Features

Elastic is an unsecured line of credit product from Elevate Credit Inc. offered in partnership with the Republic Bank & Trust Company. The Republic Bank is an FDIC member based in Louisville, KY. It has an A+ rating with the BBB and over $3 billion in assets. Elastic gives borrower access to a line of credit, but it only charges interest on the money they withdraw.

How Does Elastic Work?

Elastic offers a line of credit you can withdraw from and deposit directly into your checking account. Borrowers can request as little as $20 up to their line of credit limit. As you repay the loan, your line of credit increases and you can access more money right up to your credit limit. Payments are due every two weeks, instead of every month.

How Much Are Elastic's Rates and Fees?

Elastic doesn't charge interest in the traditional sense. How much you pay in interest will depend on how long you take to repay it. All withdrawals come with a 5% cash advance fee. If you pay the loan before the end of the payment cycle, there are no additional fees. If you don't pay the balance in full, you will be charged a minimum fee that goes from $1 (for over $20) to $100 for $3,500 depending on the size of the loan.

For example, if you borrow $400 and only make minimum payments it will take you four months (8 billing cycles) to pay, and it will cost you $485 plus the 5% cash advance fee. The equivalent APR in this scenario would be around 150% APR. However, if you paid the same amount within two weeks of receiving the money, you will only pay the 5% cash advance fee: the equivalent of a 137% APR.

How Much Can I Borrow From Elastic?

Elastic offers lines of credit ranging from $500 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 Is Elastic's Application Process Like?

Elastic requires borrowers to complete an online application form to determine eligibility. At this time (October 2016), only people who have received a pre-selection letter with an enrollment code can apply. Elastic requires basic contact information, Social Security Number and other identifying documents, such as a driving license, to verify the information provided. If all eligibility requirements are satisfied, borrowers can receive their money within one business day.

How Is Elastic Better Than Other Lenders?

Elastic provides an easy and fast source of credit to people with less than great credit. It works like a credit card in the sense that you only pay interest on the amount of money you use not the entire credit limit. This provides a safety net for unexpected expenses to people with poor credit who can't qualify for traditional credit card and loan products. The rates are certainly not low, but they are much better than payday lenders and overdraft fees.

  • Loan Amount
    $500 - $3500
  • Payment Options
    • Automatic Payments
    • Check by mail
    • Credit/Debit Card
  • APR
    137% - 150%
  • Credit Score Range
    560 - 700
  • Immigration Status Considered
    U.S. Permanent Resident
  • Minimum Age
    18
  • Verification Documents Required?
    Proof of citizenship/residence
  • Approval Speed (Hours)
    24
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
  • No Prepayment Fee
  • Origination Fee
    Starting at 5%
  • Institution Type
    Direct Lender
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0 votes

Getting the loan or the money quickly is super easy and quick. Auto deposits into your account. However, look at the minimum service fees. That's the hook. I borrowed $3500 over 6 months to help me through a rough financial time. My payments are auto debited from my account twice per month. My service fees add up to $300 monthly and that does not go towards my principle. So I pay over $300 biweekly. You cannot change your payment amounts, you can only delay the payment by two weeks. Which ... would mean I would have to pay over $600 from one paycheck. I feel like an idiot for not understanding what I was getting into. I made a deal with the devil and now I must pay. More Less


0 votes

Deceiving adds!!! 5% fees ok, but it doesn't end there, they charge outrageous service fees with every statement. I should of never borrowed. When it's too good to be true be aware!


0 votes

Do not take loans from this people I had an emergency asked for 500 oh boy was bad. They took 1 payment of $35 another one of $ 50 I paid off the past due of $424 some on top they took another $65. $ 574 early pay the loan otherwise I would ending payin over $700 for $500 never again. Rip off is the word for them. Do not mess with Elastic line of credit.


0 votes

Does anyone have a current enrollment code for this year?


0 votes

DO THE MATH ... This is like having a credit card at around 85% APR (where-as a higher interest credit card is around 25%-30%). That's normally illegal. So they have this work-around of charging a flat monthly fee. You're basically getting a slightly better deal than a pawn shop, payday, or title loan (which is closer to 90%-130% interest, depending where you go).

