Obligation Enernova International Inc 9.75% ( US29357KAC71 ) en USD

Enernova International Inc

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US29357KAC71 ( en USD )

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31/05/2021 - Obligation échue ( La date du prochain call est le 11/10/2018 )

Prospectus brochure de l'obligation Enova International Inc US29357KAC71 en USD 9.75%, échue

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Enova International Inc. est une société de technologie financière qui fournit des solutions de crédit et de paiement numériques aux consommateurs et aux petites entreprises à travers le monde, utilisant des données et l'apprentissage automatique pour évaluer le risque et personnaliser les offres.

L'Obligation émise par Enernova International Inc ( Etats-unis ) , en USD, avec le code ISIN US29357KAC71, paye un coupon de 9.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 31/05/2021

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Table of Contents
Filed Pursuant to Rule 424(b)(3)
Registration No. 333-203005
Prospectus
ENOVA INTERNATIONAL, INC.
EXCHANGE OFFER FOR
$500,000,000 OUTSTANDING 9.75% SENIOR NOTES DUE 2021

Offer for outstanding 9.75% Senior Notes due 2021 (the "Exchange Offer") in the aggregate principal amount of $500,000,000 (the "Old Notes")
in exchange for up to $500,000,000 in aggregate principal amount of 9.75% Senior Notes due 2021 (the "Exchange Notes" and together with the
Old Notes, the "notes"), which have been registered under the Securities Act of 1933, as amended (the "Securities Act").
Terms of the Exchange Offer:

· The Exchange Offer expires 11:59 p.m., New York City time, April 30, 2015, unless extended.

· You may withdraw tendered outstanding Old Notes any time before the expiration or termination of the Exchange Offer.

· Not subject to any condition other than that the Exchange Offer does not violate applicable law or any interpretation of the staff of the

Securities and Exchange Commission.

· We can amend or terminate the Exchange Offer.

· We will not receive any proceeds from the Exchange Offer.

· The exchange of Old Notes for the Exchange Notes should not be a taxable exchange for United States federal income tax purposes.

See "Certain United States Federal Income Tax Considerations."
Terms of the Exchange Notes:

· The Exchange Notes will be guaranteed by all of Enova's direct and indirect domestic restricted subsidiaries. The Exchange Notes will

be effectively subordinated to all existing and future liabilities of each of our non-guarantor subsidiaries.

· The Exchange Notes will rank senior in right of payment to all of our and the guarantors' subordinated indebtedness and equal in right
of payment with any of our and the guarantors' other senior indebtedness. In addition, the Exchange Notes will effectively be junior in
right of payment to all of our and the guarantors' secured indebtedness to the extent of the value of the assets securing such

indebtedness and to all indebtedness and other liabilities of our non-guarantor subsidiaries. The Exchange Notes will not be secured by
any of our or the guarantors' assets. We and our guarantors are restricted from securing indebtedness with assets other than certain liens
permitted by the terms of the Exchange Notes, unless the Exchange Notes are also so secured. See "Description of Exchange Notes."

· The Exchange Notes will mature on June 1, 2021. The Exchange Notes will have a fixed annual interest rate of 9.75%, which will be

paid every six months on June 1 and December 1.

· We may redeem the Exchange Notes in whole or in part from time to time. See "Description of Exchange Notes."

· Upon a change of control and certain asset sales, we may be required to offer to repurchase the Exchange Notes.

· The terms of the Exchange Notes are substantially identical to those of the respective outstanding Old Notes, except the transfer

restrictions, registration rights and additional interest provisions relating to the Old Notes do not apply to the Exchange Notes.

For a discussion of the specific risks that you should consider before tendering your outstanding Old Notes in
the Exchange Offer, see "Risk Factors" beginning on page 17 of this prospectus.
There is no established trading market for the Exchange Notes.
Each broker-dealer that receives Exchange Notes for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Notes. A broker dealer who acquired Old Notes as a result of market making or other
trading activities may use this prospectus, as supplemented or amended from time to time, in connection with any resales of the Exchange Notes.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Exchange Notes or
passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

