Elastic Loans: Review Rates, Terms, and Fees
Elastic provides lines of credit ranging from $500 to $4,500, which could assist you in paying for unforeseen costs such as auto repairs or hospital bills. Republic Bank & Trust Company, situated in Louisville, Kentucky, owns and operates Elastic. If granted, you can apply for cash advances up to your credit limit and then take out more loans as you settle your debt.
Applying for Elastic
The application process for loans is not too complicated. Online applications are accepted, and applicants will get a response right away. An overview of the application and approval procedure is provided below:
You must submit your personal information and be able to prove your identity to apply.
Elastic will verify your credit history as you fill out the application to see whether you qualify.
Check to see whether you’re approved:
You should be able to find out quickly if you are approved for a line of credit because the approval procedure is rapid. You can borrow money whenever you are approved.
Wait for a direct deposit:
You can choose a direct deposit if approved for a line of credit. Your money will be deposited into your account the following business day if you do this.
Formalize a payment schedule:
One advantage of opening a line of credit is that you only have to pay back the amount you borrow, so you don’t have to use the entire amount available.
Who can use Elastic loans?
A home equity line of credit is frequently requested by borrowers who need a flexible line of credit. An Elastic line of credit, however, can be a smart option if you don’t own a home or if your house has little to no equity.
If you haven’t been able to accumulate enough emergency funds, you may still be a good candidate. Financial experts advise everyone to create funds for emergencies with enough money to cover anywhere between six months and a year’s living expenses. By doing this, you can access that money to cover unforeseen situations without using your credit card.
With an Elastic loan, you can access the money you need to cover emergencies and not incurring charges. But be careful: If you don’t repay everything you borrow in full at the end of each billing cycle, you’ll incur additional charges that might quickly mount up. How should I utilize an elastic loan? When your subsequent billing cycle begins, pay off all you borrowed.
Will Elastic report my account activity to credit bureaus?
Yes, Elastic reports the following credit reporting bureaus about your account activity:
- Clarity Services
Regularly paying creditors who report to one or more credit bureaus on schedule would show that you are responsible with money and could help you build better credit.
What is required to be eligible for Elastic?
You must log into your Elastic Loan account to complete the online application.
Visit the application page and enter the data listed below:
- Checking account details
- Employment details
- Monthly income amount and source
- Monthly rent or mortgage expense
- Mobile phone
- Email address
- State and ZIP code
Does Elastic impose a fee for cash advances?
After paying an initial cash advance charge that ranges from 5 to 10 percent of the amount borrowed, depending on how frequently you are paid. You have to repay the amount you borrowed in monthly or twice-monthly payments (semi-weekly, in which consumers are paid two times a month, or bi-weekly, in which they are paid every two weeks).
When you request money from your credit line, it is deposited in your bank account, so you can use it as you see fit. With Elastic, you can borrow in $20 increments up to your credit limit.
How much can you get through Elastic?
You can apply for a line of credit between $500 and $3,500 with an Elastic loan. In contrast to a conventional personal loan, a line of credit requires you to repay the amount you use.
Let’s say your home needs a new furnace, costing you $2,000. If you have a $3,000 Elastic line of credit, you may use $2,000 to pay for your new furnace and still have $1,000 open to cover other costs. Although your credit limit is unrelated to the amount of equity you have in your home, it is somewhat similar to a home equity line of credit.
Is there an origination fee with Elastic?
They do not impose an origination fee, though. Some lenders demand an origination fee for processing, reviewing, and funding a line of credit. These charges may be between 0.5 percent and 5 percent of the line of credit’s total value. Choose lenders that don’t impose origination costs wherever possible.
What APRs can I get with Elastic?
The interest rate on your Elastic Account is not like that of other conventional credit products.
Instead, they charge a Carried Balance Fee for each Billing Cycle in which you have a Carried Balance of more than $10.00 on your Statement and a Cash Advance Fee for each Cash Advance.
Is Elastic a credit card?
Elastic is not a credit card. Your Elastic Account is not capable of holding balances.
The account debit statement is immediately updated when you make a transaction. You still owe the full amount when you return the item(s) or settle the bill in full, even though the money you borrow is added to your balance.
Will establishing a credit line lower my credit score?
It is referred to as a “hard pull” when a card issuer checks your credit report because you have applied for a credit card. Whether you are accepted or not, that may cause a slight decline in your credit score.