FORT WORTH, Texas--(BUSINESS WIRE)--Elevate Credit, Inc., a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced its RISE product has surpassed $300 million in total outstandings, with more than 130,000 open accounts.
RISE is a state-licensed online lender offering unsecured installment loans in 15 states and lines of credit in two states. Designed for the millions of non-prime Americans who may not have access to traditional sources of credit, RISE not only provides access to credit, but its responsible lending features are also designed to help customers meet their immediate financial needs and improve their long-term financial futures. These features include fast credit 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.
“Surpassing $300 million in outstanding loans is a major milestone at RISE for Elevate as we continue to serve the unmet needs of the ‘New Middle Class,’” said RISE General Manager Tony Leopold. “Middle class Americans face financial turbulence and income volatility on a daily basis, and we are proud to provide a solution that helps improve their financial outlook.”
Since its launch in 2013, RISE has loaned over $1.77 billion dollars to more than 487,000 customers and recently announced its line of credit offering in a 17th state, Tennessee. RISE passed the $200 million in outstandings mark in November 2015.
Elevate (NYSE: ELVT) has originated $4.9 billion in credit to more than 1.8 million non-prime consumers to date and has saved its customers more than $2 billion versus the cost of payday loans. 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.