The date of this prospectus is April 1, 2015.
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Each broker-dealer that receives Exchange Notes for its own account pursuant to the Exchange Offer must acknowledge that it will
deliver a prospectus in connection with any resale of such Exchange Notes. By so acknowledging and by delivering a prospectus, a broker-
dealer will not be deemed to admit that it is an "underwriter" within the meaning of the Securities Act. A broker-dealer who acquired Old
Notes as a result of market making or other trading activities may use this prospectus, as supplemented or amended from time to time, in
connection with any resales of the Exchange Notes. We have agreed to amend and supplement the prospectus of which this registration
statement forms a part in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as such persons must comply with such requirements in order to resell the
Exchange Notes. See "Plan of Distribution."
You should rely only on the information contained in this prospectus. We have not authorized anyone to provide you with
information different from that contained in this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer
to buy securities other than those specifically offered hereby or an offer to sell any securities offered hereby in any jurisdiction where, or
to any person whom, it is unlawful to make such offer or solicitation. The information contained in this prospectus is accurate only as of
the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our 9.75% Senior Notes due 2021.
TABLE OF CONTENTS

PROSPECTUS SUMMARY

1
RISK FACTORS
17
THE SEPARATION AND THE DISTRIBUTION
55
RATIO OF EARNINGS TO FIXED CHARGES
58
EXCHANGE OFFER
59
USE OF PROCEEDS
68
CAPITALIZATION
69
SELECTED HISTORICAL FINANCIAL AND OTHER DATA
70
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
73
BUSINESS
110
REGULATION AND LEGAL PROCEEDINGS
124
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
132
EXECUTIVE COMPENSATION
143
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
MATTERS
182
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
184
DESCRIPTION OF CASH AMERICA LONG-TERM INCENTIVE PLAN SHARES AND AWARDS
191
DESCRIPTION OF CERTAIN FINANCING ARRANGEMENTS
192
DESCRIPTION OF EXCHANGE NOTES
193
CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
239
PLAN OF DISTRIBUTION
240
LEGAL MATTERS
241
EXPERTS
241
AVAILABLE INFORMATION
241
INDEX TO FINANCIAL STATEMENTS
F-1
Our principal executive offices are located at 200 West Jackson Boulevard, Chicago, Illinois 60606, and our main telephone number at that
address is (312) 568-4200. Our website is located at http://www.enova.com. The information contained on our website or that can be accessed
through our website is not part of or incorporated into this prospectus and you should not rely on that information.

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NOTE REGARDING THE USE OF CERTAIN TERMS
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We use the following terms throughout this prospectus to refer to the items indicated:

· the term "Adjusted EBITDA" means our net income excluding depreciation, amortization, interest, foreign currency transaction gains
or losses, taxes and certain other expense items. Adjusted EBITDA is a financial measure that is not in conformity with generally
accepted accounting principles in the United States, or GAAP, which we refer to as non-GAAP financial information. See "Selected
Historical Financial and Other Data" for a reconciliation of Adjusted EBITDA, a non-GAAP measure, to Net Income for the years
ended December 31, 2010, 2011, 2012, 2013 and 2014. Enova management believes Adjusted EBITDA is used by investors to analyze

operating performance and evaluate our ability to incur and service debt and our capacity for making capital expenditures. Adjusted
EBITDA is also useful to investors to help assess our estimated enterprise value. In addition, management believes that the adjustments
for certain expense items are useful to investors to allow them to compare our financial results during the periods presented without the
effect of those expense items. The computation of Adjusted EBITDA as presented may differ from the computation of similarly-titled
measures provided by other companies;

· "Cash America" refers to Cash America International, Inc., a Texas corporation, and, where appropriate in context, to one or more of

its subsidiaries or all of them together, including Enova prior to the distribution and excluding Enova after the distribution;

· each of the terms "distribution" and "Spin-off" refers to the distribution of 80 percent of the outstanding shares of Enova common stock

on November 13, 2014 by Cash America to shareholders of Cash America as of the record date;

· the term "distribution date" means the date on which the distribution occurred;

· the term "e-commerce business" or "e-commerce segment" refers to the operations of Cash America's E-Commerce Division, which,
prior to the distribution, was composed of Cash America's domestic and international online lending channels through which it offered

or arranged consumer loans. In connection with the preparation for the proposed initial public offering of Enova's common stock in
2011 and 2012, which was abandoned, substantially all assets and liabilities related to the e-commerce business that were not
previously held by Enova or its subsidiaries were transferred to Enova or its subsidiaries at that time;

· "Enova" refers to Enova International, Inc., a Delaware corporation, and, where appropriate in context, to one or more of its

subsidiaries or all of them taken together;

· the term "initial purchaser" means Jefferies LLC, the initial purchaser of the Old Notes;

