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Elevate Credit Inc's Business Segments
Elevate Credit Inc's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of FY
Reportable Segments
-
Largest Segment
-
Total Revenue
$ 126
Regions Reported
-
Elevate Credit Inc does not report a distinct business-segment axis in its filings - its disaggregated revenue is disclosed by product and service category instead. See the Product & Service breakdown below.
Revenue by Product & Service Category - FY
- Product and Service, Other1.2%
Revenue by Product & Service Category - FY
| Category | Revenue (Millions) | % of Total |
|---|---|---|
| Product and Service, Other | $ 2 | 1.2% |
Product and service categories are a supplemental disclosure and are not required to sum to consolidated revenue or to the reportable segments above.
Description of Elevate Credit Inc
Elevate Credit Inc is a technology-enabled provider of online credit solutions in the United States. The company specializes in offering unsecured and installment loans to non-prime consumers who do not have access to traditional banking services. The company operates through its two distinct brands - Rise and Elastic.
Rise is a short-term installment loan provider that offers loans up to $5,000. The loans are designed to be repaid over a period of 4 to 26 months, with interest rates varying between 36% and 299%. The loans are primarily designed for consumers with poor credit scores and who might have difficulty obtaining credit through traditional banks.
Elastic is a financial service providing a line of credit service with an exclusive pricing feature called "Cash Advance". This feature allows users to get cash at any time after the first five payments without any additional fees.
Additionally, Elevate Credit Inc also provides credit score monitoring services to its customers. The company's highly scalable technology platform enables it to provide quick decision making and personalized loan terms to customers. With a focus on using data and technology to provide fair and transparent credit solutions, the company has helped over5 million customers since its inception.
The company's revenue model consists mainly of origination fees, interest income, and non-interest income from other services such as credit monitoring services. The team of professionals at Elevate Credit Inc includes data scientists, software engineers, marketers, and industry analysts.
The company's commitment to responsible lending practices includes transparency in loan terms, providing free credit counseling services, and offering flexible repayment options. Elevate Credit Inc has also received several accolades and awards for its innovative approach to providing credit to underserved consumers.
Rise is a short-term installment loan provider that offers loans up to $5,000. The loans are designed to be repaid over a period of 4 to 26 months, with interest rates varying between 36% and 299%. The loans are primarily designed for consumers with poor credit scores and who might have difficulty obtaining credit through traditional banks.
Elastic is a financial service providing a line of credit service with an exclusive pricing feature called "Cash Advance". This feature allows users to get cash at any time after the first five payments without any additional fees.
Additionally, Elevate Credit Inc also provides credit score monitoring services to its customers. The company's highly scalable technology platform enables it to provide quick decision making and personalized loan terms to customers. With a focus on using data and technology to provide fair and transparent credit solutions, the company has helped over5 million customers since its inception.
The company's revenue model consists mainly of origination fees, interest income, and non-interest income from other services such as credit monitoring services. The team of professionals at Elevate Credit Inc includes data scientists, software engineers, marketers, and industry analysts.
The company's commitment to responsible lending practices includes transparency in loan terms, providing free credit counseling services, and offering flexible repayment options. Elevate Credit Inc has also received several accolades and awards for its innovative approach to providing credit to underserved consumers.
Elevate Credit Inc. is a prominent online financial services provider that specializes in offering a broad array of financial solutions aimed at empowering consumers with access to credit and effective financial management. With a commitment to responsible and transparent lending practices, the company primarily targets individuals who may struggle to obtain credit through conventional pathways. Elevate Credit Inc. operates under four distinct brands, each catering to specific financial needs: Elastic, Rise, Sunny, and Today Card.
Segments:
Elevate Credit Inc. has strategically positioned its offerings across three main segments, each designed to address different aspects of credit access and financial management:
1. Loans: This segment encompasses short-term loans and installment loans, providing customers with quick access to cash for various needs. Tailored to suit customers financial situations, these loans cater to those requiring immediate financial relief.
2. Credit Products: In this segment, Elevate Credit Inc. focuses on providing products that help customers build or rebuild their credit profiles. This includes credit cards and secured credit options, which are critical for improving credit scores and enhancing financial health over time.
3. Non-prime Credit Cards: The non-prime credit card segment specifically addresses the needs of consumers with lower credit scores or limited credit history. These cards offer an essential tool for individuals looking to establish creditworthiness or maintain access to credit in a responsible manner.
Elevate Credit Inc.s proprietary underwriting models and risk assessment methodologies enable the company to offer customized lending solutions, ensuring that each customer’s unique financial circumstances are considered.
Products:
Elevate Credit Inc. features a diverse portfolio of financial products, designed to meet the varying needs of its customer base:
1. Short-term Loans - Elastic: Under the Elastic brand, customers can secure short-term loans up to $4,000. These loans are ideal for dealing with unforeseen expenses such as car repairs, medical bills, or other urgent financial needs. Elastic loans come with flexible repayment terms that allow customers to repay the borrowed amount at their convenience.
2. Installment Loans - Rise: The Rise brand provides installment loans, with amounts available up to $5,000. These loans are structured to facilitate credit rebuilding and financial stability. Customers benefit from manageable repayment plans that are designed to ease the borrowing experience and promote responsible financial practices.
