Elastic type of Credit Surpasses $1 Billion in Total Funding

Provided with Republic Bank, credit product provides back-up, drives financial inclusion for non-prime People in the us

FORT WORTH, Texas--( COMPANY WIRE )--Elevate Credit, Inc., a leading tech-enabled provider of revolutionary and responsible credit that is online for non-prime customers, today announced the Elastic product has originated a lot more than $1 billion, and has now offered over 200,000 customers since 2013.

Elastic, a bank-issued credit line provided by Republic Bank & Trust business (“Republic Bank”), presently has a lot more than $260 million in total major outstandings across over 150,000 available records. Elastic passed the $200 million in outstandings mark in might 2017.

“Non-prime People in the us must cope with volatile incomes, and credit that is responsible were tricky to find, therefore a flexible bank-issued personal credit line supplies a safety net,” stated Kathy Boden Holland, Elevate’s EVP of Bank goods.

“The exponential development of Elastic is really a testament towards the need that exists for responsible credit that is flexible.”

With an Elastic credit line, clients usually do not pay they need, and have an option to pay it back over an extended period of time until they draw on their funds, can borrow what. A smarter way to stretch their paycheck at a reduced cost compared to some other financial alternatives with required principal payments during their pay-down period, Elastic gives customers. The personal credit line item happens to be obtainable in 39 states and Washington D.C. Read more