What the Hell is Going on at Elevate Credit?
Will they continue pursuing profits by any means necessary?
Loans with rates as high as 251%.
Read that again.
No, this is NOT the shady payday lending store located in a crappy strip mall.
Instead, it’s a so-called “FinTech” lender named Elevate. The company operates a number of branded credit products — short-term or installment loans offered entirely online.
These products include Rise, Elastic, and the Today card Mastercard.
Here’s what they say about their work on their website:
Now more than ever there is a need to rethink traditional approaches to consumer credit. Decades–long macroeconomic trends and the recent financial crisis have resulted in a growing “New Middle Class” with little to no savings, urgent credit needs and limited options. Banks haven’t stepped up to serve this market and legacy non-prime lenders haven’t innovated. We believe Elevate’s solutions provide the answer and are transforming the non-prime lending industry in the US by providing responsible and transparent options.
Sounds great, right? Using technology to cut costs and deliver a needed product to the “new middle class.” Plus, they even tell us they are “transparent”…
