Elevate Wins “Best Consumer Lending Platform” Designation in 2022 FinTech Breakthrough Awards Program
Prestigious International Awards Program Recognizes Outstanding Financial Technology Products and Companies
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, today announced that it has been named “Best Consumer Lending Platform” in the 6th annual FinTech Breakthrough Awards program conducted by FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market today.
Elevate and the banks that license its technology platform are committed to transparent pricing with no prepayment penalties or punitive fees as well as amortizing loan balances and offering flexible repayment schedules that let customers design the loan repayment terms that they can afford. Their brands reward successful payment history with rates on subsequent loans that can decrease over time and with features like credit bureau reporting, free credit monitoring, and online financial literacy videos, educational courses and other tools.
Elevate also integrates payment assistance tools into all three of its products currently in the market. These tools include payment grace periods, payment deferments, interest rate reductions, and/or principal and interest forgiveness.
“We are honored to receive this award from FinTech Breakthrough. These best-in-class features were developed to assist non-prime consumers as they face unexpected financial hardships, such as a loss of income. Particularly during the pandemic, these payment assistance tools became a lifeline for consumers,” said Elevate CEO, Jason Harvison. “In July, we announced that we will permanently offer payment assistance tools in an effort to help non-prime consumers achieve long-term financial health. We’re proud to put everyday Americans first and provide them with the tools and resources to reach financial independence.”
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2022 FinTech Breakthrough Award program attracted more than 3,950 nominations from across the globe.
“Non-prime customers often enter a continuous cycle of debt, and too many companies push products on these types of consumers that ultimately don’t help in improving their credit or building a brighter financial future,” said James Johnson, Managing Director, FinTech Breakthrough. “People want to understand their financial choices—and trust them—and Elevate is delivering ‘breakthrough’ financial solutions in this area so that customers can make choices that are right for them, as well as arming them with solid information on reputable lenders. We extend our sincere congratulations to the Elevate team for taking home a well-deserved win for our ‘Best Consumer Lending Platform’ award.”
Additionally, Elevate has made substantial investments in its proven technology and analytics platforms to support rapid scaling and innovation, robust regulatory compliance, and ongoing improvements in underwriting. Elevate’s team of data scientists use proprietary technology to build and test scores and strategies across the entire underwriting process, including segmented credit scores, fraud scores, affordability scores and former customer scores. As a result of this proprietary technology, more than 95% of loan applications are automatically decisioned in seconds with no manual review required.
About Elevate
Elevate (NYSE: ELVT), together with the banks that license its marketing and technology services, has originated $9.5 billion in credit to more than 2.6 million consumers to date. 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://corporate.elevate.com.
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.
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