Elastic Personal Loan Review

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

how do personal loans work

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

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
Fees and Penalties
  • Term lengths: 10 months, revolving line of credit
  • APR range: 137.00% – 150.00%, also carried balance fee ranges from $0 to $350, depending on outstanding loan size and billing frequency
  • Loan amounts: $500 to $4,500
  • Time to funding: Typically by the next business day with direct deposit; checks are mailed within two business days.
  • Cash advance fee: 5% for weekly, bi-weekly and semi-monthly payment schedules; 10% for monthly repayment schedule
  • Prepayment fee: None
  • Late payment fee: None
  • Application fee: None

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.

Eligibility requirements

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
  • Borrow as often as you want: Since it’s a revolving line of credit, you can borrow money, pay it back, and borrow again without having to reapply with Elastic.
  • Fast payment: When you request money from your line of credit, Elastic pays by direct deposit within one business day.
  • No early-repayment penalty: You can pay back some or all your loan early without a prepayment penalty.
  • No fee for not borrowing: You don’t have to use the line of credit unless you want to. There’s no fee for keeping it open without borrowing.
  • Free credit score and other tools: Elastic comes with free access to your Transunion® credit score along with online tools and videos to help you budget your money.
  • Steep cash advance fee: Each time you request money from the line of credit, you pay a cash advance fee. It’s 5% of whatever you borrow when you schedule weekly, bi-weekly and semi-monthly payments, and 10% when you use a monthly repayment schedule.
  • Expensive when you don’t repay quickly: Elastic also charges a steep fee for any billing cycle in which you owe more than $10. It ranges from $5 to $350 per month, depending on how much you owe and your repayment schedule.
  • Small loan amount: The largest possible line of credit from Elastic is only $4,500.

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

OneMain Financial

  • 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!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

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.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* 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

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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

Visit SoFi

7.54% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Published in