Enova's NetCredit Named Finalist in the Third Annual Core Innovators Mega
New Online Lender Recognized as One of the Most Promising New
Financial Services for Underbanked
CHICAGO, IL -- (Marketwired) -- 05/23/13 -- 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
SchÃ¼tte 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:
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
A wholly-owned subsidiary of Cash America International, Inc, 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.
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Office: (312) 568-4230
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