FORT WORTH, Texas--(BUSINESS WIRE)--Elevate Credit, Inc. (NYSE: ELVT), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, is pleased to announce that it has been nominated to receive the Council for Inclusion in Financial Services (CIFS) 2019 Diversity & Inclusion Award. The award recognizes individuals and organizations who take action to promote diversity and inclusion through education, technology, advocacy, industry outreach, and philanthropy.
“We are thrilled to be recognized for our work serving credit constrained Americans with more inclusive credit products,” said Ken Rees, CEO of Elevate. “Our mission is to grant more people access to vital financial services, including personal loans and credit cards. So far, we’ve helped more than 2.2 million people get access to the credit they need to make ends meet, while helping them build towards a brighter future.”
Today, nearly 40% of Americans cannot cover an emergency expense of only $400 with savings or a credit card, according to the latest data from the Federal Reserve Board. According to data from Elevate’s Center for the New Middle Class, an unexpected bill becomes a crisis for non-prime Americans (those with a credit score below 700) at $1,400. The average cost to repair a car's transmission is between $1800 and $3400. It’s easy to see how life's everyday events can quickly push the non-prime into a financial crisis.
“By including more people in the financial services system and providing access to vital credit products, Elevate is allowing more people to live happy, healthy lives. Financial emergencies can happen any time, and force Americans to choose between paying a medical bill or paying their electricity bill,” continued Rees. “We’re excited to be nominated alongside other firms who are working hard to make a difference every day.”
The award winner will be announced on Tuesday, June 4 at CIFS’s National FinServ Expo in Irving, TX.
Elevate (NYSE: ELVT), together with its bank partners, has originated $7 billion in non-prime credit to more than 2.2 million non-prime consumers to date and has saved its customers more than $5.2 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, Sunny and Today Card. For more information, please visit http://www.elevate.com.