25% Increase from the end of 2North Dakota Room
FORT WORTH, Texas, September 23, 2021– (BUSINESS WIRE) – The headline of the release should read: High Credit Outshines $ 500 Million In Combined Loans Receivable (Instead of Elevate Credit Outshines $ 500 Million In Combined Loans Receivable 25%).
The caption of the release should read: 25% increase from the end of 2North Dakota Quarter (instead of increase from the end of the second quarter).
The updated version says:
RAISE CREDIT ECLIPSES $ 500 MILLION IN COMBINED LOANS RECEIVABLE
25% increase from the end of 2North Dakota Room
Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or the “Company”), a leading technology provider of innovative and responsible online credit solutions for non-preferred consumers, today announced that combined loans receivable – principal pending recently exceeded $ 500 million.
CEO Jason Harvison commented: “We, along with the banks we support, are proud to have eclipsed half a billion in outstanding loans during the peak of the summer demand season in 2021. Consumer credit is has recovered faster and stronger than originally expected.And we now expect combined loan receivables – principal balances to end in 2021 in a 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 on our strategic growth initiatives. Our new Blueprint platform has enabled strong growth across all three products. The three-tier marketing plan that we introduced earlier this year to re-engage with former consumers, mail Direct and Partner Channel Expansion has proven to be very successful in 2021, and we are pleased to continue to reach non-tier-one Americans who receive inadequate services through traditional banks, “continued Mr. Harvison.
Acting CFO Chad Bradford added: “During the peak season for credit demand last spring and summer, we were pleased to boost lending volume within our target unit’s economy. While this growth increased upfront costs related to origination, such as marketing and credit provisioning expenses, we expect to achieve our expected returns on significantly scaled volumes. We plan to provide an update to our financial outlook for full year 2021 inrd 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 Act of 1934, as amended. Such statements contain words such as “may,” “will,” “may,” “hope,” “believe,” “anticipate,” “may,” “may,” “estimate,” “continue,” “pursue,” or its negative or comparable terminology, and may include (without limitation) information about the Company’s expectations, goals, or intentions with respect to future performance. These statements can include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will be”, “should”, “likely” and other words and terms of similar meaning. Forward-looking statements include statements regarding: our expectations of future financial performance, including our outlook for the full fiscal year 2021; our potential to drive long-term earnings growth; and our expectation of continued strong 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 that are being implemented to prevent its spread to the Company’s business, financial condition and results of operations; the Company’s limited operating history in an evolving industry; the Company’s ability to increase revenue and maintain or achieve consistent profitability in the future; new laws and regulations in the consumer loan industry in many jurisdictions that could restrict the consumer loan products and services offered by the Company, impose additional compliance costs on the Company, make the Company’s current operations unprofitable or even prohibit the current operations of the Company; scrutiny by regulators and payment processors of certain online lenders’ access to the Automated Clearing House system to disburse and collect funds and loan repayments; lack of sufficient debt financing at acceptable prices or disturbances in credit markets; the impact of competition on our industry and the innovation of our competitors; our ability to prevent security breaches, service interruptions, and comparable events that could compromise personal and confidential information contained in our data systems, reduce the attractiveness of our platform, or adversely 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 discussed under the heading “Risk Factors” and elsewhere in the Company’s most recent Annual Report on Form 10-K, and in the company’s other current and periodic reports. Company introduced from time to time with the second. All forward-looking statements 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 does not undertake any obligation to update any forward-looking statements.
Elevate (NYSE: ELVT), along with the banks that license its marketing and technology services, has generated $ 9.2 billion in non-preferred credit to more than 2.6 million non-preferred consumers to date and saved their customers more than $ 8.5 billion compared to the cost of personal loans. Its technology-enabled and responsible online credit solutions provide immediate relief to today’s customers and help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial performance with features like interest rates that can drop over time, free financial training, and free credit monitoring. Elevate’s suite of innovative credit products includes RISE, Elastic, and Today Card. For more information please visit http://corporate.elevate.com.
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Sloan Bohlen, (817) 928-1646
Laurie Steinberg, (845) 558-6370