Enova’s Grasshopper Acquisition Sparks Usury-Regulation Concerns

Enova International owns high-cost lending brands including CashNetUSA and NetCredit. Acquiring Grasshopper Bank’s national bank charter could allow it to expand lending nationwide while claiming that interest-rate rules in the bank’s home state apply. Consumer groups fear this would circumvent state rate caps and could expand the reach of products carrying APRs as high as 99.99% or even 299%.

Enova signed the merger agreement on Dec. 10, 2025, valuing the transaction at about $369 million at signing, with the consideration split roughly equally between cash and stock. Grasshopper shareholders approved the deal on Feb. 2, 2026. The application is under review by the OCC and the Federal Reserve. On June 22, 64 groups called for a public hearing and votes by the full boards, while the company still expects to complete the transaction in the second half of 2026.