OnDeck portfolio tops $3 billion in unpaid principal as early arrears ease and vintage charge-offs climb
Small business credit in the United States is carrying a split signal into the second half of 2026. Enova International (ENVA), through its OnDeck unit, released supplemental delinquency and net charge-off data via a Form 8-K…
Key takeaways
- Enova International's OnDeck unit disclosed delinquency and net charge-off data as of July 31, 2026, via a Form 8-K Regulation FD filing.
- OnDeck's combined portfolio now exceeds $3 billion in aggregate unpaid principal, with term loans at $1.75 billion across 24,276 accounts and lines of credit at $1.32 billion across 58,867 facilities.
- Early-stage term loan delinquency improved, with the 1-to-14 missed-payment bucket falling to 2.10% of unpaid principal from 3.55% at December 31, 2025.
- Late-stage arrears grew, as term loans 61-plus days past due reached $69.8 million (up from $64.6 million), and recent origination vintages are charging off at higher rates than older cohorts at comparable seasoning.
- The 2023 full-year vintage reached 12.29% cumulative net charge-offs at month 23, the highest figure across all disclosed vintages at any seasoning point.
Small business credit in the United States is carrying a split signal into the second half of 2026. Enova International (ENVA), through its OnDeck unit, released supplemental delinquency and net charge-off data via a Form 8-K Regulation FD disclosure as of July 31, 2026, showing a book that has expanded through the cycle while recent origination vintages season at higher loss rates than older cohorts at comparable periods.
The combined portfolio now exceeds $3 billion in aggregate unpaid principal. Term loans in the OnDeck comparable serviced portfolio stood at 24,276 accounts carrying $1.75 billion in unpaid principal as of July 31, against 23,611 accounts and $1.56 billion at year-end 2025. Lines of credit expanded more sharply, reaching 58,867 facilities and $1.32 billion in unpaid principal from 43,881 facilities and $939 million twelve months prior.
Near-term delinquency and the growing tail
Early arrears on term loans improved. The 1-to-14 missed-payment-factor bucket fell to 2.10% of unpaid principal from 3.55% at December 31, 2025. The 15-to-29 and 30-to-44 buckets also narrowed. That front-end improvement sits alongside a rising late-stage balance. Against the backdrop of a larger book, the total in the 61-plus days past due category for term loans reached $69.8 million as of July 31, up from $64.6 million at year-end, with the 60-plus non-write-off-not-paying share edging to 1.32% from 1.25%. For lines of credit, the same 60-plus not-paying bucket widened to 2.00% from 1.49%.
Vintage performance
The read-through for the broader credit cycle sits in the static pool net charge-off tables. The 2026 first-quarter origination vintage carried 3.04% in cumulative net charge-offs at six months since origination; the 2024 full-year vintage was at 1.98% at that same seasoning point. At twelve months, the 2025 fourth-quarter vintage showed 10.66% in cumulative losses, above the 9.17% posted by the 2024 full-year cohort at the same mark and well above the 6.25% recorded for the 2023 full-year cohort.
The 2023 full-year vintage reached 12.29% in cumulative net charge-offs at month 23, the highest figure across all disclosed vintages at any seasoning point in the dataset. Whether the 2024 and 2025 cohorts settle above or below that level is the open question the July 31 data cannot yet answer.
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