Elevate Credit eclipses $ 500 million in combined loans receivable by 25%
FORT WORTH, Texas – (COMMERCIAL THREAD) – The title of the release should read: Elevate Credit eclipses $ 500 million in combined loans (instead of Elevate Credit eclipses $ 500 million in combined loans at 25%).
The post’s caption should read: 25% increase from end of 2sd Quarter (instead of the increase from the end of the 2nd quarter).
The updated version reads as follows:
ELEVATE CREDIT ECLIPSE 500 MILLION DOLLARS IN COMBINED LOANS RECEIVABLE
25% increase from the end of the 2ndsd Trimester
Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or the “Company”), a leading technology provider of innovative and responsible online lending solutions for unprivileged consumers, today announced that combined loans – principal arrears recently exceeded $ 500 million.
Chief Executive Officer Jason Harvison said, “We, and the banks we back, are proud to have eclipsed half a billion in outstanding loans during the peak of the summer demand season in 2021. Consumer credit has recovered faster and stronger than initially expected. and we now expect the combined loan receivable and principal balances to end in 2021 in the range of $ 545 million to $ 575 million compared to our previous outlook of $ 475 million to $ 500 million. ”
“Elevate continues to build momentum and execute our strategic growth initiatives. Our new Blueprint platform has enabled strong growth for all three products. The three-tier marketing plan we developed earlier this year to re-engage alumni Partner channel expansion has proven to be very successful in 2021, and we’re excited to continue to reach underprivileged Americans who aren’t. not sufficiently served by traditional banks, ”continued Mr. Harvison.
Chad Bradford, Acting CFO, added: “During the peak credit demand season this spring and last summer, we were delighted to increase the volume of loans within our business unit. targeted. While this growth has increased the initial costs associated with origination, such as provisioning, we expect to meet our performance targets on significantly scaled volumes. We plan to provide an update of our financial outlook for the year 2021 on therd November quarter results conference call. ”
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain words such as “may”, “will”, “could”, “expect”, “believe”, “anticipate”, “could”, “could”, “estimate”, “continue”, “Pursue”, or the negative thereof or comparable terminology, and may include (without limitation) information regarding the expectations, goals or intentions of the Company regarding future performance. These statements may include words such as “anticipate”, “estimate”, “expect”, “plan”, “plan”, “intend”, “believe”, “can”, “will”, “Should”, “likely” and other words and terms with similar meanings. Forward-looking statements include statements regarding: our expectations for future financial performance, including our outlook for the full year 2021; our potential for long-term earnings growth; and our expectation of continued high earnings through 2021. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in such statement. These risks and uncertainties include, but are not limited to: the effect of the COVID-19 pandemic and various policies implemented to prevent its spread on the business, financial condition and results of operations of the Company; the Company’s limited operating history in an evolving industry; the Company’s ability to increase its revenues and maintain or achieve consistent profitability in the future; new laws and regulations in the consumer lending industry in many jurisdictions that could restrict the consumer lending products and services offered by the Company, impose additional compliance costs on the Company, make the current operations of the Company unprofitable or even prohibit the current operations of the Company; scrutiny by regulators and payment processors of certain online lenders‘ access to the automated clearinghouse system to disburse and collect loan proceeds and repayments; a lack of sufficient debt financing at acceptable prices or disruption in credit markets; the impact of competition in our industry and the innovation of our competitors; our ability to prevent security breaches, downtime and comparable events that could compromise personal and confidential information held in our data systems, reduce the attractiveness of our platform or negatively impact our ability to honor loans; and other litigation, compliance and regulatory risks. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the Company’s most recent annual report on Form 10-K, as well as in other current reports. and Company periodicals deposited from time to time with the latter. All forward-looking statements contained in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statements.
About the elevation
Elevate (NYSE: ELVT), working with the banks that license its marketing and technology services, has to date granted $ 9.2 billion in unprivileged credit to more than 2.6 million non-privileged consumers. privileged customers and has saved its clients over $ 8.5 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://corporate.elevate.com.