When getting the account, I was naive and thought it was ONLY the cash advance fee of 5% or 10% that was accounting for the interest. Places like ... PayPal and Amazon now offer loans this way (one-time upfront fee of around 10%-15%, then you pay it down over x number of months). I've taken out those loans, and thought that's what Elastic is. This is NOT how Elastic works. They charge you the upfront percentage, PLUS a monthly fee of up to $270/mo (that's a $270 fee for having a $3500 balance!). That's like having a credit card at 85% interest. Yikes!

Again, my fault for not understanding the system. I thought it was just like my Amazon and PayPal loans.

So anyways, my credit was getting better. I was surprised by their offering, but thought it was because my credit was getting better (around 600). This is getting paid off immediately. I'm not paying 85% interest on a line of credit. That's what they call "predatory"!

I know you need money sometimes. But try your very best to stay away from these kind of loans. They're only going to make your poorer. This loan will not help you, no matter how much trouble you're in. It is cruel. Make besties with your local Cartel representatives (and then make sure you pay!).

If anything good comes from this, it will be that my credit score should jump up after the payoff is recorded.
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0 votes

I've read all the reviews here and agree with everyone good and bad but one thing no one is mentioning here is that they will NOT take any form of payment but CASH, that means check, debit card or transfer from the same account they deposit money into. I worked hard to improve my credit, got a credit card with 0%APR for the 15 mos on transfers, and because it's a credit card they said they will not accept it, HOWEVER this is not specified in their T&C's at ... all. I consider this extremely misleading. It is a very high form of credit, despite what people say on this site, if you need just a few hundred, then go for it, but anything more than that and you will pay more than what you borrowed in interest, credit cards would be cheaper, I agree with the person who stated that. More Less


0 votes

Elastic is a way to get quick cash that you may need for a very short period of time. I was waiting for a client to pay me an overdue bill and my cashflow was getting very low. They charge you an immediate 5% of whatever you borrow and then they add a minimum charge of $125 per payment period if you borrow over $3000. If you are planning to borrow this money for longer than a month, do not use this service as the interest rates are very high. ... It is nice that it is all online and the money goes directly into your bank account within about 24 hours. I have just paid off my loan of $3100 which I borrowed for three weeks. I will not use it again unless I run into a financial emergency. More Less

0 votes

Be warned: Do not touch elastic.com -- you'll be sorry you did. My experience with them has been awful. They made an unbelievable mess of my account, they're very slow to respond to any communication from their customers, and they posted duplicate charges to my bank account. Trying to get them to refund these duplicate charges has been a nightmare.

0 votes

I recieved a pre-selected letter from Elastic today, decided to try it. I work full time, same employer for 6 years, $14,000 a yr take home after taxes, retirement, ins, etc. Also, $2,400 yr from self-employment. No mortgage payment, I have a camper and a car loan. I have credit cards, and credit card debt. My credit shows 100% perfect payments on everything, never late, no over-limit charges. I was declined due to my 'too high debt to income' ratio. Well duh! Who do they think is applying for these loans, people ... who don't owe on anything? More Less


0 votes

I received a pre approved notice in the mail. I sat on the form for months, and I got two more offers. This X-mas I had to assist my kids with their gifts for their children. Understand it is the holiday and funds were tight. I went to the personal website, and I completed the application online. I was approved for $3500. I try not to make a habit using payday loans, but this was easy and the approval was real. I applied for the funds 12/14, and the funds were ... deposited into my checking account by 12/16. I had no delays since I applied after hours on 12/14 the deposit time was reasonable, and made complete sense. I will recommend to persons if you're really in a pinch, and need a no hassle line of credit. Good company. I just made my first payment today, and also no issues. More Less

0 votes

Elastic makes it look like you are only paying a small cash advance fee when in reality you are paying insanely high interest in addition to the fee. We have just paid in full the balance and looked back (btw you can't get a look at the payment history where it shows how much interest you pay on the website) at our payments on our bank account and see that we were making $526 payments and only $350 was going to the principal! There is no clear explanation anywhere ... on the site. To make things worse, when I went to pay the $2300 balance it jumped to $2500 on the payment page! On our other loan we paid in full, we just got billed the regular payment AFTER it was paid in full! I don't know how much worse this is going to get. I did get a low interest loan to pay this one off, otherwise who knows how long it would take and how much money they would take. It makes me sick to think of it and I haven't gone back to add it all up yet...I know it is well over $1000. No matter how desperate you are, don't do it. More Less

