What is Elastic?
Elastic is a personal line of credit program offered by the Republic Bank & Trust Company. Republic launched in 1982 from Louisville, Ky., and today it has nearly 50 banking centers and over $4 billion in assets, making it the largest bank based in the state.
A line of credit like Elastics is not a one-time loan. After you qualify, you can borrow money, pay it back and then borrow again at your convenience, without going through another application process. It’s like a backup emergency fund that you can access when you want.
Check out our Elastic loan review below to help decide if this program is right for you.
Elastic personal loan highlights
- Lets you borrow small amounts, repeatedly: If you qualify for Elastic loans, you can receive a line of credit between $500 and $4,500. As mentioned, you can borrow up to your limit, pay some or all of it back and then re-borrow up to your limit again as often as you’d like, somewhat similar to a credit card.
- No early payment penalty: When you borrow through Elastic, you will have a required minimum payment, anywhere from weekly to monthly, depending on the schedule you pick. However, you can pay your loan back early without having to pay a penalty.
- High fees: When you borrow through the Elastic line of credit, you pay a cash advance fee of 5% or 10% of whatever you take out, depending on your billing schedule. Elastic also charges you a fee every statement cycle so long as you have an outstanding balance of more than $10. The fee depends on how much you owe, ranging from $5 to $175 if you pay bi-weekly, and $10 to $350 if you pay monthly.
- Cooling off period after 10 months: If you have an outstanding balance for more than 10 months, Elastic will put your account in a “cooling-off period.” You will not be allowed to borrow more money against your line of credit until you pay off your current balance and keep it at $0 for at least 20 days.
- Minimum credit requirement: 560
- Terms: 10 months, revolving line of credit
- Cash advance fee: 5% or 10%, depending on billing cycle.
Elastic Personal Loan Details
Elastic product details
In addition to its line of credit, Elastic offers a few other tools to help customers manage their finances. First, before you sign up you can experiment with an “Example Payment Calculator.” You can see how much it would cost to borrow different amounts of money and how much you would owe in fees, depending on how long you take to pay off the loan.
The Elastic app also comes with a free budgeting tool, which can help you find ways to free up cash and pay off your loan more quickly. If you would like to learn more about loans, budgeting and other topics, Elastic has developed Financial U, a series of videos that cover these topics.
Beyond these educational tools, Elastic customers can access their Transunion® credit score for free anytime they want. Elastic can also give you alerts about changes to your score, as well as the factors that make it go up and down.
To see how its product details stack up against the competition, be sure to compare against some of the top candidates on Student Loan Hero’s marketplace for personal loans.
While Elastic reviews your credit score when you apply, it does not specify its credit and income requirements. It only states that you need a regular source of income or benefits and that you must meet its credit underwriting standards.
You also need to be at least 18 to apply, or 19 if you live in Alabama or Nebraska. Finally, you must provide a valid email address to receive disclosures and have a checking account to qualify for this program.
Elastic loans are available in 39 states and the District of Columbia. The 11 states its does not serve are Colorado, Connecticut, Georgia, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia.
Beyond the residency restrictions, Elastic also does not offer loans to military service members and their families who are Covered Borrowers under the Military Lending Act.
Applying for a personal loan from Elastic
You can apply online for an Elastic line of credit by clicking the “apply now” button which shows up at various places throughout the company’s website. The online application will ask for your contact information, email address, Social Security number and date of birth so that Elastic can verify your identity and credit score. Elastic may also ask for a driver’s license and other documents.
To get help with the online application, you can call Elastic’s customer service line. If Elastic reviews and approves your application, it will email you an activation code to launch your account. You must activate your account within 10 calendar days of receiving the email or the offer will expire.
After you activate your account, you can access the line of credit whenever you want by logging into your Elastic account online. You can borrow right away, but you can also wait until later. When you request funds, Elastic can direct deposit into your checking account or mail you a check.
When you borrow from your line of credit, you decide whether you want to make weekly, bi-weekly, semi-monthly or monthly payments to repay the loan. You can then follow this schedule or can opt to pay off the loan more quickly to save money on fees.
Pros and Cons of an Elastic Personal Loan
Who’s the best fit for an Elastic personal loan?
Based on our analysis for this Elastic loan review, we believe its line of credit could be useful for someone who needs to borrow short-term on a regular basis. You can tap into the Elastic line of credit whenever you need money, pay the loan back, and borrow again later without reapplying. It serves the purpose of a backup emergency fund that’s there when you need it, but otherwise you don’t have to borrow. You could use this account rather than dealing with a payday lender, for example.
However, the Elastic line of credit is a bad fit for long-term borrowing because the statement cycle fees are extremely high. Depending on how much you owe and when you repay it, Elastic can charge up to $350 a month. In its terms and conditions, Elastic says frankly that its line of credit is a poor choice for long-term loans, something we definitely agree with.
Even by the standards of short-term loans, which typically charge higher interest rates, Elastic is on the expensive side. If you do use an Elastic line of credit, pay the money back as soon as possible. By paying off the loan before your first billing cycle, you can avoid owing a steep carried-balance fee.
Alternative personal loan options
- APR range: 16.05% – 35.99%
- Credit requirements: Varies
- Terms: 24 to 60 months
- Origination fee: Varies
Even though OneMain Financial doesn’t offer a line of credit, its standard loan could be a good substitute for Elastic’s product. It pays quickly, sometimes the next business day after you submit your application. You also can pay the loan back early, without a prepayment penalty, so it can work for short-term needs. The main downside is that you need to visit a OneMain Financial branch each time you apply for a loan.
- APR range: 6.95% – 35.89%
- Credit requirements: Minimum 600 credit score
- Terms: 36 or 60 months
- Origination fee: 1.00% - 6.00%
LendingClub is a peer-to-peer lender, which means that when you apply for loan funds, you’ll be matched with investors. LendingClub offers a repayment term of either 36 or 60 months, and your loan may take up to seven days to fund. According to the service, 2.5 million people have used LendingClub.
Tower Federal Credit Union
- APR range: 8.74% – 11.74% for loans; 11.40% to 18% for line of credit.
- Credit requirements: 580 minimum credit score
- Terms: 12 to 72 months or revolving line of credit
- Origination fee: No origination fee
Tower Federal Credit Union offers both standard loans and lines of credit. Its line of credit can range as high as $30,000, and it charges much lower fees than Elastic. However, you need to join the credit union to access Tower Federal Credit Union’s loans.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.74% – 16.99%1||$5,000 - $100,000|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|