· the term "retail services business" refers to all of the operations of Cash America's Retail Services Division, which is composed of
domestic storefront locations that offer some or all of the following services: pawn loans, consumer loans, the purchase and sale of

merchandise, check cashing and other ancillary products and services such as money orders, wire transfers, prepaid debit cards, tax
filing services and auto insurance. Following the distribution, Cash America's business consists solely of the retail services business,
together with Cash America's corporate operations;

· the term "separation" refers to the separation of the e-commerce business from Cash America's retail services business;

· the term "transaction" means any transaction whereby a customer is provided credit, whether through direct funding of a loan originated
by us, through a loan funded by an unaffiliated lender in connection with our credit services organization and credit access business

programs and certain other relationships with third-party lenders that we arrange and guarantee, and includes new loans, renewals
(where the customer agrees to pay the current finance charge on a loan for the right to make payment of the outstanding principal
balance of such loan at a later date plus an additional finance charge) and

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each advance on a line of credit; in some instances in the United Kingdom, customers agree to repay a new short-term consumer loan
by making two or three finance charge payments with repayment of the amount loaned due with the last finance charge payment, and in

these cases we consider the obligation to make the first payment as a new short term consumer loan and the obligation to make
additional payments as renewals of that loan because the customer pays a finance charge when each payment is made, similar to a
renewed loan;

· "we," "us," "our," "company" and the "Company," unless the context requires otherwise, refer to Enova; and

· all references to $'s in this prospectus represent U.S. dollars, unless expressly stated otherwise (and foreign currencies have been

converted to U.S. dollars as described in Note 3 to our consolidated financial statements for the year ended December 31, 2014).
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
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This prospectus and other materials we have filed or will file with the Securities and Exchange Commission (the "SEC") contain, or will
contain, certain forward-looking statements regarding business strategies, market potential, future financial performance and other matters. You
should not place undue reliance on these statements. These forward-looking statements give current expectations or forecasts of future events and
reflect the views and assumptions of senior management with respect to the business, financial condition, operations and prospects of Enova
International, Inc. and its subsidiaries (collectively, the "Company"). When used in this prospectus, terms such as "believes," "estimates,"
"should," "could," "would," "plans," "expects," "intends," "anticipates," "may," "forecast," "project" and similar expressions or variations as they
relate to the Company or its management are intended to identify forward-looking statements. Forward-looking statements address matters that
involve risks and uncertainties that are beyond the ability of the Company to control and, in some cases, predict. Accordingly, there are or will be
important factors that could cause the Company's actual results to differ materially from those indicated in these statements. Key factors that could
cause the Company's actual financial results, performance or condition to differ from the expectations expressed or implied in such forward-
looking statements include, but are not limited to, the following:

· the effect of laws and regulations targeting our industry that directly or indirectly regulate or prohibit our operations or render them

unprofitable or impractical;

· the effect of and compliance with domestic and international consumer credit, tax and other laws and government rules and regulations
applicable to our business, including changes in such laws, rules and regulations, or changes in the interpretation or enforcement

thereof, and the regulatory and examination authority of the Consumer Financial Protection Bureau with respect to providers of
consumer financial products and services in the United States and the Financial Conduct Authority in the United Kingdom;

· changes in our U.K. business practices in response to the requirements of the Financial Conduct Authority;

· the effect of and compliance with enforcement actions, orders and agreements issued by applicable regulators, such as the November

2013 Consent Order issued by the Consumer Financial Protection Bureau;

· our ability to effectively operate as a stand-alone, public company;

· our ability to process or collect loans through the Automated Clearing House system;

· the deterioration of the political, regulatory or economic environment in countries where we operate or in the future may operate;

· the actions of third parties who provide, acquire or offer products and services to, from or for us;

· public and regulatory perception of the consumer loan business and our business practices;

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· the effect of any current or future litigation proceedings and any judicial decisions or rule-making that affects us, our products or the

legality or enforceability of our arbitration agreements;

· changes in demand for our services, changes in competition and the continued acceptance of the online channel by our customers;

· changes in our ability to satisfy our debt obligations or to refinance existing debt obligations or obtain new capital to finance growth;

· a prolonged interruption in the operations of our facilities, systems and business functions, including our information technology and

other business systems;

· our ability to maintain an allowance or liability for estimated losses on loans that is adequate to absorb credit losses;

· compliance with laws and regulations applicable to our international operations, including anti-corruption laws such as the Foreign

Corrupt Practices Act and the U.K. Bribery Act 2010 and international anti-money laundering, trade and economic sanctions laws;