0 votes

I need the money for 1 week but it makes me nervous that they pull a hard credit check. Do not want to be denied and have my credit score go even lower. On another note, after spending 10 years understanding how a credit score can go down, I am still extremely confused to the rule of hard credit checks making your score going down, as well as the rule of only being able to check your credit a couple times a year? Does not make sense ... at all...I think it should be the opposite, the more you check your credit the more responsible you are being by attempting to pay attention! Thanks everyone for the warning, one less piece of paper to clutter up the office! More Less

0 votes

I was recently denied a loan from Elastic, so I decided to apply again after I got a new better paying job. I needed the extra cash until my first paycheck was available to over expenses and household bills. I was denied again based on the same ridiculous credit system that's designed not to help people but keep the rich richer and the poor poorer. People with good income don't come to places like this for a loan so why deny anyone one with poor credit who is ... employed? What a waste of my time!!! Oh ad just so you know because they don't tell you to apply they run a hard inquiry against your credit costing you more points...stay away from these people! More Less


0 votes

This company is the worst please please stay away from them and Republic Bank &Trust which who they are funded by they charge so much interest weekly or biweekly where you will never pay it off they will not work with you and fees will continue to accumulate and they will send your account to a collection agency after 90 days the prey on people with bad credit and makes it worse.


1 votes

Of all of the non-traditional lenders that I have done business with, Elastic is definitely a PLUS... Having access to the additional funds, at a much lower than payday loan average of 5% per advance, is reasonable. I make a habit of rarely carrying over a balance, so I do not incur many additional fees from them. I have been with them for one year now, and my credit limit was just extended to $3,500.00.

I had some credit mishaps in the past, and have been attempting to ... rebuilt my credit. THANKFULLY elastic came along and gave me access to cash funds within one day, that are NOT reported to the credit bureaus, meaning that when I dip into these funds, it does NOT affect my utilization ration, so that when I am able to pay down a credit card by $1,000 that I have borrowed from elastic, it drastically IMPROVES my credit score by lowering my utilization ratio. Due to such an improved credit score, I have now qualified for more traditional and drastically less expensive options than elastic, but I will DEFINITELY keep the option open in the cases where some emergency cash is needed again.

HIGHLY recommend this to anyone who is seriously attempting to improve their credit scores. ALWAYS pay more than the minimum balance if you can, as they minimum charges are pretty hefty if you regularly maintain a balance with them.
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1 votes

Elastic has administrative fees that keeps one bound to them. One may think that they are paying off their loan. In fact, you are paying 150 dollars in administrative fees per month that doesn't apply to the amount you borrowed if you took out a three thousand dollars. I am sorry that I even borrowed money from this company. It has me in a more financial bind that I started off with. This is like being a slave to the loaner!!!


0 votes

I used elastic twice for two loans one which was over a thousand dollars I paid my loan off in 3 months and never had any issues what so ever I have seen a increase in my credit score and I would highly recommend them as a starting point if you need extra cash, just pay them pack on time and you will have no issues. As with any loan I always recommend paying more than the minimum due thanks elastic


1 votes

Slow payers to deposit loan money.. say money on way ..just a Bs line.. staff are courteous ,helpful..


0 votes

The code i had has expired cant apply without one smh what is that about


0 votes

I am considering 600 dollar loan and will pay back win month. Is this a good idea and what could I expect? Thanks in advance.


0 votes

I just received a pre-selected letter from Elastic and thanks to the reviews I've read on this site I'm throwing this letter in the garbage. Thank you all for saving me the headache. Best of blessings to you!


0 votes

I've used Elastic twice and was satisfied until now. Paid both loans off in full but to my suprise my line of credit ceased to be available after payoff. So I reapplied as the site directed me to do just now figuring they wanted an update of info and was denied! Pretty shoddy treatment for a customer who paid off one 2500.00 line and one 3500.00 line.

Payments with fees and charges were more than double the amount borrowed but my credit was ruined in a divorce so I was ... grateful for what I could get.

Would have sung the companies praises until now. Denying customers who have paid in full is simply bad business and rather foolish for a high risk lender where over half of loans go into default.
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0 votes

I'm on my second loan from Elasric. They raised my credit limit after the first was paid off. They locked my line til I paid off the second. They do this to make sure you don't continually stay in debt which is a good idea. Money arrived quickly and payment process has been simple. Best of all they don't act like payday loan people. They've been great to deal with.


