Elevate Credit, Inc. ("Elevate"), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, announced today a new partnership between its Rise brand and SpringFour, a social impact fintech company.
Under the partnership, all Rise customers will gain access to SpringFour’s database of trusted local, state and national financial wellness resources. These services are being offered at no cost and will complement other free services available to Rise customers through Elevate’s customer portal, such as financial literacy videos and credit monitoring.
"This partnership with SpringFour furthers our mission of ‘Good Today, Better Tomorrow,’ which aims to help customers build a brighter financial future," said Jason Harvison, President and CEO of Elevate. "Financial literacy and easy-to-use tools are at the heart of that mission, and so we’re thrilled about SpringFour’s meaningful additions to our existing efforts."
"The resources provided by SpringFour can help make a difference in the financial lives of consumers, and we depend on our trusted partners to make this assistance broadly available," said Rochelle Nawrocki Gorey, Co-Founder, President and CEO of SpringFour. "We seek out companies like Elevate that not only embrace the idea of helping customers on the path to financial health, but provide the resources to achieve that goal as well, especially to non-prime consumers and even more so in these stressful financial times."
Elevate cites a recent Fed study which found that 40% of Americans are unable to cover an emergency $400 expense as the continued impetus for partnerships with organizations like SpringFour.
"Clearly, many Americans are struggling financially, and the pandemic has exacerbated their hardship," said Harvison. "Data from our own Center for the New Middle Class shows that non-prime Americans, defined as those with credit scores below 700, face the biggest financial obstacles. To the extent we can help consumers better understand financial health best practices, or get them the help they need from other trusted organizations through our new link to SpringFour, we will continue to work hard to make such resources available."
Elevate (NYSE: ELVT), together with its bank partners, has originated $8.4 billion in non-prime credit to more than 2.5 million non-prime consumers to date and has saved its customers more than $7.0 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, and Today Card. For more information, please visit http://www.elevate.com.
SpringFour is the only Certified B, social impact fintech company that helps financial services institutions limit risk by empowering improved payment performance and increased customer engagement. Trusted by BMO Harris Financial Group, Beneficial State Bank, Oportun, and more, SpringFour’s suite of financial health cloud-based solutions for financial institutions provide vetted financial resources to millions of customers and enable them to meet financial objectives, reduce household expenses, and avoid payment delinquencies. More than 95% of our financial institutions report that their customers experienced increased affinity for their brands after receiving a referral from SpringFour. To learn how SpringFour can benefit your financial institution, visit springfour.com.