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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.


Min. Amount


Max. Amount


Product NameElastic line of credit
Min. Amount$500
Max. Amount$4,500
Loan TermFrom 9.6 months
Loan SecurityUnsecured
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.

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 0.8 years 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

Updated January 19th, 2020
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
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1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
Check Into Cash Payday Loan
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+
Plus, get access to check cashing, cell phone top ups, bill pay and more at one of its many storefronts.
Fast5kLoans Short-term Loans Connection Service
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
CashNetUSA Loan
Varies by state
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Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
CashUSA Installment Loans
As fast as same business day
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Explore its online education center to get tips on budgeting, how to prioritize your bills and more.

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

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  1. Default Gravatar
    April 15, 2019

    I didn’t fill out my income part correct. Is there an option I can update it or do I deactivate my account? Can I reapply?

    • Avatarfinder Customer Care
      April 16, 2019

      Hi Jojo,

      Thank you for getting in touch with Finder.

      Please contact Elastic directly on this matter as they may assist you on updating your account as well as other instructions or important information regarding your loan application.

      I hope this helps.

      Thank you and have a wonderful day!


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