Information
About Lender
Elastic, a lending company that offers cash advances. Customer focused and convenient, Elastic provides flexible and innovative financial solutions for you.
Whether personal or business finance, Elastic uses technology to make the application process seamless, competitive rates and customisable repayments. Committed to financial inclusion and responsible lending Elastic helps individuals and businesses achieve their financial goals. Trusted for reliability Elastic provides secure and easy lending for all your financial needs.
Key Features
Customer Focused. The company puts customer convenience and empowerment first, so you have a positive borrowing experience. They meet your needs and tailor financial solutions for you.
Seamless Application. Elastic uses technology to make the application process seamless and easy. Apply online and save time and effort.
Competitive Rates. The lender offers competitive rates so borrowing is affordable and cost effective for you.
Customisable Repayments. Elastic knows different borrowers have different repayment preferences. They offer customisable repayments so you can manage your loan repayments according to your circumstances.
Pros and Cons
Pros
Convenience. The online application is quick and seamless so you can apply for loans without paperwork or in-person visits.
Customisable Repayments. The lender gives you the flexibility to customise your repayments so you can choose a repayment plan that suits you.
Financial Inclusion. Elastic aims to provide funds for all individuals and businesses for all financial needs.
Cons
Debt Burden. As with any lending product you need to be mindful of taking on more debt and make sure you can manage the repayments responsibly. Eligibility. The company has eligibility requirements to qualify for their loans. Some individuals may not meet these criteria so may not be able to access Elastic’s financial solutions. Fees. Although not mentioned, lending products have fees such as origination fees or late payment fees. Make sure you review and understand the fees before you commit to a loan with Elastic. Reliability Issued by Republic Bank & Trust Company. Elastic is partnered with Republic Bank & Trust Company. Transparent Pricing. No hidden fees or prepayment penalties. BBB. Accredited by BBB with A+. How to Apply for an Elastic Loan?
Visit the Elastic Website. Go to the official Elastic website.
Click "Apply Now." Enter your name, email address, and state, then click "Apply Now."
Provide Personal Information. Fill in fields for your first name, last name, date of birth (MM/DD/YYYY), and Social Security Number.
Enter Your Contact Information. Add your street address (no P.O. Boxes allowed), optional suite or apartment details, city, state, ZIP code, email address, and mobile phone number.
Enter an Enrollment Code. If you have an enrollment code, provide it in the designated field.
Click "Continue." Review and finalize your application before submitting it.
Conditions
Line of Credit Amount. Borrow between $500 and $4,500.
Repayment Period. Take up to 10 months to repay.
Cash Advance Fee. Pay 10% of the amount of each cash advance.
Carried Balance Fee. Additional fees ranging from $5 to $350 apply for balances over $10 carried into a new billing cycle.
Requirements
Age. Must be at least 18 years old.
Military Status. Not a Covered Borrower under the Military Lending Act (32 C.F.R. § 232) at the time of application.
Residency. Reside in a state where Elastic operates.
Income. Have a regular source of income or benefits.
Bank Account. Maintain a valid checking account.
Payment Method. Use one of the payment options specified by Elastic.
Email Address. Provide a valid email address and consent to receive electronic disclosures.
Credit Standards. Meet Elastic's initial and ongoing credit underwriting criteria.
Terms Agreement. Agree to and comply with Elastic's Terms & Conditions.
Ways to Recieve the Money
Elastic knows how important it is to get the cash fast. If you apply for a cash advance by 5:00 pm ET the funds will be in your bank the next business day.
Products Elastic gives you access to cash advances. You can get funds according to your needs and eligibility. They have a transparent pricing structure so there are no hidden fees or prepayment penalties. So you know what the cash advance costs. Other Personal Loans Discover the Best Personal Loans Available Online Your Guide to Loans with Bad Credit Understanding No-Credit Loans: How Do They Work? Understanding Starter Loans: A Guide for Beginners Unlocking the Mysteries of First-Time Loans Understanding the Power of a Line of Credit Easy and Quick Online Loans Applications Your Comprehensive Online Line of Credit Resource Reasons for Loan Refusal
Elastic may deny loans for several reasons including low credit score which means financial mismanagement in the past; unstable employment history which means inconsistent income; high debt to income ratio which means you can’t manage more debt; and incomplete or inaccurate application information which prevents them to assess your creditworthiness.
How to Repay an Elastic Loan?
To pay an Elastic loan log in to your online account, go to the payments section and select your payment method (linked bank account or debit card). Enter the payment amount, confirm the details and submit the payment. Elastic has flexible repayment schedules so you can align your payments with your pay frequency whether weekly, biweekly or monthly.
Loans like Elastic
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Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
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Editorial Opinion
Elastic is a convenient and flexible line of credit for borrowers who need short term financial help. Their application process is straightforward, online platform is user friendly and customisable repayment schedules makes it accessible to many. However the fees (cash advance and carried balance fees) will add up if you carry the balance for long period. Overall Elastic is a practical solution for unexpected expenses as long as you review the terms and manage your repayments responsibly.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
How to Choose a Lender
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
Sources
FAQ
How do you qualify for an Elastic loan?
