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 that its largest consumer product, RISE, will offer college scholarships in an effort to promote financial literacy.
The RISE scholarship will offer five $5,000 awards each year to students who demonstrate a desire to improve their financial knowledge and educate others on personal finance. To be eligible for the scholarship, students must complete an online financial literacy course that was developed in partnership with digital education expert EVERFI.
“Every day at RISE we see thousands of Americans struggling with credit challenges. The last thing we want is another generation without a strong financial literacy foundation,” said Tony Leopold, RISE General Manager.
Research from Elevate’s Center for the New Middle Class indicates that people who are today non-prime (with credit scores below 700) were significantly less likely to receive instruction in financial management from parents or in school and were more likely to learn by trial and error.
“We want to do our part to help hardworking students achieve their dreams while also teaching and raising awareness among as many students as possible about the tools they need for long-term financial success,” Leopold said.
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.
Elevate, together with its bank partners, has originated $6.3 billion in credit to more than 2.1 million non-prime consumers to date and has saved its customers more than $4 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, Sunny and Today Card. For more information, please visit http://www.elevate.com.