FORT WORTH, Texas--(BUSINESS WIRE)--Elevate Credit, Inc., a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, announced today that its RISE product, traditionally offering installment loans, will now offer lines of credit. Kansas will be the sixteenth state where RISE’s products are available and the first state in which RISE’s line of credit is available to non-prime consumers.
RISE is a state-licensed online lender offering unsecured installment loans and lines of credit. RISE is designed to meet the needs of the millions of non-prime Americans with less than prime-credit, who do not have access to traditional sources of credit. RISE is a path toward a brighter financial future with features such as fast approval, flexible loan terms, lower rates than other non-prime lenders, rates that can go down over time, credit bureau reporting, free credit score monitoring and financial literacy courses.
“We have innovated our product offering to help more customers across America who do not have access to traditional credit options and need better options to meet their immediate needs,” said Ken Rees, CEO of Elevate. “Importantly, we’ve done it in a way that responsibly meets regulatory requirements in more states, which is key to growth opportunities.”
RISE’s line of credit will offer the same simple application, approval process, rates and flexibility of the installment loan product. However, with RISE’s line of credit, customers will be able to withdraw up to the full amount of their original approval at any time.
“RISE’s line of credit offers the ability for customers to re-consider and take out a higher amount if needed later on. For many Americans, expenses are often unpredictable. In fact, according to a recent study by J.P. Morgan Chase & Co., two in five Americans experience month-to-month income swings of 30 percent or more. That’s why having access to the flexibility of an open-ended line of credit is important in managing their day-to-day finances,” said Tony Leopold, General Manager of RISE.
“RISE’s mission is Good Today, Better Tomorrow. We are constantly learning from and listening to the needs of our customers. Our focus on innovation has allowed us to offer a new product in a new state, thereby expanding RISE’s reach. With this growth, we are able to offer better products to more people in America’s growing New Middle Class,” ended Leopold.
Elevate (NYSE: ELVT) has originated $4 billion in credit to more than 1.6 million non-prime consumers to date. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s suite of groundbreaking credit products includes RISE, Elastic and Sunny. For more information, please visit http://www.elevate.com.