Elevation to expand payment support tools to support consumers’ long-term financial health

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FORT WORTH, Texas – (COMMERCIAL THREAD) –Increase credit, Inc. (“Elevate”), a leading technology provider of innovative and responsible online lending solutions for unprivileged consumers, today announced that it, along with the banks that license its technology, will offer in ongoing payment support tools in an effort to help unprivileged consumers achieve long-term financial health. These tools include payment grace periods, deferral options, zero late fees, interest rate reductions, and principal and interest rate discounts.

“As the economic impact of the pandemic unfolded, we listened to unprivileged Americans and took action by providing payment flexibility almost immediately,” said Jason Harvison, CEO of Elevate. “Deferral payment options have enabled more than 80,000 consumers to change their payment plans in our self-service portal. By adapting quickly to a rapidly changing situation, we have been able to better serve our clients, and those of the banks we support, during the challenges of the past year and now into the future.

A December 2020 report from the Center for the New Middle Class, Elevate’s internal think tank, showed that in the previous three months, 44% of unprivileged Americans (those with a credit score below 700 ) and 53% of prime Americans, up from 34% before the pandemic, experienced an extraordinary event that disrupted their finances.

Elevate’s payment support tools have been used by nearly 20% of the brand’s clients at the top, amounting to more than $ 100 million in loans. Current usage is well below 5% with similar rates expected in the future.

While average credit scores rose slightly due to government stimulus measures, the Pew Research Center reported that about half of low-income Americans in households that lost income during the pandemic took on debt for stay afloat. In addition, about three in ten adults say they worry every day or almost every day about their level of debt.

“Emergencies and income volatility are not limited to pandemics and recessions. Even after this period of economic uncertainty is over, many Americans will still struggle financially. We have the power to help and we see it as our responsibility to do so, ”said Harvison.

About the elevation

Elevate (NYSE: ELVT), working with banks that license its marketing and technology services, has to date granted $ 9.0 billion in unsuitable credit to more than 2.5 million non-senior consumers. privileged customers and has saved its clients over $ 8.2 billion over the cost of payday loans. Its responsible and technological online lending solutions provide immediate relief to today’s customers and help them build a brighter financial future. The company is committed to rewarding borrowers for good financial behavior with features like interest rates that may drop over time, free financial education, and free credit monitoring. Elevate’s suite of revolutionary credit products include RISE, Elastic and Today Card. For more information, please visit http://www.elevate.com.


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