Enter your name, email address and create a new password. Once you have read through the instructions, start by selecting your state from the drop-down and ZIP code.Ģ. This will take you to the Get Started page where you get access to important information about new account creation. Elastic Account Creation and Borrowing Processġ.To create an account on Elastic and get started, visit the official site and the click on “Apply Now.” What loan products does Elastic offer?Įlastic only offers a line of credit as its main loan product What other store services does Elastic offer?Įlastic does not offer any other store services. Together with the score, you also get to see the factors that are affecting your score so as to improve your rating. You can also make a debit card payment over the phone, pay through your checking account or mail a check or money order to the company.īorrowers on the platform can access a TransUnion credit score, which you can get in the form of daily credit alerts. These range from autopay, under which the system automatically debits the required amount to one-time electronic which you can schedule online. The lender’s flexibility also comes to the fore when you consider the numerous repayment options available. Unfortunately, it does not have any physical stores and is not available in all states. Like most short-term lenders, Elastic does not require borrowers to meet the same stringent standards as when applying for a traditional loan. This makes it ideal for a borrower in a tight spot financially, though they cannot access the funds on the same day. The site’s application process is quite simple and you will know almost immediately whether you are approved or not. The videos seek to teach users about personal finance so as to make the best borrowing decisions depending on their financial situation. It contains a vast amount of educational videos. It might take another 5 days before the lender can reinstate your line of credit.Ī major highlight of the platform is its education system, Financial U. The break usually takes 20 days after which you can reapply. However, a borrower who ends up with an outstanding balance will have to take a break before they can qualify for another line of credit. The bottom line is that you can actually choose a payment plan that precisely coincides with your payday.īorrowers who pay off the full amount in a 10-month period or less can access the line of credit any time. Similarly, if you get your pay semi-monthly, you can choose a semi-monthly payment plan. But if you get it monthly, you can make payments once a month. If you get your pay every week or biweekly, you can opt to make repayments weekly or biweekly. Following an application, you can access funds within one or two days.Įlastic provides flexible repayment terms based on your payday. And though it does not charge interest, you have to pay what they call a credit balance fee anytime you owe more than $10.įortunately though, the website has a payment calculator to help you estimate your fees when applying. First, you have to pay what they refer to as cash advance fee for every withdrawal. The fees are however confusing and quite high. Its system is fee-based and should be easier to predict. It claims to provide a viable alternative to the high interest rates which often lead to long payment periods that at times exceed the original amount. Moreover, it means that you only need to repay the amount that you actually borrow. This would mean that you do not have to use the full amount you can access once you qualify. The lender offers unsecured personal loans in the form of lines of credit. When it comes to repayments, you pay back what you have borrowed in installments together with a fixed fee. You can request for as little as you need and as much as your credit limit allows. Its core lending facility is a fee-based line of credit that ranges from $500 to $4,500. Republic Bank has been in existence since 1982 and is Kentucky’s largest bank.Ĭurrently, Elastic operates in 39 states as well as Washington, DC. It issues funding courtesy of a partnership with Republic Bank & Trust Company, which is a member of the FDIC. Its product, the Elastic line of credit is owned by private equity powerhouses, Sequoia Capital and TCV. Founded in 2014, the company has its headquarters in Fort Worth, Texas. What is Elastic?Įlastic is an online money lender, operating under Elevate Credit. But it is an expensive credit option and is only available in some states. It has the backing of Republic Bank and lets you borrow as need arises. If you simply need a financial backup to get you through a tight month, the Elastic line of credit might be a great choice.
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