Our Core Beliefs
Elevate is reinventing the non-prime lending industry by giving consumers access to responsible and transparent credit options. Our core beliefs are reflected in everything we do.
We believe credit should be transparently priced with no hidden fees or costs
At Elevate, our products are competitively and clearly priced, and we don’t charge fees. Our customers can repay early at any time to save on interest, and if they change their mind about their loan, they have five days to repay, interest-free. In addition, our customers can check their eligibility for our products before they apply, without impacting their credit score. We believe this approach is the right thing to do and will result in a more successful and trusting relationship with our customers.
Serving sub-prime customers means accepting a higher likelihood of default. However, adding fees and aggressive collections practices that create even more hardship for consumers is not the answer. Our goal is to balance the need to provide access to responsible financial products with a sustainable business model.
We believe in using advancements in technology and analytics to lower interest rates for our customers
Our customers are not well served by mainstream credit providers. That’s why we invest in technology, data science and advanced analytics, to allow us to provide loans to sub-prime consumers who have been turned away elsewhere. Thousands of data points are scrutinised for every loan application we receive; we are scrupulous about when it is responsible to advance credit and where it is not. This enables us to ensure that customers are making the right borrowing decisions for their circumstances.
We are committed to using our technology to benefit our borrowers in the form of lower rates. As a result, we are committed to capping our profit margins at 20%. This is part of our promise as a responsible lender, but also an important discipline that supports long-term growth and competitive differentiation.
We believe the need for non-prime credit is here to stay
Elevate’s products provide valuable support for many in the UK who are unable to access the ‘mainstream’ credit market, and rely on sub-prime credit in times of need. This includes those with changing incomes due to flexible or zero hours contracts; those who have experienced issues with credit previously; or whose personal financial circumstances mean they are less able to build or repair their credit scores.
We believe in a fairer financial world, for all
We are committed to a fairer financial future for our consumers. They deserve responsible online and mobile credit products that meet their needs today and also offer a path to improve their overall financial health.
Stereotyping is rife and borrowers are often penalised for using sub-prime credit products by the current credit scoring system, even if they pay back on time. At Elevate, we believe that a fair system is one which is a true reflection of an individual’s borrowing and repayment habits, and enables them to build their credit score from any starting point.
Meet Our UK Leadership Team
Meet Our Global Executives
Our seasoned management team has, on average, over 15 years of technology and financial services experience.