FORT WORTH, Texas--(BUSINESS WIRE)--
Elevate Credit, Inc. (ELVT) a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced it has been designated as a 2018 Financial Health Leader by the Center for Financial Services Innovation (CFSI), the authority on consumer financial health. Elevate was recognized for its continued commitment to measuring customer financial wellbeing.
“As we continue to disrupt the non-prime lending market with better underwriting, lower rates and products designed to protect and help underserved consumers, it is crucial we analyze the customer financial journey and work with other responsible financial organizations to keep getting better,” said Ken Rees, Elevate CEO. “The CFSI Financial Health Leader program provides that opportunity, and we are honored to be recognized by CFSI and listed alongside other leaders in this space.”
Elevate’s product mission is “good today, better tomorrow” – providing immediate financial relief and helping customers improve their long-term financial health. Products that give customers the chance to improve their credit score, get lower rates with good payment history, rescind their loans cost-free within five business days, all with no hidden fees or pre-payment penalties. Elevate also offers free credit monitoring (US customers) and financial education tools to help improve long-term health. Elevate’s $40-50 million annual investment in data science and analytics is – in large part – why the company has been able to lower its average APR by almost half in four years. And Elevate has pledged to cap its operating margin at 20 percent, to invest excess profits into lower rates and better products.
As part of Elevate’s commitment to customer financial wellbeing, the Company founded the Center for the New Middle Class (CNMC), a think tank devoted to understanding non-prime consumers. At the CFSI EMERGE Forum earlier this month, CNMC Executive Director Jonathan Walker hosted a panel on customer insights as a means of catalyzing product innovation. The panel featured non-prime customers speaking about their financial circumstances, the products and services that are available to them, and what might help them better manage their stress and improve their financial lives.
“We congratulate Elevate for the work they have completed to qualify for the 2018 Financial Health Leader program within our network, including measuring the financial health of its customers,” said Darren Easton, Director of Network Engagement, CFSI. “Improving consumer financial health requires collaboration from across the financial services industry, and we believe Elevate’s expertise will be an important part of this effort.”
Elevate (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.