FORT WORTH, Texas – (BUSINESS WIRE) – The press release headline should read: Elevate Credit dwarfs $ 500 million in combined credit claims (rather than Elevate Credit obscuring $ 500 million in combined credit claims by 25%).
The subheading of the publication should read: 25% increase from end of 2ndnd Quarter (instead of increasing from the end of the 2nd quarter).
The updated version is:
INCREASED CREDIT EXCEEDS 500 MILLION $ OF COMBINED LOANS
25% increase from the end of the 2ndnd quarter
Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or the “Company”), a leading technology-focused provider of innovative and responsible online credit solutions for first-time consumers, announced today that it had a combined loan receivable and principal outstanding of $ 500 million Dollar exceeded.
Chief Executive Officer Jason Harvison commented, “We are proud to have worked with the banks we support to overshadow half a billion outstanding loans during the peak of summer demand in 2021. Consumer credit has recovered faster and stronger than originally expected. ”And we now expect combined loan claims – principal balances by the end of 2021 to be 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 implement our strategic growth initiatives. Our new blueprint platform has enabled strong growth in all three products. The partner channel expansion has proven very successful in 2021 and we look forward to continuing to reach non-prime Americans who are inadequately served by traditional banks, “continued Harvison gone.
Interim CFO Chad Bradford added, “During the peak credit demand season last spring and summer, we were delighted to see credit growth within our targeted single economy. While that growth increased upfront costs such as marketing and credit.” We assume that we will achieve our target returns with the significantly scaled volumes.approx Conference call on quarterly results in November. ”
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. Such statements contain words such as “may”, “will”, “could”, “expect”, “believe”, “anticipate”, “could”, “would”, “estimate”, “continue”, “pursue”, or the negative thereof or comparable terminology and may contain (without limitation) information about the company’s expectations, goals, or intentions with respect to future performance. These statements may contain words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “likely”. and other words and terms with similar meanings. The forward-looking statements include statements about: our expectations for future financial performance, including our outlook for the full 2021 financial year; our potential to drive long-term earnings growth; and our expectation of continued strong profits through 2021. Forward-looking statements involve risks and uncertainties and actual results could differ materially from those discussed in such statements. These risks and uncertainties include, but are not limited to: the impact of the COVID-19 pandemic and various policies that are being implemented to prevent it from spreading to the company’s business, financial and earnings position; the company’s limited operating history in a developing industry; the company’s ability to grow sales and maintain or achieve profitability in the future; new laws and regulations in the consumer credit industry in many jurisdictions that could restrict the consumer credit products and services the company offers, impose additional compliance costs on the company, render the company’s ongoing business unprofitable, or even prohibit the company’s ongoing business; Review by regulators and payment processors of certain online lenders’ access to the automated clearinghouse system to withdraw and collect loan proceeds and repayments; a lack of sufficient leverage at acceptable prices or disruptions in credit markets; the impact of competition in our industry and innovation by our competitors; our ability to prevent security breaches, service disruptions and similar events that could compromise the personal and confidential information stored in our data systems, reduce the attractiveness of our platform or affect our ability to service loans; and other risks related to litigation, compliance, and regulation. Additional factors that could cause actual results to differ are set out under the heading “Risk Factors” and in other sections of the Company’s most recent Annual Report on Form 10-K and in the Company’s other current and periodic reports from time to time At the time of filing, the p. Discusses the S. All forward-looking statements in this press release were made as of the date of this press release based on information available to the company as of the date of this release and the company assumes no obligation to update any forward-looking statements.
Elevate (NYSE: ELVT), along with the banks that license its marketing and technology services, to date has extended $ 9.2 billion in non-prime loans to more than 2.6 million non-prime consumers and its own Customers over $ 8.5 billion versus the cost of payday loans. Its responsible, technology-enabled online lending solutions bring instant relief to customers today and help them build a better financial future. The company strives to reward borrowers for good financial behavior with features like interest rates that can drop over time, free financial training, and free credit monitoring. Elevate’s groundbreaking credit products include RISE, Elastic, and Today Card. For more information, please visit http://corporate.elevate.com.