· our ability to attract and retain qualified officers;

· cyber-attacks or security breaches;

· acts of God, war or terrorism, pandemics and other events;

· the ability to successfully integrate newly acquired businesses into our operations;

· interest rate and foreign currency exchange rate fluctuations;

· changes in the capital markets, including the debt and equity markets;

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· the effect of any of the above changes on our business or the markets in which we operate; and

· other risks and uncertainties described herein.
All forward-looking statements involve risks, assumptions and uncertainties. The occurrence of the events described, and the achievement of
the expected results, depend on many events, some or all of which are not predictable or within our control. Actual results may differ materially
from expected results. See the section titled "Risk Factors" and elsewhere in this prospectus for a more complete discussion of these risks,
assumptions and uncertainties and for other risks and uncertainties. The foregoing list of factors is not exhaustive and new factors may emerge or
changes to these factors may occur that would impact the Company's business and cause actual results to differ materially from those expressed in
any of the Company's forward-looking statements. Additional information regarding these and other factors is contained in the Company's filings
with the SEC, especially on Forms 10-K, 10-Q and 8-K. Other unknown or unpredictable factors also could harm the Company's results. In light of
these risks, uncertainties and assumptions, the forward-looking events discussed in this prospectus might not occur.
The forward-looking statements included in this prospectus are made as of the date of this prospectus and the Company disclaims any
intention or obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this
prospectus. The forward-looking statements in this prospectus are expressly qualified in their entirety by the foregoing cautionary statements.

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PROSPECTUS SUMMARY
This summary highlights material information about our business and about this offering of notes. This is a summary of material
information contained elsewhere in this prospectus and incorporated by reference and is not complete and does not contain all of the
information that may be important to you. For a more complete understanding of our business and this offering, you should read this entire
prospectus, including the section entitled "Risk Factors," as well as the consolidated financial statements, the related notes thereto and the
other information incorporated by reference into this prospectus.
COMPANY OVERVIEW
Enova is a leading provider of online financial services. In 2014, we extended approximately $2.2 billion in credit to borrowers. We
currently offer or arrange loans to customers in 35 states in the United States and in the United Kingdom, Australia and Canada. In June 2014
and July 2014 we launched pilot programs in Brazil and China, respectively, where we began arranging loans for borrowers through a third
party lender in each country. In addition, in late July 2014, we introduced a pilot program for a new line of credit product in the United States
to serve the needs of small businesses. We use our proprietary technology, analytics and customer service capabilities to quickly evaluate,
underwrite and fund loans, allowing us to offer consumers and small businesses credit when and how they want it. Our customers include the
large and growing number of consumers who and small businesses which have bank accounts but use alternative financial services because of
their limited access to more traditional credit from banks, credit card companies and other lenders. We were an early entrant into online
lending, launching our online business in 2004, and through December 31, 2014, we have completed over 31.9 million customer transactions
and collected approximately nine terabytes of currently accessible consumer behavior data since launch, allowing us to better analyze and
underwrite our specific customer base. We have significantly diversified our business over the past several years and currently offer or arrange
multiple loan products in the United States, the United Kingdom, Australia, Canada, Brazil and China. These loan products include short-term
loans, line of credit accounts, and installment loans.
We believe our customers highly value our services as an important component of their personal finances because our products are
convenient, quick and often less expensive than other available alternatives. We attribute the success of our business to our advanced and
innovative technology systems, the proprietary analytical models we use to predict loan performance, our sophisticated customer acquisition
programs, our dedication to customer service and our talented employees.
We have developed a proprietary underwriting system based on data we have collected over our ten years of online lending experience.
This system employs advanced risk analytics to decide whether to approve loan transactions, to structure the amount and terms of the loans we
offer pursuant to jurisdiction-specific regulations and to provide customers with their funds quickly and efficiently. Our systems closely
monitor loan collection and portfolio performance data that we use to continually refine the analytical models and statistical measures used in
making our credit, marketing and collection decisions.
Our flexible and scalable technology platform allows us to process and complete customers' transactions quickly and efficiently. In 2014,
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we processed approximately 4.5 million transactions, and we continue to grow our loan portfolio and increase the number of customers we
serve through both desktop and mobile platforms. Our highly customizable technology platform allows us to efficiently develop and deploy
new products to adapt to evolving regulatory requirements and customer preference, and to enter new markets quickly. In 2012, we launched a
new product in the United States designed to serve near-prime customers and in 2014 we introduced a similar product in the United Kingdom.
These new products are intended to allow us to further diversify our product offerings, customer base and geographic scope. In 2014, we
derived 58.6% of our total revenue from the

