Business ProfileforElevate Credit, Inc.

The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency.  If the matter is being appealed, it will be noted below.

On January 20, 2022, Elevate Credit, Inc. entered into a Consent Order with The District of Columbia to resolve the matters in the dispute.

The Consent Order resolves allegations that Elevate Credit, Inc. engaged in deceptive practices in violation of the District of Columbia Consumer Protection Procedures Act (CPPA).

The Order states Elevate shall not engage in any act or practice in violation of the CPPA in connection with the offer, provision, servicing, or advertisement of loans or lines of credit to District of Columbia consumers.  

Elevate will not, directly or indirectly, offer, provide, or advertise loans or lines of credit to District of Columbia consumers at an interest rate above 24% APR.

Elevate will not act as a service provider to a lender that provides loans or lines of credit to District of Columbia consumers at an interest rate above 24% APR.  

Elevate will not, expressly or by implication, represent that it is permitted to offer loans or lines of credit in the District of Columbia without possessing any required District of Columbia money lender license. 

The Consent Order states Elevate is to pay a total of at least $3.84 million to resolve the claims in the matter.  Of the 3.84 million Elevate shall pay $450,000 to the District of Columbia within 10 days of the effective date of the Consent Order.  $3,400,000 is to be reserved within ten days of the effective date for the purpose of providing refunds, pro-rata, to each Consumer who has paid interest on their loan(s) or line(s) of credit in an amount greater than the Consumer would have paid had the interest due on any loan or line of credit been calculated at a 24% APR.

Elevate will distribute refunds to Affected Consumers consisting of the interest paid on their loan(s) or line(s) of credit in excess of interest calculated at 24% PR within 120 days of the effective date of the Consent Order. Elevate will pay a minimum of #3,300,000 in restitution to the Affected Consumers.  

Elevate will also facilitate the permanent deletion of negative reporting for Rise loans and Elastic lines of credit included on the credit reports of Affected Consumers.  

The Final Consent Order also states within 180 days of the effective date Elevate will provide the District with a report containing the name, address, and email address for each consumer who received restitution, the amount and date of any payments, whether the payment was sent by ACH, or mail and the amount and date of any credits provided to the Consumer's account.

For more details go to https://oag.dc.gov/sites/default/files/2022-02/Final-Consent-Order-fully-executed-.pdf.