Elastic line of credit review February 2019 | finder.com

Elastic line of credit review

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Can this short-term loan alternative actually help you save?

Elastic might be just what you need if you often apply for short-term loans to get through the month. Backed by Republic Bank, this lender offers a line of credit that you can withdraw from as you need. It also provides online courses made to help improve your financial health. But it isn’t always cheap and it’s not available in every state.
Product NameElastic line of credit
Min Loan Amount$500
Max. Loan Amount$4,500
Interest Rate TypeFixed
Minimum Loan Term.8 year
RequirementsYou must have a bank account, be the age of majority in your state, live in an eligible state, have a regular source of income and not be a member of the military.
  • Have an active email and bank account.
  • Have a regular source of income.
  • Be at least 18 years old.
  • Live in an eligible state.
  • Not be a member of the military.

What is Elastic?

Elastic is an online lender that offers lines of credit as an alternative to short-term loans. Credit limits stretch from $500 to $4,500. You can request as little as you need up to your credit limit and pay back what you borrow in installments plus a fixed fee.

Its fees can be confusing and costly. Elastic charges a cash advance fee of 5% to 10% each time you withdraw money. Instead of interest, Elastic charges what it calls a carried balance fee of $5 to $350 on each repayment if you owe more than $10. You can estimate your fees by using the payment calculator on Elastic’s website.

Elastic is available in 39 states and Washington DC. Residents of Colorado, Connecticut, Georgia, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia aren’t eligible to apply.

Each time you request an advance, you can access your funds within a day or two. This makes it easy to borrow money when you need, without filling out multiple applications for short-term lenders.

What are the benefits of an Elastic line of credit?

  • Billing cycle based on your payday. Elastic lets you sync your repayment dates up with your payday. If you’re paid weekly or biweekly, then your payments are due every two weeks. If you’re paid monthly, then your payments are due every month.
  • No prepayment penalty. Have the money to pay more on your principal than the minimum? You can save money by paying off your outstanding balance early and Elastic won’t charge a fee.
  • Accepts benefits as income. You can still qualify for an Elastic line of credit as long as you receive some form of regular income. This means you might qualify if you receive welfare benefits or a pension — it doesn’t have to be a paycheck from an employer.
  • Online courses. Elastic’s online learning center, Financial U is made to help customers get their personal finances in order. You might even get rewards for graduating.

What to watch out for

  • Fees. Borrowers pay a cash advance fee plus a fixed fee on each repayment. This can add up.
  • Not instant funding. You might not be able to get your money the same day when you try to withdraw from your Elastic line of credit.
  • Cooling off period. Elastic has a mandatory cooling off period if you have an outstanding balance for 0.80 year in a row. You need to pay off your balance and wait 20 days before you can borrow again.
  • Not available to military. Those covered by the Military Lending Act, which limits how much lenders can charge military members and their families for financing, aren’t eligible for an Elastic line of credit.

Compare more short-term providers

Rates last updated February 21st, 2019
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Term of Loan Turnaround Time Max. Loan Amount
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
9 to 36 months
1 business day
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
4–30 months, varies by state
1–2 days
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
Varies by state
LendYou Short-term Loans
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
1 business day
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
90 days to 72 months
As early as 1 business day
ACE Cash Express Short-term Loans
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
Varies by state
Generally receive the money the next business day
Varies by state
LendUp Payday Loans
LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see more details for your state.
7–30 days
generally receive the money the next business day

Compare up to 4 providers

Beware of expensive finance charges

Elastic charges two major fees that can get expensive, especially if you withdraw larger amount. When you withdraw from your line of credit, Elastic charges a cash advance fee of 5% or 10% of the amount. It also charges a carried balance fee of $5 to $350 with each repayment. These can add up quickly, making even a small loan hard to repay.

Since it doesn’t charge prepayment penalties, you can cut down on how much you pay in fees by paying off your balance as quickly as possible. Still, you might want to compare other loan options and financial resources before committing to any type of short-term, high-cost loan.

Is it safe to apply with Elastic?

Generally, yes. Elastic uses a 128-bit TLS protection system when you apply online. Its privacy policy also covers how it collects your personal information and shares it. Like most companies, Elastic uses the information you provide for business and marketing purposes. You can contact Elastic at the number provided on the privacy policy page to limit what kind of information it shares with nonaffiliates.

What does the Internet say about Elastic?

As of September 2018, Elastic is accredited by the Better Business Bureau (BBB) and gets an A+ rating. However, it only has four reviews left by former borrowers. Most were complaints about the high financing costs. One also complained that its site was out of date and could be misleading. It doesn’t have any reviews on its Trustpilot page yet.

Am I eligible?

In addition to agreeing to the terms of service and submitting to a credit check, borrowers need to meet some basic eligibility criteria. You must:

  • Have an active email and bank account.
  • Have a regular source of income.
  • Be at least 18 years old.
  • Live in an eligible state.
  • Not be a member of the military.

How do I apply?

You can apply for an Elastic line of credit online:

  1. Go to the Elastic website and click Apply Now.
  2. Complete all of the required fields to create an account and hit Continue.
  3. Wait for a representative to respond to your application and request documents if needed.
  4. Read the terms and conditions before signing your loan documents.

I got the line of credit — now what?

If you’re approved, you can start accessing money from your line of credit. It will take Elastic at least a day to process and fund your request, but if you receive a check rather than a deposit into your account, it may take longer.

You can make payments online, over the phone or by check, or sign up for automatic payments that deduct repayments from your account each pay period. Or, you can set up an individual payment whenever you need.

Your billing cycle is based on your pay date and statements are typically available 14 days before your due date.

Bottom line

Elastic can be expensive, but it could help you get back on your feet if you often find yourself short on cash. Since repayments are spread out over installments, it can be easier to repay than a short-term loan due on your next pay day. Compare your short-term loan options to see how it stacks up before making a final decision.

Frequently asked questions

Kellye Guinan

Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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