Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

In late October 2020, the Company executed a settlement agreement regarding the Atinar Lawsuit. As a result, the Company established an $8.8 million litigation reserve as of September 30, 2020 and reported a liability of $8.8 million within Other liabilities on the Condensed Consolidated Balance Sheets as of September 30, 2020. The income statement impact of $8.8 million was reported as part of General, administrative and other on the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2020.

In October 2020, the Company raised $39.8 million, net of fees and expenses, by selling $41.3 million of retained bonds related to its 2019-A and 2018-B asset-backed notes.

On November 10, 2020, the Company announced a partnership with MetaBank, N.A., a national bank, to make personal loans capped at a 36% APR available to low- and moderate-income consumers with limited or no credit history in certain states outside of its current state-licensed footprint. The partnership is expected to launch in mid-2021.