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Payday loan rival Elevate Credit files for an IPO

Elevate Credit, a Texas-based online lender that serves non-prime borrowers, revived its IPO plans on Monday after a year of delays. The company had previously filed to go public last January, but abandoned the process, citing the souring market climate. 

Post-Snap, the public markets look much more inviting—and more rational. A strong showing on opening day would value Elevate at $487 million, over $100 million less than the valuation the lender was seeking last year.

Elevate plans to list on the New York Stock Exchange, offering 7.7 million shares at $12 to $14 each. 
[Photo: Flickr user Tax Credits]

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