There clearly was usually small to no credit information from the borrowers making underwriting hard.

There clearly was usually small to no credit information from the borrowers making underwriting hard.

The CEO and Chairman of Elevate speaks concerning the challenges associated with the term that is short area and the thing that makes his business different

The temporary loan area has unique challenges. There is certainly usually little to no credit information from the borrowers helping to make underwriting difficult. Defaults are high and so rates of interest are high aswell. The area has received a reputation for bad actors so that the CFPB recently circulated brand brand brand new rules to be able to guarantee more responsible financing methods. Read more