This fintech is on a mission to eliminate payday lending

Ken Rees at Elevate Credit calls payday lending "the roach motel of financial products" and says his alternative has helped subprime borrowers get back on their feet.

Ken Rees, CEO of fintech online lender Elevate Credit, explains why payday lending is the roach motel of financial products -- "you check in and it's very difficult to check back out" -- and how his company helps subprime consumers become creditworthy. Also, Rees shares why his company gives every employee $500 to buy a bicycle.