Elastic Line of Credit Surpasses $1 Billion in Total Funding
Offered with Republic Bank, credit product provides safety net, drives financial inclusion for non-prime Americans
FORT WORTH, Texas--(BUSINESS WIRE)-- Elevate Credit, Inc., a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced the Elastic product has originated more than $1 billion, and has served over 200,000 customers since 2013.
Elastic, a bank-issued line of credit offered by Republic Bank & Trust Company (“Republic Bank”), currently has more than $260 million in total principal outstandings across over 150,000 open accounts. Elastic passed the $200 million in outstandings mark in May 2017.
“Non-prime Americans must deal with volatile incomes, and responsible credit options have been hard to come by, so a flexible bank-issued line of credit provides a safety net,” said Kathy Boden Holland, Elevate’s EVP of Bank Products. “The exponential growth of Elastic is a testament to the need that exists for responsible flexible credit options.”
With an Elastic line of credit, customers do not pay until they draw on their funds, can borrow what they need, and have an option to pay it back over an extended period of time. With required principal payments during their pay-down period, Elastic gives customers a smarter way to stretch their paycheck at a reduced cost compared to some other financial alternatives. The line of credit product is currently available in 39 states and Washington D.C.
“Following the Great Recession and resulting legislation, many banks pulled credit from the market. While this helped stabilize the banks, it meant reducing access to capital from millions of non-prime Americans who need it,” continued Boden Holland. “Along with Republic Bank we’re thrilled to provide the advanced analytics and data science needed to intelligently underwrite these lines of credit – expanding financial inclusion and providing members of America’s New Middle Class the financial flexibility they so greatly need. Our commitment to responsibly meeting the needs of these consumers is a big reason behind Elastic’s success.”
Elevate (NYSE: ELVT) has originated $4.9 billion in credit to more than 1.8 million non-prime consumers to date and has saved its customers more than $2 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 Sunny. For more information, please visit http://www.elevate.com.
About Republic Bank & Trust Company
Republic Bank & Trust Company, member FDIC, is the issuing bank for the Elastic line of credit. Founded in 1982 and headquartered in Louisville, Kentucky, Republic Bank & Trust Company has grown into the largest Kentucky-based bank with $5 billion in assets. With 45 banking centers, Republic Bank & Trust Company has been consistently rated as one of the best community banks in the country. For information about Republic Bank & Trust Company, please visit www.republicbank.com.
Source: Elevate Credit, Inc.