Elastic Loans Review
Elastic Loans Review

What you need to know about Elastic credit lines


Elastic has credit lines ranging from $500 to $4,500 to help you cover unexpected expenses, such as car repairs or medical bills. Elastic is part of the Republic Bank & Trust Company in Louisville, Kentucky.

If approved, you can request a cash advance up to your credit limit and continue to borrow more money while paying off the balance.

Cash advance fees withdrawn from funds

Elastic does not charge interest on the borrowed amount like traditional loans. Instead, you pay a cash advance fee each time you apply for a cash advance. For example, if you are approved for a $1,000 line of credit and you borrow $500, your cash advance fee will be 5% or 10% for a fee of $25 or $50, depending on your payment plan and loan repayments speed.

Since Elastic deducts the cash advance fee from your balance, a $500 loan and a 5% fee ($25) will only give you $475 in cash.


But what if you need the full $500 — and the best thing you can do is pay it off in six-month installments?

In this case, you would need around $560 to get at least $500 in cash, according to an online calculator provided by Elastic on its website. That’s $500 plus a $56 cash advance fee (10% based on a six-month monthly payment plan).

Balance fee

If you owe a balance of $10 or more, you’ll also be charged a carryover balance fee when the payment is due. Fees depend on the amount you owe and the billing cycle you choose, but can range from $5 to $350.


Using the same example – you need $500 in cash, and you can repay it in monthly installments over six months – according to Elastic’s calculator, you could end up paying around $670, including the cash advance and a few months balance – cost.

Multiple repayment methods

With Elastic, you can make full or partial payments at any time, and there are no upfront penalties. That said, if you can somehow repay the money you borrowed within a few weeks, you can avoid many of the fees that can make this type of loan bad news.


You can refund by autopay, one-time online payment, or by post. You can also use a debit card, personal check, certified check or money order.

Learn more about Elastic Line of Credit

There are a few other things to know before applying for an Elastic line of credit.

  • Not available in all states – Elastic states that it is not available in all states, and does not specify which states it serves.
  • Not Available to Certain Military Members and Their Dependents – Flexi Loans are not available to active duty military personnel, spouses or dependents who are borrowers under the Military Loan Act.
  • You may stop borrowing at some point – after 10 months of crediting your Elastic account, it will enter a “cooling off” period. This means that you cannot borrow money until you have kept your balance at or below $0 for 20 consecutive days or paid off your full balance.
  • You can receive your funds quickly – if you choose to receive your approved funds via direct deposit, if you are approved, the funds can be deposited into your bank account as early as the next business day after your request.
  • Free Financial Information and Tools – Elastic has an online learning center called Financial U that offers educational courses, interactive tools, and other online resources. If you “graduated” from a finance university, you may be able to claim an award.

Who is an Elastic Line of Credit suitable for?

If you need cash for an emergency and you have poor credit, an Elastic line of credit can get you the money you need quickly. But fees can be expensive, so Elastic should be considered as a last resort. If you borrow money from Elastic, you should pay off your balance as soon as possible to avoid accumulating these charges.

To qualify, you must…

  • Be at least 18 (or 19 if you live in Alabama or Nebraska)
  • Do you have a regular source of income or benefits
  • Have an active checking account
  • Ability to provide documents and information to confirm your identity
  • Have a valid email address and consent to electronic disclosure
  • Meet credit and underwriting requirements

How to use Elastic

If you want to apply for Elastic, you must complete the online application – you cannot apply by phone. This is the information you need to provide.

  • full name
  • State and ZIP Code
  • Email address
  • mobile
  • address
  • Monthly Rent or Mortgage Charges
  • Monthly Income Amount and Source
  • Employment Details
  • Check account details

Remember that Elastic will verify your credit during the application process and may review your credit score and reports.

Not sure if Elastic is right for you? Consider these alternatives.

  • Earnin: Earnin is an alternative emergency cash option. This is an app that allows you to borrow money with your salary without any fees or interest.
  • Upstart: If you’re looking for a lender with a prequalification option that takes more than just your credit history into consideration, Upstart may be ideal.
  • Alternative Payday Loans: Federal credit union members may consider emergency cash options for these fee caps.

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