FORT WORTH, Texas--(BUSINESS WIRE)--Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or the “Company”), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced it has served more than two million non-prime customers in the US and UK, saving them more than $3 billion versus the cost of payday loans. Elevate’s three products, RISE, Elastic and Sunny, employ advanced data and analytics to provide safe access to small-dollar credit to the two-thirds of Americans who cannot get personal unsecured loans from their banks.
“At Elevate, we are committed to providing solutions to non-prime customers today, while helping them become more financially healthy tomorrow,” said Ken Rees, Elevate CEO. “The market for our products is vast, at 170 million people between the US and UK. Every customer we serve is a step closer to putting predatory payday lenders out of business. We’re incredibly proud of this milestone.”
By using advanced data analytics and machine learning in concert with an online, digital-first user experience, Elevate is providing better products and driving rates down to a fraction of what other non-prime products can offer, and is thereby disrupting the small-dollar credit industry. The company’s approach has paid off: Elevate recently announced record quarterly net income and a partnership with Mastercard for a first-of-its-kind credit card product for non-prime Americans.
“What’s so exciting is that we are still just getting started,” continued Rees. “While two million customers served is a huge point of pride and reflection for the entire Elevate team, it is also a calling to continue our work.”
Established in 2014, Elevate Credit is the beneficiary of more than a decade of knowledge in the non-prime lending space. Customers from 2002 to March 2018, including predecessor companies, are included in the calculation. Customers are attributable to the combined current and predecessor direct and branded products.
Elevate (NYSE: ELVT) has originated $5.5 billion in non-prime credit to more than two 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, Sunny and Elastic. For more information, please visit http://www.elevate.com.