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Compare loans like Elastic

Elastic loans are not available in Canada—but you have alternatives.

Geared towards bad credit borrowers, an Elastic line of credit offers a revolving credit line of $500–$4,500 as soon as the next business day.

However, it’s currently not available in Canada. If you need quick access to funding, here are loans like Elastic that you can apply for in Canada.

Loans like Elastic

  • Alternative for lines of credit: Fora
  • Alternative for bad credit: Loans Canada
  • Alternative for small credit lines: Nyble
  • Alternative for flexible repayments: KOHO
  • Alternative for lines of credit for bad credit: MogoMini
  • Alternative for no credit check loans: Bree

Alternative for lines of credit

Fora Line of Credit
Finder Score:
★★★★★
Go to site Read review

Fora Line of Credit

$1,000 – $15,000
Loan amount
19.9% – 34.9%
APR
Open
Term
Like Elastic, Fora is an online lender specializing in lines of credit for borrowers with fair to bad credit. Its application is entirely online, and you can get your money as soon as the same business day.
  • Easy approval process
  • Fast funding
  • Established lender in the US
  • High interest rates
Loan amount $1,000 – $15,000
APR 19.9% – 34.9%
Term Open
Fees $0

Alternative for bad credit

Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

Loans Canada Personal Loan

$300 – $50,000
Loan amount
9.9% – 46.96%
APR
4 - 60 months
Term
Loans Canada is a loan search platform with a large network of lenders. Fill out one application and get matched with lenders who are open to providing you with a bad credit installment loan.
  • Easy application
  • Compare multiple offers
  • High rates for bad credit
  • Limited to the Loans Canada network
Loan amount $300 – $50,000
APR 9.9% – 46.96%
Term 4 - 60 months
Min. credit score 300
Fees No application, origination or brokerage fees
Origination fee 0
Turnaround time Receive funds in as little as 24 hours.

Alternative for small credit lines

Nyble Credit Line

$30 – $250
Loan amount
Starting at 0%
APR
30 days, extendable
Term
Nyble offers plenty of repayment flexibility, similar to Elastic. If you're not ready to repay by the due date, you can contact Nyble in advance and extend the due date. Unlike Elastic, you pay zero interest but can only borrow up to $250.
  • Instant funding for a fee
  • 24/7 approval and funding
  • No interest
  • No credit check
  • Flexible income requirements
  • Small loan amounts
Loan amount $30 – $250
APR Starting at 0%
Term 30 days, extendable
Fees 0% interest with optional fees
Origination fee $11.99
Turnaround time 1-30 minutes with a paid membership or 1-3 business days with a free membership.

Alternative for flexible repayments

KOHO Cover

$20 – $250
Loan amount
Starting at 0%
APR
Flexible
Term
Like Elastic, KOHO's cash advances offer flexible repayments, an easy online application and rapid funding. Unlike Elastic, KOHO only offers up to $250, and you don't need to go through a credit check. But you'll need to pay a subscription fee starting at $2/month.
  • No job requirement
  • Instant cash advances
  • Small loan amounts
  • KOHO account required
Loan amount $20 – $250
APR Starting at 0%
Term Flexible
Fees 0% interest with a subscription fee starting at $2/month
Turnaround time Immediately

Alternative for lines of credit for bad credit

MogoMini Line of Credit
Finder Score:
★★★★★
Customer Survey:
★★★★★
Go to site Read review

MogoMini Line of Credit

$1,000 – $3,500
Loan amount
Up to 47.42%
APR
No end dates
Term
The MogoMini line of credit is designed for borrowers with low credit scores, which is very similar to Elastic. Minimum monthly payments are required, but you have flexibility when it comes to paying off the entire balance. Given the MogoMini's extremely high rate, however, it's best to only borrow a small, necessary amount and pay off the balance as soon as possible.
  • Flexible repayments
  • Easy online application
  • High rates
Loan amount $1,000 – $3,500
APR Up to 47.42%
Term No end dates
Min. credit score 600
Fees None

Alternative for no credit check loans

Bree Early Pay

$20 – $350
Loan amount
Starting at 0%
APR
Next pay cycle (61 days max.)
Term
Consider Bree if you're looking for a loan for bad credit and you don't want to go through a credit check. Bree provides easy online funding like Elastic, but it only offers up to $350.
  • 24/7 approval and funding
  • Instant funding (for a fee)
  • High rates
Loan amount $20 – $350
APR Starting at 0%
Term Next pay cycle (61 days max.)
Fees 0% interest with a $2.99 monthly membership fee
Turnaround time Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and up to 3 business days for standard delivery.

How does Elastic compare?

Elastic is a bad credit lender that doesn’t specify a minimum credit score, which could make it a viable option for borrowers in the US who have less-than-stellar credit.

Here’s an example of Elastic’s costs:

Cash advance amount: $1,000
Cash advance fee of 5%: $50 (reduces your advance to $950)
Carried balance fee: $35 to $70 per billing cycle

Based on a cash advance fee of $50 plus a carried balance fee of $35 or $70, this works out to an APR of around 221.60%–146.00% on a $1,000 advance.

This makes Elastic expensive compared to other lines of credit in Canada like Fora and MogoMini.

Pros and cons of Elastic lines of credit

Pros

  • Bad credit is OK
  • Request advances online
  • Transfers by the next business day
  • Accredited by the Better Business Bureau
  • Excellent customer reviews on Trustpilot

Cons

  • 5% to 10% advance fee
  • Carried balance fee of $5 to $350 every billing cycle
  • May be more expensive than other types of loans

Bottom line

Elastic loans are not available in Canada, but alternatives to consider include Fora, MogoMini, Loans Canada and Nyble. These providers are open to applicants with poor credit scores, but be prepared to encounter high interest rates or fees and low loan amounts. Before committing to a lender, make sure the repayments are manageable with your monthly budget.

Leanne Escobal's headshot
Written by

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

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Co-written by

Writer

Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time. See full bio

Kat's expertise
Kat has written 12 Finder guides across topics including:
  • Mortgages
  • Home equity loans
  • Mortgage refinancing

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