Mostly not recommended
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Where does Elastic do business?
Elastic is a line of credit offered by Republic Bank & Trust Company. Elastic is offered in 39 states (and Washington, DC).
What are the APRs offered via Elastic?
Elastic is a fee-based product. Instead of an ongoing interest rate, Elastic charges a cash advance fee of 5% or 10% for every cash advance you request, depending on your billing cycle. Elastic also charges a cash balance fee ranging from $5 to $175, that varies depending on your carried balance. This fee is charged every billing cycle a borrower carries a balance.
What is the APR equivalent? These loans are designed to be paid within two weeks or a month, so an annualized rate is not the best metric. However, it is useful when comparing credit options. SuperMoney ran the numbers and the APR equivalent of an Elastic cash advance is approximately 137.22% if you repay before the next payment cycle. The APR increases if you have to pay a cash balance fee.
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?
No, Elastic will not charge you a late 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 $4,500.
What do you need to qualify for a line of credit with Elastic?
Elastic doesn’t disclose its credit score minimum. 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, or have a regular source of income or benefits.
Active duty servicemembers and their covered dependents are not considered covered borrowers under the Military Lending Act (32 C.F.R. § 232). This means they cannot apply for a line of credit via Elastic. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.
Only U.S. citizens and permanent residents can apply for a line of credit.
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 provide a credit approval decision in less than an hour and fund the line of credit within 1 business day.
Does Elastic report to credit bureaus?
Elastic reports credit data to the following credit reporting agencies:
Elastic Customer Support
4030 Smith Road
Cincinnati, OH 45209 USA
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Message from Elastic
- Washington, DC
- New Mexico
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
|No Origination Fee|
|No Prepayment Fee|
|No Late Fees|
|Cash Advance Fee (%)||5% - 10%|
|Carried Balance Fee||$5 - $175|
|Immigration Status Considered||
|Bank Account Required|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$500 - $4.5K|
|APR||Starting at 137%|