Payday & Small-Dollar Lenders · Online small-dollar lender (bank-partner model) · Regulatory action
Elevate Credit (RISE, Elastic)
Headline
CONFIRMED: In February 2022 Elevate Credit settled the DC Attorney General's 2020 'true lender' suit.
Not independently verified. Verification status: Unverified - heuristic first draft. Publish state: draft unverified.
CONFIRMED: In February 2022 Elevate Credit settled the DC Attorney General's 2020 'true lender' suit. Elevate agreed to pay at least $3.3 million in refunds to more than 2,500 DC borrowers, waive over $300,000 in interest, pay $450,000 to the District, and stop charging DC residents above the 24% cap. The AG said Rise loans carried 99-149% APR and Elastic lines of credit about 129-251%, up to 42 times DC's legal limit, made through bank partners while Elevate 'ultimately controls the loans.' Elevate was taken private by Dallas-based Park Cities Asset Management in 2023. RISE still lists Virginia among its loan states.
- Severity
- Evidence tierUnassigned
- Claims confirmed
- Last verified2026-10-16
Primary source. oag.dc.gov/release/ag-racine-announces-nearly-4-million-settlement — Unverified - heuristic first draft.
Terms
Arbitration
Yes - Elastic: binding arbitration agreement covering disputes with Republic Bank & Trust, its agents and the website operator.
Data sharing
Elastic privacy policy (effective Aug. 20, 2026) says it obtains personal data from 'lead generators' and credit bureaus (Experian, TransUnion, Equifax, LexisNexis) and from non-credit-bureau data providers. It may 'sell' or 'share' identifiers, internet activity, geolocation and inferences with online advertising providers, and it honors Global Privacy Control signals. RISE's privacy page says the site records your web session during loan applications, and during chat and co-browse when logged in, 'for training and customer support purposes.' That is session replay of a financial application. RISE also notes a hard inquiry with Clarity on a complete application.
Fees and billing
DC AG: Rise 99-149% APR; Elastic undisclosed APR, effectively 129-251%. Elastic (Aug. 2026 terms): 10% fee on each cash advance plus a 'Carried Balance Fee' finance charge that scales with balance (the chart reaches $275-$550 per statement at the $5,900-$6,000 tier, depending on pay frequency). Elastic is marketed with fees rather than an interest rate.
Contacts
Privacy contact. support@elastic.com (Elastic); RISE privacy page at risecredit.com/privacy-policy.
Legal notice. RISE footer address: 4150 International Plaza, Suite 300, Fort Worth, TX 76109. Elastic arbitration opt-out: Elastic Customer Support, 4030 Smith Road, Cincinnati, OH 45209. Registered agent not verified.
Mailing address. Not recorded.
Evidence
No claims have been itemized for this row yet.
Sources
| Source | Claim | Tier | Status | Quote |
|---|---|---|---|---|
| State AG press release · 2022-02-08 oag.dc.gov/release/ag-racine-announces-nearly-4-million-settlement | whole row | Unassigned | confirmed | “Elevate Credit, Inc. (Elevate), a predatory online lender, will pay at least $3.3 million to refund over 2,500 District consumers” Quote basis: not recorded. |
| State AG press release · 2020-06-05 oag.dc.gov/release/ag-racine-sues-predatory-online-lender-illegal | whole row | Unassigned | confirmed | “In 2019 alone, it sent more than 62 million pre-selected credit offers to consumers nationwide.” Quote basis: not recorded. |
| News (secondary) · 2023-03-01 dallasinnovates.com/tag/elevated-credit/ | whole row | Unassigned | confirmed | “has been acquired in a deal valued at $67 million by Dallas-based Park Cities Asset Management LLC” Quote basis: not recorded. |
