Our Core Beliefs
Elevate is reinventing the non-prime lending industry by giving consumers access to responsible and transparent credit options. Our core beliefs are reflected in everything we do.
We believe the highest cost of credit is no credit at all
Eliminating access to credit by forcing non-prime consumers to borrow from family and friends is irresponsible and ignores the real-world challenges and needs facing the New Middle Class. Our goal is to responsibly serve as many non-prime consumers as possible while maintaining sustainable margins and without compromising our commitment to lowering rates for our customers.
We believe non-prime credit needs to be priced to risk with no hidden or punitive fees
Serving non-prime customers means accepting a higher likelihood of default. However, instituting overly restrictive credit criteria or adding punitive fees and aggressive collections practices that create even more hardships for consumers is not the answer.
At Elevate, we utilize risk-based pricing to achieve target margins with simple and transparent pricing. This means that our customers will pay the rate appropriate for their risk but won’t face hidden or punitive fees, and as a result, most of the credit we offer will be priced above rates generally available to prime consumers. Our goal is to balance the need to provide access to responsible credit with the need for sustainable profits.
We believe improvements in technology, analytics and scale should benefit our customers through lower prices
We are continually investing in advanced analytics that allow us to improve our underwriting capabilities. In addition, because we are a 100% online and mobile business, as we continue to grow we expect to generate economies of scale. We are committed to using these improvements to benefit our borrowers in the form of lower rates. As a result, we do not expect operating margins to grow above 20% over the long term. This is part of our commitment as a responsible lender, but also an important discipline that supports long-term growth and competitive differentiation.
We believe in “Good Today, Better Tomorrow”
The New Middle Class deserves responsible online and mobile credit products that meet their needs today and also provide them with a path to improve their financial future.
Our products are competitively priced and convenient, have flexible payment options, and don’t have hidden or punitive fees. In addition, they have rates that can go down over time, are reported to credit bureaus, offer free credit score monitoring and provide financial wellness tools—all to help our customers build their brighter tomorrow. We believe this approach is the right thing to do and will result in a more successful long-term relationship with our customers.
We believe the need for non-prime credit is here to stay
Ongoing changes in the regulatory environment will not eliminate the need for non-prime credit, but rather will evolve the way it is provided. Moreover, consumers continue to demand more convenience and speed of delivery for credit. Innovation is in our DNA, and we believe that nimble, technology-enabled lenders like Elevate will be able to adapt, thrive and continue to grow in a dynamic regulatory environment and serve expanding consumers expectations for credit.
Meet Our Executives
Our seasoned management team has, on average, over 15 years of technology and financial services experience.