To qualify for an Elastic loan, you need to meet the following criteria:
- Age Requirement. You must be at least 18 years old.
- Military Lending Act. You should not be a covered borrower under the Military Lending Act at the time of application. This act provides certain protections for active-duty service members and their dependents.
- State Residency. You need to reside in a state where Elastic offers its services.
- Regular Source of Income. You should have a regular source of income or benefits to demonstrate your ability to repay the loan.
- Active Checking Account. You must have an active checking account, as it will be used for loan disbursements and repayment.
- Identity Verification. You are required to provide information necessary to verify your identity.
- Email Address and Electronic Disclosures. You need to provide a valid email address and consent to receive electronic disclosures.
- Credit Underwriting Standards. Elastic will assess your creditworthiness based on their credit underwriting standards.
- Agreement to Terms and Conditions. You must agree to the Terms and Conditions set by Elastic.
Meeting these criteria does not guarantee loan approval, as Elastic evaluates each application on a case-by-case basis. It's advisable to visit the Elastic website or contact their customer support directly for the most accurate and up-to-date information on loan eligibility and requirements.
How much can you borrow from Elastic?
Elastic allows borrowers to access cash advances ranging from $500 to $4,500. The specific loan amount you can borrow from Elastic depends on various factors, including your eligibility, creditworthiness, and the specific terms and conditions offered by Elastic in your state of residence.
When applying for a loan, you will typically have the opportunity to select the desired loan amount within the range provided by Elastic. However, the final approved loan amount may depend on the evaluation of your application and eligibility criteria.
It's important to note that borrowing the maximum loan amount available may not always be advisable. Before deciding on the loan amount, it's recommended to carefully assess your financial needs, repayment capacity, and consider your overall financial situation to ensure responsible borrowing.
Does Elastic approve everyone?
Elastic does not approve everyone who applies for a loan. Like any lending institution, Elastic has certain eligibility criteria and underwriting standards that applicants must meet to qualify for a loan. Meeting these criteria does not guarantee loan approval.
The approval process for an Elastic loan involves evaluating factors such as creditworthiness, income, residency, and other relevant information provided by the applicant. The company assesses the applicant's ability to repay the loan based on their financial circumstances and credit history.
While Elastic aims to provide access to funds for a wide range of individuals, it's important to note that loan approval is subject to meeting their specific requirements and passing their evaluation process. The lender considers various factors when reviewing loan applications and reserves the right to approve or decline applications based on their internal criteria.
To determine your eligibility and increase your chances of loan approval with Elastic, it's recommended to review their eligibility criteria, ensure you meet the necessary requirements, and provide accurate and complete information during the application process.
Is Elastic a legitimate company?
Yes, Elastic is a legitimate lending company. Elastic is operated by Republic Bank & Trust Company, a reputable and established financial institution. 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.
Elastic has been in operation for several years and has established a presence in the lending industry. They provide cash advances and personal lines of credit, offering flexible borrowing options to individuals.
It's important to note that while Elastic is a legitimate company, it's always advisable to exercise caution and conduct your own research when considering any financial services. Reviewing the terms and conditions, understanding the loan terms, fees, and repayment obligations are crucial steps to ensure that the services provided by Elastic align with your specific financial needs and goals.
- Information
- About Lender
- Key Features
- Pros and Cons
- Debt Burden. As with any lending product you need to be mindful of taking on more debt and make sure you can manage the repayments responsibly. Eligibility. The company has eligibility requirements to qualify for their loans. Some individuals may not meet these criteria so may not be able to access Elastic’s financial solutions. Fees. Although not mentioned, lending products have fees such as origination fees or late payment fees. Make sure you review and understand the fees before you commit to a loan with Elastic. Reliability Issued by Republic Bank & Trust Company. Elastic is partnered with Republic Bank & Trust Company. Transparent Pricing. No hidden fees or prepayment penalties. BBB. Accredited by BBB with A+. How to Apply for an Elastic Loan?
- Products Elastic gives you access to cash advances. You can get funds according to your needs and eligibility. They have a transparent pricing structure so there are no hidden fees or prepayment penalties. So you know what the cash advance costs. Other Personal Loans Discover the Best Personal Loans Available Online Your Guide to Loans with Bad Credit Understanding No-Credit Loans: How Do They Work? Understanding Starter Loans: A Guide for Beginners Unlocking the Mysteries of First-Time Loans Understanding the Power of a Line of Credit Easy and Quick Online Loans Applications Your Comprehensive Online Line of Credit Resource Reasons for Loan Refusal
- How to Repay an Elastic Loan?
- Loans like Elastic
- Editorial Opinion
- FAQ