| Company terms (account agreement) · 2026-08-20 www.elastic.com/terms-and-conditions | whole row | Unassigned | confirmed | “TO BE EFFECTIVE, WE MUST RECEIVE YOUR LETTER OR E-MAIL WITHIN SIXTY (60) DAYS OF ACTIVATING YOUR ELASTIC ACCOUNT.” Quote basis: not recorded. |
| Company terms (account agreement) · 2026-08-20 www.elastic.com/terms-and-conditions | whole row | Unassigned | confirmed | “You are not a Covered Borrower under the Military Lending Act (32 C.F.R. § 232) at the time of application” Quote basis: not recorded. |
| Company privacy policy · 2026-08-20 www.elastic.com/privacy-policy | whole row | Unassigned | confirmed | “We may obtain Personal Data from other sources, such as lead generators” Quote basis: not recorded. |
| Company privacy page · 2026-10-16 www.risecredit.com/privacy-policy | whole row | Unassigned | confirmed | “When applying for a loan, RISECredit.com will record the web session for training and customer support purposes.” Quote basis: not recorded. |
| Company state page · 2026-10-16 www.risecredit.com/loans-by-state | whole row | Unassigned | confirmed | “loans are underwritten, approved, and funded by Quill Bank (Formerly known as Capital Community Bank) or FinWise Bank” Quote basis: not recorded. |
| State AG press release · 2020-06-05 oag.dc.gov/release/ag-racine-sues-predatory-online-lender-illegal | whole row | Unassigned | confirmed | “payday loans are illegal in the District” Quote basis: not recorded. |
| Statute · 2026-10-16 law.lis.virginia.gov/vacode/title6.2/chapter18/section6.2-1817/ | whole row | Unassigned | confirmed | “Interest at a simple annual rate not to exceed 36 percent” Quote basis: not recorded. |
| Statute (LII) · 2026-10-16 www.law.cornell.edu/uscode/text/10/987 | whole row | Unassigned | confirmed | “the creditor requires the borrower to submit to arbitration” Quote basis: not recorded. |
Source vault
Link status: Candidate - not yet fetched
| Document | Last fetch | |
|---|---|---|
| Privacy policy https://www.elastic.com/privacy-policy | Not fetched yet | NOT CONFIRMED |
| Terms of service https://www.elastic.com/terms-and-conditions | Not fetched yet | NOT CONFIRMED |
| Website https://www.risecredit.com/ | Not fetched yet | — |
| Primary source https://oag.dc.gov/release/ag-racine-announces-nearly-4-million-settlement Verification: Unverified - heuristic first draft | Not fetched yet | — |
Enforcement
No enforcement actions are linked to this row.
State statute
Headquarters on file: TX. Provisions of TDPSA on file:
| Provision | Type | Source |
|---|---|---|
| Sensitive Data — Opt-In Consent Required Tex. Bus. & Com. Code § 541.001(31); § 541.101(b)(4) | hard | source |
| Applicability — SBA Size-Based, No Numerical Consumer Threshold Tex. Bus. & Com. Code § 541.002 | threshold | source |
| Right to Access Tex. Bus. & Com. Code § 541.051(b)(1) | hard | source |
| Right to Correction Tex. Bus. & Com. Code § 541.051(b)(2) | hard | source |
| Right to Deletion Tex. Bus. & Com. Code § 541.051(b)(3) | hard | source |
| Right to Data Portability Tex. Bus. & Com. Code § 541.051(b)(4) | hard | source |
| Right to Opt Out of Sale, Targeted Advertising, and Profiling Tex. Bus. & Com. Code § 541.051(b)(5) | hard | source |
| Right to Appeal Denied Request Tex. Bus. & Com. Code § 541.053 | hard | source |
| Privacy Notice Requirements Tex. Bus. & Com. Code § 541.102(a) | hard | source |
| Specific Notice Required for Sale of Sensitive Personal Data Tex. Bus. & Com. Code § 541.102(b)-(c) | hard | source |
| Processor Contract Requirements Tex. Bus. & Com. Code § 541.104 | hard | source |
| Enforcement — AG Only; 30-Day Cure; No Private Right of Action Tex. Bus. & Com. Code §§ 541.151-541.156 | hard | source |