3. Credit Products - Sunny: Sunny focuses on credit-building products, offering a range of options including credit cards and secured credit accounts. These products are specifically designed to assist customers in establishing or enhancing their credit scores. By utilizing these tools, customers can work towards achieving better credit ratings and improved financial opportunities in the future.
4. Non-prime Credit Cards - Today Card: Launched as part of Elevate Credit Inc.s innovative approach to credit access, Today Card provides non-prime credit cards to consumers facing challenges with traditional credit options. This product aims to offer affordable credit solutions that help users manage their expenses while establishing a positive credit history.
Services:
In addition to its diverse product offerings, Elevate Credit Inc. provides a suite of supportive services designed to further enhance its customers’ financial well-being:
1. Financial Education: Elevate Credit Inc. is committed to empowering its customers through financial education resources. These resources help individuals understand their financial options, make informed decisions, and foster responsible borrowing habits. Educational content may include articles, videos, and tools aimed at improving financial literacy.
2. Customer Support: Elevate boasts a dedicated customer support team available 24/7 to assist clients at any time. This support framework ensures that customers can get answers to their inquiries and resolve issues pertaining to loans or credit products efficiently.
3. Account Management Tools: To facilitate easy navigation of their financial journeys, Elevate Credit Inc. offers online account management tools. These tools enable customers to monitor loan balances, track repayment schedules, and receive updates on their credit status, thereby promoting proactive financial management.
Conclusion:
Elevate Credit Inc. stands out as a leading provider of financial solutions tailored for consumers seeking access to credit and effective financial management tools. With an unwavering focus on responsible lending practices and transparent product offerings, Elevate Credit Inc. is dedicated to helping customers navigate their financial challenges and improve their overall economic health. By offering a range of innovative products and supportive services, the company fulfills its mission to make credit more accessible and manageable for individuals across various financial backgrounds.
Segments:
Elevate Credit Inc. has strategically positioned its offerings across three main segments, each designed to address different aspects of credit access and financial management:
1. Loans: This segment encompasses short-term loans and installment loans, providing customers with quick access to cash for various needs. Tailored to suit customers financial situations, these loans cater to those requiring immediate financial relief.
2. Credit Products: In this segment, Elevate Credit Inc. focuses on providing products that help customers build or rebuild their credit profiles. This includes credit cards and secured credit options, which are critical for improving credit scores and enhancing financial health over time.
3. Non-prime Credit Cards: The non-prime credit card segment specifically addresses the needs of consumers with lower credit scores or limited credit history. These cards offer an essential tool for individuals looking to establish creditworthiness or maintain access to credit in a responsible manner.
Elevate Credit Inc.s proprietary underwriting models and risk assessment methodologies enable the company to offer customized lending solutions, ensuring that each customer’s unique financial circumstances are considered.
Products:
Elevate Credit Inc. features a diverse portfolio of financial products, designed to meet the varying needs of its customer base:
1. Short-term Loans - Elastic: Under the Elastic brand, customers can secure short-term loans up to $4,000. These loans are ideal for dealing with unforeseen expenses such as car repairs, medical bills, or other urgent financial needs. Elastic loans come with flexible repayment terms that allow customers to repay the borrowed amount at their convenience.
2. Installment Loans - Rise: The Rise brand provides installment loans, with amounts available up to $5,000. These loans are structured to facilitate credit rebuilding and financial stability. Customers benefit from manageable repayment plans that are designed to ease the borrowing experience and promote responsible financial practices.
3. Credit Products - Sunny: Sunny focuses on credit-building products, offering a range of options including credit cards and secured credit accounts. These products are specifically designed to assist customers in establishing or enhancing their credit scores. By utilizing these tools, customers can work towards achieving better credit ratings and improved financial opportunities in the future.
4. Non-prime Credit Cards - Today Card: Launched as part of Elevate Credit Inc.s innovative approach to credit access, Today Card provides non-prime credit cards to consumers facing challenges with traditional credit options. This product aims to offer affordable credit solutions that help users manage their expenses while establishing a positive credit history.
Services:
In addition to its diverse product offerings, Elevate Credit Inc. provides a suite of supportive services designed to further enhance its customers’ financial well-being:
1. Financial Education: Elevate Credit Inc. is committed to empowering its customers through financial education resources. These resources help individuals understand their financial options, make informed decisions, and foster responsible borrowing habits. Educational content may include articles, videos, and tools aimed at improving financial literacy.
2. Customer Support: Elevate boasts a dedicated customer support team available 24/7 to assist clients at any time. This support framework ensures that customers can get answers to their inquiries and resolve issues pertaining to loans or credit products efficiently.
3. Account Management Tools: To facilitate easy navigation of their financial journeys, Elevate Credit Inc. offers online account management tools. These tools enable customers to monitor loan balances, track repayment schedules, and receive updates on their credit status, thereby promoting proactive financial management.
Conclusion:
Elevate Credit Inc. stands out as a leading provider of financial solutions tailored for consumers seeking access to credit and effective financial management tools. With an unwavering focus on responsible lending practices and transparent product offerings, Elevate Credit Inc. is dedicated to helping customers navigate their financial challenges and improve their overall economic health. By offering a range of innovative products and supportive services, the company fulfills its mission to make credit more accessible and manageable for individuals across various financial backgrounds.