in Personal Lines of Credit

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in Personal Lines of Credit

SuperMoney Net Recommendation Score -35% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

Mostly not recommended

28 users recommend
6 users are unsure
62 users don't recommend
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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:

  • Proof of citizenship or residence permit
  • 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:

    • Equifax
    • Experian
    • Transunion

    ELASTIC Disclosure: The Elastic line of credit is offered by Republic Bank & Trust Company, member FDIC. Cash Advances requested and approved by 6:00 p.m. ET (3:00 p.m. PT) are typically funded the next business day if you elect to receive your Cash Advance by direct deposit. Each Cash Advance from the Elastic line of credit is subject to a 5% or 10% Cash Advance Fee depending on your billing cycle. A portion of your principal is due each billing cycle, and if you have an ongoing balance, a Minimum Charge of $0.00 to $270.00 will apply. Consult the Elastic Credit Agreement and Terms and Conditions for additional information. Elastic is an expensive form of credit and should not be used as a long term solution.
    SUPERMONEY Disclosure: is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...


    • Headquarters
    • Elastic Payment Processing
      P.O Box 950276
      Louisville, KY 40295 USA
    • Visit Site

    Message from Elastic

    Elastic is the easy way to access money when you need it. With Elastic, you get a line of credit, but the money you request can go into your checking account. You can borrow as little as $20 or as much as you need up to your credit limit. As you repay your line, you can access additional money up to your credit limit.


    Available in 39 States and Washington, DC
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Delaware
    • Washington, DC
    • Florida
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Mexico
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • Washington
    • Wisconsin
    • Wyoming

    Feature Breakdown

    Minimum Payment
    No Origination Fee
    No Prepayment Fee
    Cash Advance Fee (%)
    5% - 10%
    Minimum Age
    Joint Loan Applications Accepted
    • Only Individual Applications
    Military Status
    • Non-Military
    • Veterans
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    • Self-Employed
    Credit Score Range
    560 - 700
    850 300 560 700
    Immigration Status Considered
    • U.S. Permanent Resident
    Verification Documents Required
    • Proof of citizenship/residence (Green Card)
    Loan Amount
    $500 - $3.5K
    $25 $100K
    137% - 150%
    6% 250%+


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