Item 1.01 Entry into a Material Definitive Agreement.


On July 31, 2020, Elevate Credit, Inc. (the "Company") and certain subsidiaries,
consolidated variable interest entities (VIEs) and Victory Park Management, LLC,
as administrative agent and collateral agent for the lenders and the holders (in
such capacity, the "Agent") entered into amendments to the following agreements:
Fifth Amended and Restated Financing Agreement by and among Rise SPV, LLC; Today
Card, LLC; Elevate Credit International Ltd.; and Elevate Credit Service, LLC,
as borrowers, the guarantors party thereto, the lenders party thereto, and the
Agent ("the VPC Facility"); the Amended and Restated Financing Agreement by and
among Elastic SPV, Ltd. as borrower, the guarantors party thereto, the lenders
party thereto and the Agent ("the ESPV Facility"); and the Financing Agreement
by and among EF SPV, Ltd. as borrower, the guarantors party thereto, the lenders
party thereto and the Agent ("the EF SPV Facility" and, together with the VPC
Facility and the ESPV Facility, the "Amended Financing Agreements"). In
addition, the Company and certain subsidiaries, a VIE and the Agent entered into
the Financing Agreement by and among EC SPV, Ltd. as borrower, the guarantors
party thereto, the lenders party thereto and the Agent ("the EC SPV Facility").
EC SPV, Ltd. is a third-party SPV created to purchase participations in
installment loans originated by banks that license services from the Company.
The Amended Financing Agreements provide for no change in pricing terms or debt
covenants and a 25 bps reduction in the cost of funds in 2021 subject to meeting
a 2020 net income threshold. The total net commitment of the Amended Financing
Agreements has been reduced by $50 million for a combined commitment amount of
$835 million and references to the EC SPV Facility have been incorporated into
the Amended Financing Agreements.
The EC SPV Facility provides for a total maximum commitment amount of $100
million; a 20% revolver in the first quarter of each year and a 25 bps reduction
in the cost of funds in 2021 subject to meeting a 2020 net income threshold; and
a maturity date of January 1, 2024. All assets of the Company and EC SPV, Ltd.
are pledged as collateral to secure the EC SPV Facility, consistent with the
Company's other financing agreements with the Agent. The EC SPV Facility
includes certain financial covenants for the product portfolio underlying the
facility, including excess spread requirements, maximum roll rate and charge-off
rate levels, and maximum loan-to-value ratios, and certain financial covenants
for the Company, consistent with the covenants within the Company's other
financing agreements with the Agent.
The foregoing description of the Amended Financing Agreements and EC SPV
Facility does not purport to be complete and is qualified in its entirety by
reference to the full text of the Amended Financing Agreements and EC SPV
Facility, copies of which will be filed as an exhibit to the Company's quarterly
report on Form 10-Q for the quarterly period ended September 30, 2020 and are
incorporated herein by reference.
Item 2.02 Results of Operations and Financial Condition.

On August 6, 2020, Elevate Credit, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2020. The full text of the press release, along with the slide presentation to be used during the earnings call on August 6, 2020, are furnished herewith as Exhibits 99.1 and 99.2, respectively.

Creation of a Direct Financial Obligation under an Off-Balance Sheet Item 2.03 Arrangement of a Registrant.

The information provided in Item 1.01 above is incorporated by reference.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain

Officers.

On August 4, 2020, Elevate Credit, Inc. (the "Company") amended the Employment, Confidentiality and Non-Compete Agreement (as amended from time to time, the "Employment Agreement") with Scott Greever, the Company's Executive Vice President, Products. The amendment (i) amends the "Change in Control Period" definition provided in the Employment Agreement to provide that "Change in Control Period" means the period in time that begins three months prior to and ends 24 months after a Change in Control, (ii) provides for additional severance in the form of lump-sum payments equal to (x) 50% of Mr. Greever's annual base salary upon a termination without Cause or resignation for Good Reason during a Change in Control Period and (y) 12 months of COBRA premiums upon any qualifying termination, (iii) provides for a Section 280G "best net" provision, (iv) provides for Company-paid tax preparation assistance and (v) makes other technical changes to the Employment Agreement. These amendments were made to generally provide consistency with the terms of other executive employment agreements within the Company and to align the Employment Agreement with current market practice. The foregoing description of the amendment to the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Employment Agreement and amendments, which will be filed as Exhibit 10.2, Exhibit 10.3, Exhibit 10.4, Exhibit 10.5 and Exhibit 10.6 to the Company's quarterly report on Form 10-Q for the period ended June 30, 2020 and incorporated herein by reference. Item 9.01 Financial Statements and Exhibits.




(d) Exhibits.
Exhibit No. Description
   99.1       Press release, dated August 6, 2020.
   99.2       Presentation slides for earnings call on August 6, 2020.

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