Elevate

Elevate Reviews

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About Elevate

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Since 2014, Elevate has been part of the financial education marketplace, working to provide free resources and accessible financial solutions for nonprime consumers. During that time, it has originated $10 billion in nonprime credit in partnership with its financial partners. Its free resources include credit monitoring, literacy training, customized reports and actionable credit repair steps.

    Pros & Cons

    Pros
    • Free credit monitoring
    • Free financial literacy training
    • Unique financial education approach
    Cons
    • Only for nonprime credit scores
    • Tools not available nationwide

    What is Elevate?

    Since its founding, Elevate and its partners have originated $10 billion in credit to more than 2.7 million nonprime consumers. Today, Elevate provides immediate relief to nonprime consumers (those with credit scores between 601 and 660) while helping them build a brighter financial future. As a financial marketplace, Elevate offers free financial literacy training, smart tools, financial solutions and credit monitoring.

    Using credit data from TransUnion and insights from its own Center for the New Middle Class, Elevate aims to help consumers improve their credit scores, grasp the world of personal finance and understand how their personal values impact their financial standing.

    How does Elevate work?

    Elevate is like a marketplace for ideas and loans specifically designed for nonprime consumers. Nonprime credit scores are between 601 and 660. Those in the nonprime tier sometimes have a decent financial history but can’t qualify for the best loans and credit cards. Elevate is designed specifically to help these users.

    The company provides a host of information and interactive quizzes for you to explore. Users can take advantage of nearly every aspect of the site without paying or signing up for anything, although registering a free account is required if you want to save your progress.

    Elevate services

    Elevate offers a range of services, including personalized ideas for improving credit, customized reports and a borrowing marketplace. It splits its services into two buckets: smart tools and financial solutions.

    Smart tools

    Elevate’s smart tools are designed to help users understand their financial situation on a deeper level; they also provide helpful tips and insights into how users can potentially better their financial position.

    • Score40: This free quiz shows users how to improve their credit score by up to 40 points.
    • Money Mindfulness: This unique quiz helps users understand how mindset and values can have an impact on money management skills.
    • Road to Results: This roadmap shows how users with similar credit backgrounds improved their credit scores.

    Financial solutions

    Elevate is not a lender and does not originate loans, but it partners with third-party lenders. Its financial solutions help customers find options for maximizing their budgets while improving their credit and financial futures. Lines of credit, credit cards and personal loans are not available in some states.

    • Borrowing: Customers can get pre-qualified quickly with multiple lenders without negatively impacting their credit. Options include personal loans, credit cards and lines of credit.
    • Auto refinancing: Customers can compare vehicle refinance loans from Elevate’s lending partners. Loan amounts range from $2,500 to $200,000.
    • Banking: Customers can easily compare different banks in their area for factors like cashback rewards, annual percentage yield (APY) and monthly fees.

    Elevate cost

    Elevate is mostly free, and it doesn’t charge for any of its resources. To track progress, you need to sign up for a free account. For those who take out a loan through one of Elevate’s partners, there may be additional costs. Costs range from lender to lender and can vary based on the type of product.

    Elevate FAQ

    What credit score do you need for Elevate?

    Elevate markets its services to nonprime consumers, which means those with scores between 601 and 660.

    Does Elevate affect my credit?

    Elevate offers free tools to help you improve your credit, so following its tips may help to improve your credit. For loans, it offers pre-qualification; getting pre-qualified will not require a hard credit inquiry. However, once you formally apply for a loan, a lender may perform a hard credit check, which temporarily lowers your score.

    How long does it take to get a loan from Elevate?

    Because Elevate isn’t a lender, the amount of time it takes to get a loan from one of its partners varies from company to company.

    How much money can I borrow from Elevate?

    Elevate’s free comparison tool allows users in qualifying states to view loan options between $500 and $30,000.

    Does Elevate require collateral?

    It depends on the loan. For auto loans, a vehicle will become collateral. In other cases, it may depend on the lender.

    Is Elevate worth it?

    Elevate is designed specifically for those with credit scores between 601 and 660 (nonprime consumers), so not all users will find its information useful or relevant. That being said, if you’re simply looking to learn more about improving your credit situation and you fall into the nonprime consumer category, Elevate may be a good place to start — especially since all of its information is free to use.

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    Elevate Company Information

    Company Name:
    Elevate
    Website:
    www.elevate.com