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Subprime online lender Elevate has increased its credit facility size to $545m, led by Victory Park Capital Elevate claims to have originated more than $3b in nonprime credit to 1.4m consumers to date.
“Despite market turmoil in the online lending space over the past few months, Elevate has continued to benefit from high consumer demand for its products and has experienced year-over-year loan portfolio growth of more than 80% since Q1 2015,” opined Elevate CEO Ken Rees. “We believe that more responsible non-prime credit products like RISE, Elastic and Sunny are making a positive difference in the lives of our customers who often struggle with limited financial options. This expanded credit facility with Victory Park Capital will help us continue to serve this growing consumer need.”
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