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23-01-2015

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Elastic Line of Credit is offered by Elevate Credit, a direct lender founded in 2014 and based in Ft. Worth, TX. It is made possible by a bank partnership with Republic Bank & Trust Company. Elastic Line of Credit is available in 39 states (and Washington, DC).

Elastic FAQ

Elastic Line of Credit offers a fee or charge based product that starts at 137% APR.

Unlike most credit lines, which typically charge a simple daily interest rate, Elastic does not have a periodic interest rate. Instead, Elastic charges a fee when you take a cash advance, plus a fee each payment period based on your ending principal balance (inclusive of the cash advance fees). The equivalent APR will vary depending on the amount borrowed and how long you take to repay, starting at 137% APR.

Does Elastic charge an origination fee?

No, they do not charge an origination fee.

An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.

Does the Elastic charge a cash advance fee?

Yes, they may charge a fee of 5% to 10% of the amount of each cash advance.

Does the Elastic Line of Credit charge a statement balance fee?

Yes, Elastic Line of Credit can charge a statement balance fee of to 0 each billing cycle. up to 350 each billing cycle.

Does Elastic Line of Credit charge a late fee?

No, they will not charge you a late fee.

How much can you borrow via Elastic?

Upon approval and based on your credit score, your personal line of credit will be assigned a credit limit of at least 0 and as much as ,500. .

Elastic Line of Credit Fees
Cash Advance Fee 5% - 10%
Origination Fee No
Prepayment Fee? No
Late Payment Fee No
Statement Balance Fee - 0

What do you need to qualify for Elastic Line of Credit?

Elastic Line of Credit does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Elastic Line of Credit does not have or does not disclose a minimum annual income eligibility requirement. Elastic Line of Credit only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Elastic Line of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Elastic Line of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Proof of identity
  • Proof of citizenship or residence permit
  • Proof of residence

What is the estimated funding time for a personal line of credit?

Elastic will typically provide a credit approval decision in less than an hour and fund the line of credit within 1 business day.

Does Elastic Line of Credit report your account activity to credit bureaus?

Yes, Elastic Line of Credit reports your account activity to the following credit reporting agencies:

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for Elastic

  • Visit the website.
  • Fill in the application form. You will typically need to provide general information such as your name, address, email address, Social Security Number, source of income and employment, and checking account information.
  • Check the information is accurate and submit your application.

Elastic Line of Credit Disclosure: The Elastic line of credit is offered by Republic Bank & Trust Company, member FDIC. Cash Advances requested and approved by 6:00 p.m. ET (3:00 p.m. PT) are typically funded the next business day if you elect to receive your Cash Advance by direct deposit. Each Cash Advance from the Elastic line of credit is subject to a 5% or 10% Cash Advance Fee depending on your billing cycle. A portion of your principal is due each billing cycle, and if you have an ongoing balance, a Minimum Charge of

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.00 to 0.00 will apply. Consult the Elastic Credit Agreement and Terms and Conditions for additional information. Elastic is an expensive form of credit and should not be used as a long term solution. You may be eligible for an Elastic Account if you meet and maintain certain criteria established by us, which may change at our discretion. As of the effective date of these Terms & Conditions, the eligibility criteria are as follows: You are not a Covered Borrower under the Military Lending Act (32 C.F.R. § 232) at the time of application; You are at least 18 years old (or at least 19 years old if you are a resident of Alabama or Nebraska); You reside in a state in which we offer Elastic; You have a regular source of income or benefits; You have at application and maintain a valid Checking Account; You make payments using one of the payment options described in the Terms & Conditions; You provide a valid e-mail address and consent to receive electronic disclosures; You meet our credit underwriting standards; and You agree to and are not in default of the Terms & Conditions. Your Elastic Account is established upon approval and verification of the information in your Application.

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