Elevate adopt OBV Responsible lender Elevate sees an uptake in applications since implementing LendingMetrics’ OpenBankVision
become mandatory for the sector. They have a 20% operating cap on profits to minimise the interest that customers pay, encourage early repayment and offer flexible repayment schemes. They have never charged fees and give cus- tomers five days to change their mind and return the loan, without paying a penny in interest. Elevate invests significantly in under- writing, technology, data science, and advanced analytics to enable them to provide loans to sub-prime consumers who are often turned away by main- stream lenders.
Elevate’s customers’ right to credit remains their priority and is realised through their commitment to offering the best products to help customers today and tomorrow, on their journey to a better financial future. Choosing LendingMetrics Elevate wanted to take a cautious approach when introducing the new technology involved in Open Banking. They also didn’t have a predefined view of consumer uptake, so they wanted to work with a partner that they know and trust. Elevate had previously worked with LendingMetrics, so their
Elevate Credit is reinventing the sub- prime lending industry by giving con- sumers access to responsible and transparent credit options. In the UK, their consumer brand, Sunny, provides lending solutions from £100 to £5000, with a commitment to transparency, fairness, and flexibility. Elevate’s business was built with fair lending practices at its heart and founded on principles that have since
06 | Metrics Monthly
February 2020 | UK Edition
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