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United States and 41.4% of our total revenue internationally, with 97.0% of international revenue (representing 40.1% of our total revenue)
generated in the United Kingdom. See "Management's Discussion and Analysis of Financial Condition and Results of Operations--Recent
Regulatory Developments--Financial Conduct Authority" included elsewhere in this prospectus for a discussion of the changes in our U.K.
operations and our expectations for our U.K. business going forward.
PRODUCTS AND SERVICES
Our online loans provide customers with a deposit of funds to their bank account or debit card in exchange for a commitment to repay
the amount deposited plus fees and/or interest. We originate, arrange, guarantee or purchase short-term consumer loans, line of credit accounts
and installment loans.

· Short-term consumer loans. We offer or arrange short-term, small-denomination consumer loans in 23 states in the United States,
the United Kingdom and Canada. Short-term loans are unsecured loans written by us or by a third-party lender through our credit
services organization and credit access business programs, which we refer to as our CSO programs, that we arrange and guarantee.

Short-term loans generally have terms of seven to 90 days, with proceeds promptly deposited in the customer's bank account or
onto a debit card in exchange for a pre-authorized debit from their account. Our short-term consumer loans contributed
approximately 31.7% of our total revenue in 2014, 50.9% in 2013, and 69.6% in 2012.

· Line of credit accounts. We offer unsecured line of credit accounts in seven states in the United States and in the United Kingdom
that allow customers to draw on the line of credit in increments of their choosing up to their credit limits. Customers may pay off
their account balance in full at any time or make required minimum payments in accordance with the terms of the line of credit

account. As long as the customer's account is in good standing and has credit available, customers may continue to borrow on their
line of credit. As a result of regulatory changes, we discontinued offering line of credit accounts to new customers in the United
Kingdom and effective January 1, 2015, we discontinued draws on existing accounts in the United Kingdom. Our line of credit
accounts contributed approximately 37.7% of our total revenue in 2014, 22.3% in 2013, and 11.1% in 2012.

· Installment loans. We offer or arrange, through our CSO programs, unsecured multi-payment installment loan products in the
United Kingdom and Australia and in 15 states in the United States. In September 2014, we began arranging and guaranteeing
installment loans written by a third-party lender through our CSO programs in one state in the United States. Generally, terms are

between two and 60 months. Our installment loan products generally have higher principal amounts than short-term loans and are
repaid in installments of both principal and interest over the term of the loan. These loans may be repaid early at any time with no
prepayment charges. Our installment loans contributed approximately 30.5% of our total revenue in 2014, 26.6% in 2013, and
19.1% in 2012.

· Pilot Programs. In June 2014 and July 2014 we launched pilot programs in Brazil and China, respectively, where we began
arranging loans for borrowers through a third party lender in each country as described below. In addition, in late July 2014, we

also introduced a pilot program for a new line of credit product to serve the needs of small businesses, which was offered in eight
states in the United States at December 31, 2014 and is included under "line of credit accounts."

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OUR MARKETS
We currently provide our services in the following countries:

· United States. We began our online business in the United States in May 2004. As of December 31, 2014, we provided services in

35 states under the names CashNetUSA at www.cashnetusa.com, NetCredit at www.netcredit.com and Headway Capital at
www.headwaycapital.com.

· United Kingdom. We provide our services in the United Kingdom under the names QuickQuid at www.quickquid.co.uk, Pounds to
Pocket at www.poundstopocket.co.uk and OnStride Financial at www.onstride.co.uk. We began our QuickQuid short-term

consumer loan business in July 2007, our Pounds to Pocket installment loan business in September 2010 and our OnStride
Financial near-prime installment loan business in April 2014. We offered a line of credit product from March 2013 to December
2014 under the brand name QuickQuid FlexCredit.

· Australia. We began providing services in Australia in May 2009, where we provide services under the name DollarsDirect at
www.dollarsdirect.com.au. See "Risk Factors--Risks Related to Our Business and Industry--Our business in Australia has

become less profitable due to compliance with new regulations there, and if our new product offering is not sustainable, this could
require us to exit the Australian market" for a discussion regarding risks related to our Australian operations.

· Canada. We began providing services in Canada in October 2009. As of the date of this prospectus, we provide services in the

provinces of Ontario, British Columbia, Alberta and Saskatchewan under the name DollarsDirect at www.dollarsdirect.ca.

