Elevate Milestone: Customers Have Saved More Than $3 Billion Over PayDay Loan Alternatives
Elevate Credit, Inc. (Elevate), a tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, announced on Monday its 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.
The company stated it provides online credit products for non-prime consumers who are not well-served by traditional banks. Its products are a fraction of the cost of alternatives such as payday, title, pawn, and storefront installment. In addition, since Elevate’s current line of products debuted in 2013, customers’ average effective APR has been reduced by nearly 50 percent. Speaking about the latest milestone, Ken Rees, CEO of Elevate, stated:
“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. Customers not only benefit as we grow these capabilities, but also as they improve their financial track record and are rewarded with lower rates.”
Elevate also noted that it 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% of customer applications are fully automated with no manual review required. The company added:
“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.”