Ken Rees may be the CEO of payday lender Elevate additionally the previous CEO of Think Finance, the payday mortgage lender that Elevate spun away from in 2014. Rees and Elevate offer installment loans that they claim are an improved alternative than pay day loans. This claim will not endure, but, in light of ElevateвЂ™s very high rates of interest as high as 378.95percent. Rees and Elevate have also recognized the high rates of interest from the loans they supply, with Rees saying they offer are an вЂњexpensive kind of credit. that they’re perhaps not providing вЂњrock-bottomвЂќ prices therefore the small print of the solicitations acknowledging that the loansвЂќ using their astronomical rates of interest, Elevate raked in over a half billion bucks in 2013 alone. Plus they showered over $210,000 of the money on federal lobbyists to try and hinder laws associated with the pay day loan industry.
Through the years, Rees indicates himself to become a shapeshifter when considering finding techniques to evade state regulations that ban or limit payday advances.