Elastic is a direct lender based in Louisville, KY. Republic Bank & Trust Company, member FDIC, is the issuing bank for the Elastic line of credit. It was founded in 1982 and offers the Elastic line of credit in 39 states (and Washington, DC).
Elastic offers a line of credit with APRs starting at 137% and up to 150%.
Yes, Elastic charges an advance fee starting at 5% of the loan amount. Elastic deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Yes, Elastic may charge borrowers a late payment fee
No, Elastic does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
Elastic offers lines of credit that range from $500 and go up to $3,500. Once you have a line of credit you can choose to withdrawal however much you want (up to your limit) in multiples of $20.
Applicants with a credit score of at least 560 can apply for a loan via Elastic. The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
Active duty servicemembers and their covered dependents cannot apply for a loan 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:
Elastic will typically approve (or deny) a loan application within 24 hours and fund proceeds as soon as 1 business day of approval.
Elastic does not report to any of the credit bureaus. Lenders are not required to report to the credit bureaus. However, making regular payments to a lender that reports to one or more credit bureaus may help you improve your credit score.
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.