Elastic Review

About Lender

Elastic, a leading lending company that offers cash advances ranging from $500 to $4,500. With a customer-centric approach and a focus on convenience, Elastic provides flexible and innovative financial solutions tailored to meet individual needs. Whether it's for personal expenses or business financing, Elastic leverages cutting-edge technology to deliver a seamless application process, competitive interest rates, and customizable repayment options. Their commitment to financial inclusion and responsible lending practices empowers individuals and businesses to achieve their financial goals. Trusted for their reliability, Elastic aims to provide secure and efficient lending solutions for a wide range of financial needs.

Republic Bank & Trust Company serves as the issuing bank for Elastic's line of credit, playing a crucial role in providing financial services and managing associated credit accounts. With a strong reputation and expertise in the banking industry, Republic Bank & Trust Company ensures the smooth functioning of Elastic's line of credit, granting customers convenient access to flexible borrowing options.

Key Features

The key features of Elastic include:

1. Flexible Cash Advances. The company offers cash advances ranging from $500 to $4,500, providing borrowers with the flexibility to access funds based on their specific needs.
2. Customer-Centric Approach. Elastic places a strong emphasis on customer convenience and empowerment, ensuring a positive borrowing experience. They prioritize meeting individual needs and tailoring financial solutions accordingly.
3. Seamless Application Process. Elastic leverages cutting-edge technology to provide a seamless and user-friendly application process. Borrowers can easily apply online, saving time and effort.
4. Competitive Interest Rates. The lending company offers competitive interest rates to make borrowing affordable and cost-effective for its customers.
5. Customizable Repayment Options. Elastic understands that different borrowers have varying repayment preferences. They provide customizable repayment options, allowing borrowers to manage their loan payments according to their financial situation.
6. Commitment to Financial Inclusion. Elastic is committed to promoting financial inclusion by providing access to funds for a wide range of individuals and businesses.
7. Responsible Lending Practices. The company follows responsible lending practices, ensuring that borrowers are not overburdened with debt and promoting sustainable financial habits.
8. Trusted Issuing Bank. Republic Bank & Trust Company serves as the issuing bank for Elastic's line of credit, adding an element of trust and reliability to the lending process.
9. Secure and Efficient Solutions. Elastic and Republic Bank & Trust Company work together to deliver secure and efficient lending solutions, prioritizing the safety and privacy of customer information.

Pros and Cons

Pros:

1. Flexibility. The company offers flexible cash advances ranging from $500 to $4,500, allowing borrowers to access funds based on their specific needs.
2. Convenience. The online application process of Elastic is quick and seamless, providing borrowers with a convenient way to apply for loans without the need for extensive paperwork or in-person visits.
3. Customizable Repayment Options. Elastic provides borrowers with the flexibility to customize their repayment options, allowing them to choose a repayment plan that aligns with their financial situation.
4. Financial Inclusion. The company aims to promote financial inclusion by providing access to funds for a wide range of individuals and businesses, catering to diverse financial needs.

Cons:

1. Limited Loan Amounts. While Elastic offers flexibility, the loan amounts are limited to a range of $500 to $4,500. This may not be sufficient for borrowers with higher emergency needs.
2. Potential Debt Burden. As with any lending product, borrowers need to be cautious about taking on additional debt and ensure they can manage the repayment obligations responsibly.
3. Eligibility Requirements. Elastic has specific eligibility requirements that borrowers must meet to qualify for their loans. Some individuals may not meet these criteria, limiting their access to Elastic's financial solutions.
4. Associated Fees. While not explicitly mentioned, lending products often come with associated fees such as origination fees or late payment charges. It's important for borrowers to review and understand the applicable fees before committing to a loan with Elastic.
5. Availability and State Restrictions. Elastic's lending products may not be available in all states, and there may be certain state restrictions or limitations on the loan terms and conditions.

