Allegations
- Consumers authorized payment from certain bank accounts, but in many
instances Enova debited from accounts that consumer had not authorized. - Firm found to have failed to honor loan extensions, granted to consumers.
Customer Account Details
- Company purchased loan applications from lead generators, in some cases
the applications were from consumers, who already had loans from Enova. - The company policy was to extend only one loan at a time, to a consumer.
- If purchase application with outstanding loan, it would deny an application.
- Loan applications typically contained consumers’ bank account information.
- Some consumers listed different account information, than provided Enova.
- Firm overwrite consumer bank account information on its outstanding loans.
- Then debited payment on 5,520 consumers’ loans from new bank accounts.
- However, Enova did not have the authorization to debit these new accounts.
Settlement
- Enova has been barred, from making or initiating electronic fund transfers,
without valid authorization and must pay a $3.2 million civil money penalty.
