3.6 of 5stars30 Reviews
Elastic is an easy way to access money when you need it. With Elastic, you get a line of credit, and can get Elastic Cash directly into your Checking Account or a check in the mail. You can borrow as much as you need up to your Credit Limit. As you repay your Balance, you can access additional Cash Advances up to your Credit Limit. With Elastic, you have a financial safety net to help you bounce back from life’s surprises. Elastic Features include: - Lines of credit from $500 to $4,500 - Borrow as much as you need up to your Credit Limit and get your Elastic Cash as soon as the next business day. - Pay off your Balance at any time without a prepayment fee - Pay a 5% or 10% Cash Advance Fee, depending on your Billing Cycle, with each Cash Advance - A portion of your Balance is due each Billing Cycle, and if you have a Carried Balance, a Carried Balance Fee of $0- $350 will apply Elastic is offered by Republic Bank & Trust Company, member FDIC. It is subject to application, underwriting and approval. Consult the Elastic Terms and Conditions and What You Need to Know for additional details. Elastic is an expensive form of credit and should not be used as a long-term solution.
Do NOT do it!
This company will help in a bind, but paying them back is horrible! Paying a fee to get the money and paying an interest rate is ridiculous! I had to learn the hard way. DO NOT, Do NOT, DO NOT get a loan from this company. I wish I hadn't.
I had always been current on my payments up until being financially impacted by COVID 19, being an independent contractor. I contacted Elastic in March after finding out I would have NO income and they did defer 2 payments. I contacted them again today and was told that now I am 30 days past due and that unless I brought myself current, they could not defer any more payments and that I had to come up with the past due payment in order to qualify for further deferrals. The only reason I am 30 days past due now is because I have been out of work since beginning of March with nothing coming in. The rep stated that if I do not bring myself current today, it is going to be reported to the credit bureaus as 30 days past due and that once it hits 60 days they will charge off. Again, I have always been on time with my payments until COVID hit and was current at the time I called back in March. Not sure how I can come current with ZERO MONEY COMING IN. All of my other creditors have been willing to work with me and have extended further deferrals this month (anywhere from 60 days to 6 months) due to the fact I still have no income coming in and am unsure when my work will pick back up again.
Closed with Lender:
Don't do it
No matter how bad your financial situation is don't get a Payday loan from this company. Run run run