You can learn more about the company at https://www.enova.com/. |
3. Why are OnDeck and Enova combining? | The combined business shares a unified focus and mission – serve the under and unserved consumer and small business markets. By joining Enova, OnDeck will be able to further its core mission to provide small businesses with industry leading customer service and access to transparent capital. Together, Enova will have an industry leading and stronger digital product offering. Digital products are more important and beneficial than ever. Even prior to this unprecedented health emergency, small businesses were turning in greater numbers to digital financial services. |
4. What will happen to the OnDeck’s brand? | Both OnDeck and Enova will retain their names for the time being. At closing, Enova will add the OnDeck brand, products, and services to its existing portfolio of brands to create a combined company with expanded product offerings in consumer and small business markets that are otherwise underserved or overlooked. |
5. What does this mean for customers? | Delivering on our commitment to small businesses is our priority, so you won’t have to do a thing. We will be spending the coming months planning to seamlessly combine the businesses, and until that point, it will be business as usual with no changes to how we work or interact with you. At the closing of the transaction, OnDeck’s brand, products, and services will become part of the Enova brand. The transition for you and your business will be seamless. |
6. Will I still contact OnDeck about my loan? | Yes. We will continue to be here for you and your business. Your loan [or line of credit] with us will not change. Our relationship will not change. You can still reach out to us with any questions, anytime. A continued commitment to our customers remains our top priority and the transition for you and your business, at the closing of the transaction, will be seamless. |
7. What happens to my loan? | You will not see any impact as a result of this change. Your loan will continue uninterrupted at OnDeck. While we plan over the next several months to seamlessly combine our businesses, it will be business as usual. You can still reach out to us with any questions, anytime. And, when this combination is complete, OnDeck will be a brand within Enova, making the transition for you and your business seamless. |
8. What difference will this make for services? | OnDeck remains focused on providing industry leading customer service and access to transparent capital. When the transaction is completed, we believe the combined business will further improve the dedicated and highly personalized relationship you have with us today. |
9. What difference will this make for products? | Enova will add the OnDeck brand, products and services to its existing portfolio of brands to create a combined company with significant scale and expanded product offerings. By joining forces, we’ll be able to provide a broader array of small business products to both our existing and new customers. The complementary expertise of Enova and OnDeck will enable improved speed, user experience, customer service, and terms of products for a broader array of customer. And, we’re building a stronger “branchless” product footprint, which will improve the delivery of new products and services to meet the changing needs of small businesses. |
10. I saw that Enova doesn’t offer loans in my state, does this mean I can no longer work with OnDeck? | No. OnDeck will continue business as usual as we work on plans to combine the companies over the coming months. That means it is business as usual and OnDeck will continue to offer the same products and services you have come to know and rely on. In that time, we will be evaluating the best possible solutions to ensure our products continue to serve our core mission of providing accessible and transparent capital to as many small businesses as possible. |
11. Is OnDeck now offering consumer products? | No, but once the transaction is complete, OnDeck will be a brand within Enova’s portfolio of brands that do offer consumer products. OnDeck’s focus and expertise will remain with small business lending. Enova’s strong funding profile will assist OnDeck to grow and more efficiently serve small business customers. |
12. What difference will this make for the application process? | It is business as usual. Your account will continue to be managed online and your personal loan advisor will remain ready to assist you and answer any questions you may have. Once we’re combined, everything will still be online, fast, transparent, and tailored to your business needs. We’ll be in a better position to offer you additional products and services, while remaining focused on the customer service you have come to know and expect. |
13. Will there be any differences now in qualifications? | We are always evaluating the best possible solutions to provide our existing and new customers with the best range of products and services possible. Our mission and commitment remain the same – to provide underserved communities with innovative, accessible, and transparent capital. |
14. How will this impact my business or personal credit reporting? | You will not see any impact as a result of this announcement. Your loan will remain, uninterrupted, with OnDeck. It is business as usual. |
15. Will instant funding still be available for my LOC? | Yes. It is business as usual, at this time. Your loan will remain with OnDeck uninterrupted. Once this combination is complete, OnDeck’s brand, product and services will become a brand of Enova – we expect this transition to be seamless for you and your business. |
16. Will my portal experience change when I log in to see my loan information? | No. Our continued priority is you and your business. As we work on plans to combine our companies, it will be business as usual. Your account will continue to be managed online and your personal loan advisor will remain ready to assist you and answer any questions you may have. Once we’re combined, everything will still be online, fast, transparent, and tailored to your business needs. |
17. If I contact Enova will they be able to assist me with my OnDeck loan? | No. Until the transaction is completed, OnDeck and Enova will continue to operate as two separate, independent companies and it’s business as usual. Your loan will continue uninterrupted at OnDeck, and we’re still here for you. Our relationship will not change. You can still reach out to us for anything, anytime. |
18. Will I be receiving marketing material from Enova now? | No. While Enova and OnDeck do have complementary product offerings, OnDeck’s focus will remain on small business lending. |
19. If I have received COVID-19 assistance with my loan payments, will that still be honored? | While we work on plans in the coming months to combine our companies, it will be business as usual. Your loan will remain with OnDeck, unchanged, including with respect to assistance you might currently be receiving. Our relationship will not change. You can still reach out to us for anything, anytime. Once it’s time to combine our businesses, we’ll work to make the transition seamless for you and your business. |
20. Can I back out of my loan, if I don’t want to be associated with Enova? | No. Your current loan agreement remains in place and your obligations (and ours) under that agreement also remain unchanged. Your loan will remain, uninterrupted, with OnDeck. While we plan over the next several months to combine our businesses, it will be business as usual. You can still reach out to us with any questions, anytime. |
21. Will all new loan applications be declined? | No – our doors remain open. Our continued priority is providing financing to small businesses. As we work on plans to combine our companies, it will be business as usual. In the months to come, we’ll be working to examine if our qualifications once under the Enova brand will change to provide great access and service to small businesses. |
22. Can I still make LOC draws? | Yes, [assuming your line isn’t currently on draw hold]. You will not see any impact as a result of this announcement. Your loan will continue uninterrupted at OnDeck. While we plan over the next several months to combine our businesses, it will be business as usual. You can still reach out to us with any questions, anytime. Once it’s time to combine our businesses, we’ll work to make the transition seamless for you and your business. |
23. Is the monthly fee on my LOC going to change? | No. You will not see any impact as a result of this announcement. While we work on plans over the next several months to combine our companies, it will be business as usual. |
24. Will OnDeck be compensating me for this inconvenience/ unwanted change? | We know this may be a surprise, though you will not see any impact as a result of this announcement. Your loan will continue with the same terms at OnDeck. We will still be here for you. Our relationship will not change. You can still reach out to us for anything, anytime. When we combine the companies, OnDeck’s brand, products, and services will become part of the Enova brand. We are working to ensure the transition for you and your business will be seamless, and we will be updating you as we can. |