FORT WORTH, Texas--(BUSINESS WIRE)--Elevate Credit, Inc. (“Elevate”), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced their customers have saved more than $3 billion to date, versus what they would have paid for payday loans. $1.3 billion was saved in 2017 alone.
Elevate provides online credit products for non-prime consumers who are not well-served by traditional banks. Elevate’s products are a fraction of the cost of alternatives such as payday, title, pawn, and storefront installment. In addition, since the company’s current line of products debuted in 2013, customers’ average effective APR has been reduced by nearly 50 percent.
“This milestone illustrates our continued commitment to customer financial health and well-being. Our cutting-edge data and analytics capabilities continue to improve underwriting models to provide access to credit to the underserved at ever-improving rates,” said Ken Rees, CEO of Elevate. “Customers not only benefit as we grow these capabilities, but also as they improve their financial track record and are rewarded with lower rates.”
The company uses advanced analytics powered by machine learning-based algorithms to supplement traditional credit scores with other alternative data sources. Credit determinations are made in seconds, and approximately 95 percent of customer applications are fully automated with no manual review required.
Elevate’s product mission is “good today, better tomorrow.” In addition to providing better options to help customers improve their immediate financial situations, Elevate provides customers with opportunities to improve their credit scores and see their rates go down over time. 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 $5.2 billion in credit to more than 1.9 million non-prime consumers to date and has saved its customers more than $3 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.