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Where does Elastic do business?
Elastic is a direct lender based in Louisville, KY. It was founded in 1982 and offers personal lines of credit in 39 states (and Washington, DC).
What are the APRs offered via Elastic?
Elastic offers personal lines of credit with APRs starting at 137% and up to 150%.
Does Elastic charge an origination fee?
No, Elastic does not charge an origination fee.
An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Elastic charge a cash advance fee?
Yes, Elastic charges a fee of 5% to 10% of the amount of each cash advance..
Does Elastic charge a late fee?
Yes, Elastic may charge borrowers a late payment fee.
Does Elastic charge prepayment fees?
No, Elastic does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit off and close the account.
How much can you borrow via Elastic?
Personal lines of credit start at $500 and go up to $3,500.
What do you need to qualify for a line of credit with Elastic?
Applicants with a credit score of at least 560 can apply for a line of credit via Elastic. The minimum age to apply for a line of credit is 18 or the state minimum, whichever is higher.
Elastic only considers borrowers who are employed.
Active duty servicemembers and their covered dependents cannot apply for a line of credit via Elastic. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.
To qualify, applicants may need to provide the following documentation:
What is the estimated funding time for a personal line of credit via Elastic?
Elastic will typically approve (or deny) a line of credit application within 24 hours and fund personal lines of credit within 3 business days of approval.
Does Elastic report payments to credit bureaus?
Elastic may report credit data to the following credit reporting agencies:
Elastic Payment Processing
P.O Box 950276
Louisville, KY 40295 USA
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Message from Elastic
- Washington, DC
- New Mexico
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Only Individual Applications
- Employed Full-Time
- Employed Part-Time
- U.S. Permanent Resident
- Proof of citizenship/residence (Green Card)