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May 25, 2016 09:29 pm GMT
Elevate, a venture-backed company that uses big data to assess loan applications from people with low credit scores, has been called out as a predatory lender, including in Fortune last year. One reason among othersis thatthe APR on some of its loans is a stunning 349 percent. Yet thecompany’s predecessor, Think Finance, which was founded in 2001 and quietly spun out Elevate into… Read More
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/DIaXW2fGal0/
A lending case involving top VCs moves toward a trial
Elevate, a venture-backed company that uses big data to assess loan applications from people with low credit scores, has been called out as a predatory lender, including in Fortune last year. One reason among othersis thatthe APR on some of its loans is a stunning 349 percent. Yet thecompany’s predecessor, Think Finance, which was founded in 2001 and quietly spun out Elevate into… Read MoreOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/DIaXW2fGal0/
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