Products

The primary product offered by Elastic is the Cash Advance. Here are the key features and details of the product:

1. Access to Funds. Elastic provides borrowers with access to quick and convenient cash advances. Borrowers can obtain funds from $500 up to $4,500, depending on their specific needs and eligibility.
2. Simple Pricing. The company follows a transparent pricing structure, ensuring that there are no hidden fees or prepayment penalties. This allows borrowers to have a clear understanding of the costs associated with their cash advance.
3. Cash Advance Fee. With each cash advance, borrowers are required to pay a cash advance fee. The fee amount is either 5% or 10% of the cash advance, based on the borrower's billing cycle.
4. Repayment Terms. Elastic sets a repayment requirement where borrowers need to repay a portion of their Balance (the amount borrowed) each billing cycle. This helps borrowers make progress towards paying off the borrowed amount over time.
5. Carried Balance Fee. If a borrower has a carried balance (a remaining balance) greater than $10, Elastic applies a carried balance fee. The fee amount can range from $5 to $350, depending on the specific circumstances.

It's important for borrowers to carefully review and understand the terms and conditions associated with the cash advance product, including the pricing structure and repayment obligations. Elastic aims to provide borrowers with a straightforward and accessible solution for obtaining cash advances to meet their short-term financial needs.

Reliability

Elastic is a lending company that has been operating for several years and has established a presence in the industry. While it is always important for individuals to conduct their own research and due diligence, there are factors that suggest Elastic is a reliable company:

1. Partnership with Republic Bank & Trust Company. Elastic operates with Republic Bank & Trust Company as its issuing bank. Republic Bank & Trust Company is a reputable and established financial institution, adding credibility to the services provided by Elastic.
2. Transparent Pricing. The lending company promotes a transparent pricing structure, emphasizing no hidden fees or prepayment penalties. This commitment to transparency enhances trust and reliability in their lending practices.
3. Strong Customer Focus. Elastic emphasizes customer convenience and empowerment, aiming to provide a positive borrowing experience. This customer-centric approach indicates a commitment to meeting the needs of borrowers.

As with any financial decision, it is essential to carefully review the terms and conditions, conduct your own research, and ensure the product aligns with your financial goals and capabilities. If you have specific concerns or questions, it may be beneficial to reach out to Elastic directly for further clarification and information.

Funding a Loan

When funding a loan at Elastic, the company aims to make the process quick and convenient. Here are the key details:

1. Fast Funding. Elastic understands the importance of timely access to funds. If you request a cash advance by 5:00 pm ET, the funds are typically made available to your bank on the next business day.
2. Direct Deposit Option. If you choose to receive your cash advance by direct deposit, the funds will be deposited into your bank account, making them immediately available for use according to your bank's policies.
3. Check Option. Alternatively, if you choose to receive your cash advance by a check in the mail, Elastic will mail the check to you within 2 business days. The time it takes for the check to reach you and for the funds to become available will depend on the postal service and your bank's policies.

It's important to consult with your bank for specific information on when the funds will be available in your account, as processing times may vary. Elastic aims to provide borrowers with a streamlined and efficient funding process, ensuring that funds are accessible when needed.

Loan Сonditions

Loan conditions at Elastic may vary based on factors such as individual eligibility, creditworthiness, and the specific product being offered. Here are some general considerations regarding loan conditions:

1. Loan Amount. The company offers cash advances ranging from $500 to $4,500, allowing borrowers to choose an amount that suits their needs within that range.
2. Repayment Terms. Elastic sets a repayment requirement where borrowers need to repay a portion of their balance (the amount borrowed) each billing cycle. The specific repayment terms, including the repayment period and installment amounts, can vary based on individual circumstances and the borrower's billing cycle.
3. Cash Advance Fee. With each cash advance, borrowers are required to pay a cash advance Ffe. Its amount is either 5% or 10% of the cash advance, depending on the borrower's billing cycle.
4. Carried Balance Fee. If a borrower has a carried balance (a remaining balance) greater than $10, Elastic applies a carried balance fee. The fee amount can range from $5 to $350, depending on the specific circumstances.

It's important to review and understand the specific loan conditions, terms, and fees associated with the product you are considering. Elastic aims to provide borrowers with clear and transparent information about loan conditions to ensure informed borrowing decisions.

Additional Services

Elastic provides a payment calculator, which is a tool that allows borrowers to estimate their monthly payment amount based on factors such as loan amount, interest rate, and repayment term.

By using the payment calculator, borrowers can input their desired loan amount, select the repayment term, and view an estimated monthly payment amount. This can help borrowers plan and budget accordingly, providing them with a clearer understanding of their financial obligations.