Where does Elastic do business?

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).

What range of rates does Elastic offer?

Elastic offers a line of credit with APRs starting at 137% and up to 150%.

Does Elastic charge an origination fee?

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. 

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 loan off early.

How much can you borrow from Elastic?

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.

What do you need to qualify for a loan with Elastic?

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:

  • Proof of citizenship or residence permit
  • What is the estimated funding time for a personal loan via Elastic?

    Elastic will typically approve (or deny) a loan application within 24 hours and fund proceeds as soon as 1 business day of approval.

    Does Elastic report loan payments to credit bureaus?

    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.

    How does Elastic describe itself?

    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.

    • Institution Type
      Direct Lender
    • Credit Score Range
      560 - 700
    • Immigration Status Considered
      U.S. Permanent Resident
    • Joint Loan Applications Accepted
      Only Individual Applications
    • Military Status
      • Non-Military
      • Veterans
    • Minimum Age
    • Verification Documents Required?
      Proof of citizenship/residence
    • No Prepayment Fee
    • Origination Fee
      Starting at 5%
    • Approval Speed (Hours)
    • Credit Bureau Reporting
    • Funding Time Range (in days)
      1 - 7
    • Payment Options
      • Automatic Payments
      • Check by mail
      • Credit/Debit Card
    • Loan Amount
      $500 - $3500
    • APR
      137% - 150%
    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.
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