· Brazil. We launched a pilot program in Brazil on June 30, 2014, where we arrange loans for a third-party lender in accordance with
applicable laws under the name Simplic at www.simplic.com.br. We also guarantee the payment of these loans by agreeing to

purchase the loans from the third-party lender under certain circumstances. Our future plans for Brazil will largely depend on our
results from this pilot program.

· China. We launched a pilot program in China in late July 2014 where we have entered into a joint venture with a third party lender

where the third party lender makes loans in accordance with applicable laws under the name YouXinYi at www.youxinyi.cn. Our
future plans for China will largely depend on our results from this pilot program.
We have achieved significant growth since we began our online business as we have expanded both our product offerings and the
geographic markets we serve. This growth in product offerings and geographic markets has resulted in significant revenue diversification as
set forth below:

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OUR INDUSTRY
The internet has transformed how consumers shop for and acquire products and services. According to International Data Corporation,
global internet usage increased 51% from 2009 to 2013, from 1.8 billion to 2.7 billion users, and is expected to increase an additional 33%, to
3.5 billion users, by 2017. As internet accessibility has grown, a number of traditional financial services such as banking, bill payment and
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investing have become widely available online. A 2013 study by CFI Group found that approximately 82% of bank customers in a United
States sample used their bank's website at least once in the last 30 days. This level of use highlights the extent to which consumers now accept
the internet for conducting their financial transactions and are willing to entrust their financial information to online companies. Moreover, the
CFI Group study suggests that bank customers are actually more likely to bank online than at a branch. We believe the increased acceptance
of online financial services has led to an increased demand for online lending, the benefits of which include customer privacy, easy access,
security, 24/7 availability, speed of funding and transparency of fees and interest.
We use the internet to serve the large and growing number of underbanked consumers and small businesses who have bank accounts but
use alternative financial services because of their limited access to more traditional consumer credit from banks, credit card companies and
other lenders. Demand from these consumers has been fueled by several demographic and socioeconomic trends, including an overall increase
in the population and stagnant to declining growth in the household income for working-class individuals. The necessity for alternative
financial services was highlighted by a 2011 report from The National Bureau of Economic Research, which found that half of the Americans
surveyed reported that it is unlikely that they would be able to gather $2,000 to cover a financial emergency, even if given a month to obtain
funds.
We believe that consumers and small businesses seek online lending services for numerous reasons, including because they often:

· prefer the simplicity, transparency and convenience of these services;

· require access to financial services outside of normal banking hours;

· have an immediate need for cash for financial challenges and unexpected expenses;

· have been unable to access certain traditional lending or other credit services;

· seek an alternative to the high cost of bank overdraft fees, credit card and other late payment fees and utility late payment fees or

disconnect and reconnection fees; and

· wish to avoid potential negative credit consequences of missed payments with traditional creditors.
COMPETITIVE STRENGTHS
We believe that the following competitive strengths position us well for continued growth:

· Significant operating history and first mover advantage. As an early entrant in the online lending sector, we have accumulated
approximately nine terabytes of currently accessible consumer behavior data from more than 31.9 million transactions during the
past ten years (through December 31, 2014). This database allows us to market to a customer base with an established borrowing
history as well as to better evaluate and underwrite new customers, leading to better loan performance. In order to develop a
comparable database, we believe that competitors would need to incur high marketing and customer acquisition costs, overcome

consumer brand loyalties and have sufficient capital to withstand higher early losses associated with unseasoned loan portfolios.
Additionally, we are licensed in all jurisdictions which require licensing and believe that it would be difficult and time consuming
for a new entrant to obtain such licenses. We have also created strong brand recognition over our ten year operating history and we
continue to invest in our brands, such as CashNetUSA, NetCredit, Pounds to Pocket, QuickQuid, DollarsDirect, OnStride
Financial, Headway Capital, Simplic and YouXinYi, to further increase our visibility.

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· Proprietary analytics, data and underwriting. We have developed a fully integrated decision engine that evaluates and rapidly
makes credit and other determinations throughout the customer relationship, including automated decisions regarding marketing,
underwriting, customer contact and collections. Our decision engine currently handles more than 100 algorithms and over 1,000
variables. These algorithms are constantly monitored, validated, updated and optimized to continuously improve our operations.

