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Elevate Credit, Inc. (NYSE: ELVT) on Thursday announced that it has been selected “Best Consumer Lending Platform” in the sixth annual FinTech Breakthrough Awards program conducted by FinTech Breakthrough.
Elevate, headquartered in Fort Worth, is a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers.
“We are honored to receive this award from FinTech Breakthrough,” says Elevate CEO Jason Harvison in a statement. “These best-in-class features were developed to assist non-prime consumers as they face unexpected financial hardships, such as a loss of income. Particularly during the pandemic, these payment assistance tools became a lifeline for consumers. In July, we announced that we will permanently offer payment assistance tools in an effort to help non-prime consumers achieve long-term financial health. We’re proud to put everyday Americans first and provide them with the tools and resources to reach financial independence.”
FinTech Breakthrough is an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market today.
The FinTech Breakthrough Awards was founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech, and many more.
The 2022 FinTech Breakthrough Award program attracted more than 3,950 nominations from around the world, according to a news release.
Elevate and the banks that license its technology platform are committed to transparent pricing with no prepayment penalties or punitive fees as well as amortizing loan balances and offering flexible repayment schedules that let customers design the loan repayment terms that they can afford, according to a news release. Their brands reward successful payment history with rates on subsequent loans that can decrease over time and with features like credit bureau reporting, free credit monitoring, and online financial literacy videos, educational courses and other tools.
Elevate also integrates payment assistance tools into all three of its products currently in the market. These tools include payment grace periods, payment deferments, interest rate reductions, and/or principal and interest forgiveness.
“Non-prime customers often enter a continuous cycle of debt, and too many companies push products on these types of consumers that ultimately don’t help in improving their credit or building a brighter financial future,” says James Johnson, managing director, FinTech Breakthrough. “People want to understand their financial choices — and trust them — and Elevate is delivering ‘breakthrough’ financial solutions in this area so that customers can make choices that are right for them, as well as arming them with solid information on reputable lenders.”