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, $4 billion in assets and over 750 employees. 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 Interest Rates?

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 interest rates are certainly not low, but they are much better than payday lenders and overdraft fees.

  • Credit bureau reporting
  • Joint loans available
  • Loan Amount
    $500 - $3500
  • No late fees
  • Lend to military?
  • Origination Fee
    5% - %
  • Institution Type
    Direct Lender
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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


0 votes

So I received my loan as promised and I am still making payments per the agreement but I have been unable to access my account online now for 11 weeks. I have been round and round with Elastic and they are a bunch or morons. There is no reason why this should be happening. I have called over 50 times and get the same answers. Once my load is paid off I will never never do business with them again. This is a complete joke ... and no one has been able to tell me why after 11 weeks I am unable to access my account. More Less


0 votes

Hello i just did the application process online an used the code from the letter in the mail. Process is simple and i requested about two hundred. As soon as i see if an when it is deposited and i pay it off i will write another review. So far im very satisfied. .....3Z


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