0 votes

For someone with Poor credit, this is really the best loan out there, beats payday loan and title loan rates and Pawn shops just want to rip you off when your in a bind. I've got two loans from elastic and payments were affordable and monthly not bi-weekly like this post says.


0 votes

i was approived of a loan through elastic they sent me the monthly statment of payments but never deposited any money in my bank account i will not pay a loan i never got terrible service more of a pay loan scam


0 votes

Elastic is a great company as long as you know what youre getting into!! Read the terms and conditions people! Everything is clearly outlined :)


0 votes

I love the convenience of Elastic, this is not to be used for a quick 3500 that you can not pay back in the first month. The fees are much cheaper then the regular payday loans. If you pay back the loan on the first due date the only fee is 5% cash advance fee. Many people on here are complaining because they request $3500 and expect to pay nothing back. It is designed to be paid back in 10 months or less. Customer service department is awesome and always ... so friendly. For The guy who said he cant get ahold of customer service department um try calling the right number on the website lol . More Less


0 votes

I can not get through to this company. I took a loan but they don't answer their 800 number. I go through the automation, It gives me my account status. But when you go to talk to someone you sit on hold forever. I've called six times, 20 minutes, 30 minutes each time. They don't answer. They don't respond to emails either. Does anyone else have this problem? I'm concerned to the point where I want to file a complaint with my AG. I want to know if I pay ... back the money I wont' be charged over and over like I've read this company does. I've read they still hit bank accounts for interest payments after loans are paid off. If you can't get a hold of them. that's a problem. More Less


0 votes

Please do not get a loan from them they are worse than a pay day loan they take half of your weekly or biweekly payment for fees so you would have just a little to pay towards principal and they charge an advance fee this is the worst loan out there they are criminals stay away I wish I would have done more research on this company


0 votes

I get a loan from them and the agreement was to paid interest of a $ 160,00 a month now they send me an email who said that my interest will increase a $190,00 and what will happen later? they will increment the interest over and over they are the ones who brake the contract agreement im so afraid how this will be im regreting to ask for a loan they will cut my neck


0 votes

I took advantage of this offer because it provided a solution to an unexpected event. The application was easy, logging into my account from my phone and from my laptop was been has worked every time. All requested money was useable within the next business day in my cases. Payments have gone through as scheduled with no surprises or problems. Amount is autodrafted each paycheck in an affordable amount. I have no complaints.


0 votes

Just Don't borrow money from here if you can't pay it back within a few weeks- plus they don't make it easy to switch accounts to pay them back!!! I used them for one checking account, then I went to pay them back from another with the local Credit Union after getting a loan to pay them off, and they wanted everything but a blood sample to switch accounts...Stay far far away unless you only need money for a week or so...


0 votes

Do not use this service!!!! I needed money for medical bills and now my payments are $240 every other week on $3000 loan! Should have paid that money directly to Doctors! Next month there are three due dates and they will take over $700 out of my account!!! Breaking me! Don't make the same mistake I did!!


0 votes

Elastic is preying on people who need to borrow money for financial problems and bury them under more debt . Stay away , cash advances way betterv500.00 a month 55.00 charge. That's about 12-15 percent. Better off borrowing from your credit cards 25percent a and you can pay minimum 25.00 not their outlandish amounts. I regret making this big mistake these companies are dangerous and can push you into more trouble


0 votes

Days before Memorial Day weekend we requested a loan on our account. Now almost a week later we STILL HAVE NOT GOTTEN THE MONEY IN OUR BANK ACCOUNT!!!!! Elastic.com advertises 2 days at most for deposit in your bank account.THIS IS A LIE. FIVE DAYS LATER we are still waiting AND MEMORIAL DAY WEEKEND HAS COME AND GONE RUINING OUR FAMILY PLANS. DO NOT DO BUSINESS WITH THESE LIARS!!!!


0 votes

I just got an offer in the mail! their interest is ridiculous 137% apr. to 150% apr. why would you borrow money from any of these companies, their just thieves making money from needy poor people. if you borrow $10,000 why would you pay more than $20,000 back? Thanks but no Thanks.


0 votes

I keep getting these letters so I thought I would look the company up. Not looking too good from all the comments I have found. Be careful folks


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