Our proprietary models are built on ten years of lending history, using advanced statistical methods that take into account our
experience with the millions of transactions we have processed during that time and the use of data from multiple third-party
sources. Since we designed our system specifically for our specialized products, we believe our system provides more predictive
assessments of future loan behavior than traditional credit assessments, such as the Fair Isaac Corporation score, or FICO score, and
therefore, results in better evaluation of our customer base.

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· Scalable and flexible technology platform. Our proprietary technology platform is designed to be powerful enough to handle the
large volume of data required to evaluate customer applications and flexible enough to capitalize on changing customer preferences,
market trends and regulatory requirements. This platform has enabled us to achieve significant growth over the last ten years as we
have expanded both our product offerings and the geographic markets we serve. We began offering installment loans in the
United States and United Kingdom in 2008 and 2010, respectively, and added line of credit products in the United States and
United Kingdom in 2010 and 2013, respectively. We have experienced significant growth in these products, with revenue
contribution from installment and line of credit products increasing from 11.7% of total revenue in 2010 to 68.2% of total revenue
in 2014. Similarly, total revenue contribution from our international operations, primarily in the United Kingdom, has grown at a

compound annual growth rate of 52.6%, from $40.5 million, or 15.9% of total revenue in 2009, to $335.1 million, or 41.4% of total
revenue in 2014. Our results from operations for the years ended December 31, 2014 and 2013 do not include the full impact of
changes in our U.K. operations resulting from recent regulatory and legislative changes. As a result, such results are not indicative
of our future results of operations and cash flow from our U.K. business. See "Management's Discussion and Analysis of Financial
Condition and Results of Operations--Recent Regulatory Developments--Financial Conduct Authority" included elsewhere in this
prospectus for a discussion about our expectations for our U.K. business going forward. Due to the scalability of our platform, we
were able to achieve this growth without significant investment in additional infrastructure, and over the past three years capital
expenditures have averaged only 2.1% of revenue per year. We expect our advanced technology and underwriting platform to help
continue to drive significant growth in our business.

· Focus on consumer experience. We believe that alternative credit consumers are not adequately served by traditional lenders. To
better serve these consumers and small businesses, we use customer-focused business practices, including 24/7 customer service by
phone, email, fax and web chat. We continuously work to improve customer satisfaction by evaluating information from website

analytics, customer surveys, call center feedback and focus groups. Our call center teams receive training on a regular basis and are
monitored by quality assurance managers. We believe customers who wish to access credit again often return to us because of our
dedication to customer service, the transparency of our fees and interest charges and our adherence to trade association "best
practices."

· Diligent regulatory compliance. We conduct our business in a highly regulated industry. We are focused on regulatory compliance
and have devoted significant resources to comply with laws that apply to us, while we believe many of our online competitors have
not. We tailor our lending products and services to comply with the specific requirements of each of the jurisdictions in which we

operate, including laws and regulations relating to fees, loan durations and renewals or extensions, loan amounts, disclosures and
underwriting requirements. Our compliance experience and proprietary technology platform allow us to launch new products and to
enter new geographic regions with a focus on compliance with applicable laws and customer protection. We are members of
industry trade

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groups, including the Online Lenders Alliance in the United States and the Consumer Finance Association in the United Kingdom,
which have promulgated "best practices" for our industry that we have adopted. The flexibility of our online platform enables us to

rapidly adapt our products as necessary to comply with changes in regulation, without the need for costly and time consuming
retraining of store-based employees and other expenses faced by our storefront competitors.

· Proven history of growth and profitability. Over the last five years, we grew our net consumer loans, which are the gross
outstanding balances for our consumer loans carried in the consolidated balance sheets net of the allowance for estimated loan
losses, at a compound annual growth rate of 38.0%, from $89.2 million as of December 31, 2010 to $323.6 million as of
December 31, 2014. Over the same period, our revenue grew at a compound annual growth rate of 21.0%, from $378.3 million in
2010 to $809.8 million in 2014, while Adjusted EBITDA grew at a compound annual growth rate of 38.8%, from $62.9 million to
$233.7 million. Adjusted EBITDA margin has likewise improved, increasing over 1,200 basis points from 16.6% of revenue in

2010 to 28.9% of revenue in 2014. See note (a) to our "Selected Historical Financial and Other Data" included elsewhere in this
prospectus for a reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA as a percentage of total revenue (which
is Adjusted EBITDA). Our results from operations for the years ended December 31, 2014 and 2013 do not include the full impact
of changes in our U.K. operations resulting from recent regulatory and legislative changes. As a result, such results are not
indicative of our future results of operations and cash flow from our U.K. operations. See "Management's Discussion and Analysis
of Financial Condition and Results of Operations--Recent Regulatory Developments--Financial Conduct Authority" included
elsewhere in this prospectus for a discussion about our expectations for our U.K. business going forward.

