OnDeck Releases Latest Delinquency Data

By Tamara Parker • Friday, March 07 15:14 • Permanent Link

OnDeck, a leading small business online lending platform, has released its latest data on delinquencies and net charge-offs for its term loans and lines of credit. Here's a breakdown of the key figures:

Term Loan Delinquency Experience:
As of December 31, 2024, the number of term loans outstanding was 21,409, with an aggregate unpaid principal balance of $1,232,053,261.
The unpaid principal balance of past due term loans varied based on missed payment factors, with the 60+ non-write off not paying category showing a significant decrease from $18,655,548 in 2023 to $11,548,935 in 2024.
The term loans past due as a percentage of unpaid principal balance also showed fluctuations across different missed payment factors.
Line of Credit Delinquency Experience:
As of December 31, 2024, the number of lines of credit outstanding was 28,149, with an aggregate unpaid principal balance of $556,419,013.
Similar to term loans, the unpaid principal balance of past due lines of credit varied based on missed payment factors, with the 60+ non-write off not paying category decreasing from $5,884,622 in 2023 to $5,732,864 in 2024.
The lines of credit past due as a percentage of unpaid principal balance also showed fluctuations across different missed payment factors.
Term Loan Cumulative Net Charge-Off Experience:
The data on net charge-offs for term loans originated in different vintages showed an increase in cumulative net charge-offs as a percentage of aggregate original principal balance as the months since origination increased. For instance, the 2024 Q1 vintage had a cumulative net charge-off of 0.00% in the first month, which increased to 6.10% in the tenth month.
Origination Vintages based on OnDeck Score:
The data also provided insights into net charge-offs based on OnDeck Score categories, showing the performance of loans based on different risk profiles. For example, the 2024 Q1 vintage with an OnDeck Score < 470 experienced a 6.18% cumulative net charge-off in the fifth month, which increased to 16.26% in the seventh month.

The market has reacted to these announcements by moving the company's shares -2.7% to a price of $90.76. For the full picture, make sure to review Enova International's 8-K report.

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