FORT WORTH, Texas--(BUSINESS WIRE)--Elevate Credit, Inc. (“Elevate” or “the company”), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced their customers have saved more than $2 billion, versus what they would have paid for payday loans. $613 million of these cumulative savings were incurred in the first half of 2017 alone.
Elevate is a leading provider of responsible online credit products for non-prime consumers who are not well-served by traditional banks. Elevate’s products are priced significantly lower than other options non-prime customers typically use, like payday loans, which have an average APR of approximately 400%; or bank overdraft products, which have an average effective rate of more than 3,500%, according to the FDIC.
“This milestone illustrates our continued efforts to increase financial inclusion for non-prime consumers,” said Ken Rees, CEO of Elevate. “In addition to providing superior alternative credit options, we’re also committed to helping customers improve their financial wellness and graduate to other financial options based on their successful repayment history.”
The company uses advanced analytics powered by cutting-edge machine learning-powered algorithms to supplement traditional credit scores and unearth nuances in an individual’s credit history and their perceived financial stability. Credit determinations are made in seconds and approximately 95% of customer applications are fully automated with no manual review required.
“Because we can leverage advanced technology to better understand the human behind the screen, we can provide access to credit to customers who need to make ends meet and improve their financial lives,” said Elevate Chief Analytics Officer Eric Von Dohlen. “Our analytics capabilities help us simultaneously manage our risk and price our online credit products more appropriately, allowing us to speed up our approval process and help customers who are looking for better financial options.”
The company’s solutions offer additional responsible lending features including credit bureau reporting, free credit monitoring (for U.S. customers), online financial literacy videos and tools, flexible repayment schedules, and no prepayment penalties or punitive fees.
Elevate (NYSE: ELVT) has originated $4.5 billion in credit to more than 1.7 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.