· Talented, highly educated employees. We believe we have one of the most skilled and talented teams of professionals in the
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industry. Our employees have exceptional educational backgrounds, with numerous post-graduate and undergraduate degrees in
science, technology, engineering and mathematics fields. We hire and develop top talent from graduate and undergraduate

programs at institutions such as Carnegie Mellon University, Northwestern University and the University of Chicago. The extensive
education of our team is complemented by the experience our leadership team obtained at leading technology firms and financial
services companies such as Intel, optionsXpress, First American Bank and JPMorgan Chase.
GROWTH STRATEGY

· Increase penetration in existing markets through direct marketing. We believe that we have reached only a small number of the
potential customers for our products and services in the markets in which we currently operate. We continue to focus on our direct
customer acquisition channels, with direct marketing (traditional and digital) generating approximately 55% of our new customer

transactions in 2014, as compared to 32% in 2009. We believe these channels will ultimately allow us to reach a larger customer
base at a lower acquisition cost than the traditional online lead purchasing model. Additionally, as our smaller and less
sophisticated competitors, both online and storefront, struggle to adapt to both regulatory developments and evolving consumer
preference, we believe we have the opportunity to gain significant market share.

· Expand globally to reach new markets. We are building on our global reach by entering new markets, particularly in Latin
America and Asia. In June 2014 and July 2014 we launched pilot programs in Brazil and China, respectively, where we began

arranging loans for borrowers through a third party lender in each country. We believe that these countries have significant
populations of underserved consumers. When pursuing geographic expansion, factors we consider include, among others, whether
there is (i) widespread internet usage, (ii) an established and interconnected banking system and

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(iii) government policy that promotes the extension of credit. Our recent launches in Brazil and China, as well as our launches into
the United Kingdom in 2007 and Australia and Canada in 2009, demonstrate that we can quickly and efficiently enter new markets.
Our revenue from international operations has increased from $1.6 million in 2007, or 0.9% of our total revenue, to $335.1 million
in 2014, or 41.4% of our total revenue. Our results from operations for the years ended December 31, 2014 and 2013 do not

include the full impact of changes in our U.K. operations resulting from recent regulatory and legislative changes. As a result, such
results are not indicative of our future results of operations and cash flow from our U.K. operations. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations--Recent Regulatory Developments--Financial Conduct
Authority" included elsewhere in this prospectus for a discussion about our expectations for our U.K. business going forward.

· Introduce new products and services. We plan to attract new categories of consumers and small businesses not served by
traditional lenders through the introduction of new products and services. We have introduced new products to expand our
businesses from solely single-payment consumer loans to installment loans and line of credit accounts, using our analytics
expertise and our flexible and scalable technology platform. In 2012, we launched NetCredit, a longer duration installment loan

product for near-prime consumers in the United States, and we launched OnStride Financial, a similar near-prime product, in the
United Kingdom in April 2014. In late July 2014 we launched Headway Capital, a pilot program for a new line of credit product in
the United States that serves the needs of small businesses. In addition, we intend to continue to evaluate and offer new products
and services that complement our online specialty financial services in order to meet the growing needs of our consumers and small
businesses.
THE SEPARATION AND THE DISTRIBUTION
On April 10, 2014, the Board of Directors of Cash America International, Inc., or Cash America, authorized management to review
potential strategic alternatives, including a tax-free spin-off, for our separation. On October 22, 2014, the Board of Directors of Cash America
approved the distribution of approximately 80 percent of our issued and outstanding shares of common stock. On November 13, 2014, holders
of Cash America common stock received 0.915 shares of Enova common stock for every one share of Cash America common stock held on
November 3, 2013, the record date for the distribution, or the record date. Following the distribution, Cash America retained 20% of our
common stock. Cash America will dispose of its retained shares of Enova (other than the shares retained for delivery under Cash America's
long-term incentive plans as described in this prospectus) as soon as practical consistent with the business reasons for the retention, but in no
event later than two years after the distribution. The holders of outstanding unvested restricted stock units, or RSUs, vested deferred RSUs,
unvested deferred RSUs and certain deferred shares payable by Cash America to Cash America's directors relating to Cash America common
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