A below-average credit score doesn’t mean that you don’t have access to cash to meet unexpected expenses. Several online platforms are now offering a small loan for individuals who have a poor credit score.
Elastic is among those online lending platforms that offer small installment loans for individuals with a poor credit score. They also offer a line of credit and flexible repayment terms.
- 1 What is Elastic?
- 2 What are the Pros and Cons Elastic Loan?
- 3 How Does Elastic Work?
- 4 What Is the Loan Application Process of Elastic?
- 5 What Types of Loans Elastic Offer?
- 6 What is the Cost Structure of Elastic Loan?
- 7 What is Elastic Cooling-Off Period?
- 8 What Other Features Elastic Offers?
- 9 What is the Eligibility Criteria for Elastic Loans?
- 10 Is Elastic Customer Support Good?
- 11 Is Elastic Safe?
- 12 Elastic Review 2019 – Final Verdict
- 13 FAQ:
What is Elastic?
Elastic is an online lending platform of Republic Bank & Trust Company – which is a member of FDIC. It offers a small line of credit ranging from $500 to $4500. Republic Bank & Trust Company is the issuing bank of a line of credit for Elastic customers. The bank is established in 1982. It is headquartered in Louisville, Kentucky. This bank has close to over $4 billion in assets along with 50 banking centers. This bank is attained customers confidence on the back of its innovative products; it has been consistently rated as one of the best banks in the country.
Elastic offers small loans to clients. The borrower has to pay the loan amount in weekly or monthly installments. They charge interest rate and other management fees to borrowers.
What are the Pros and Cons Elastic Loan?
How Does Elastic Work?
Elastic is working on the strategy of providing easy access to money whenever you need it. Once the platform approves your financial information and loan request, the borrower is eligible to access the money whenever the need arises. You can do everything online without visiting the office.
The platform is transparent about the fee structure. They charge cash advance fee instantly once your loan request is approved. You will receive funds after the deduction of the cash advance fee. The platform can deliver the money in your checking account or a check by mail, depending on preference. Once you proved to be a good customer and you repay the money in time, the platform will permit you to request more cash advances. Elastic works like a line of credit for its customers. Below are the features of elastic:
- Credit Limit: The borrower can get a line of credit up to $4,500.
- Payments: Elastic seeks to make the repayment process easy and flexible for borrowers. The borrower is required to make at least one payment by the due date. The payment includes repaying a portion of your Balance, any past due amounts and any carried balance fees.
- Billing cycle based on income: The billing cycle and payment due dates always matches with your pay date. You can change a billion cycle according to your financial goals. You can make repayment on a weekly or monthly basis.
- No prepayment penalty: The platform permits borrowers to make repayments before the due date. The borrower can reduce the amount of interest by making early repayments. The platform does not charge any fee for prepayments.
- Online courses: Elastic offers one of the best education centers for peoples. They offer online learning courses which help its users in managing their finances in a better way.
What Is the Loan Application Process of Elastic?
Elastic has developed a simple loan application process that is similar to other trusted loan providers like CashNetUSA and Elastic. You don’t need to visit the office for the application process. The application process is online. The borrowers need to visit the website to apply for the loan. Once you reached the website, you can easily find the ‘Apply Now’ button on the home page.
Once you click apply now button, the platform will display a new page with a loan application form. You need to have the following information before filling the form:
- Street address
- Social security number/tax identification number
- Date of birth
- Email address.
Once you are done with the initial information, the platform will make a soft verification. If you successfully pass the initial verification process, the platform will ask you to provide more information related to the bank account and monthly income. You also need to select the schedule for repayment. Once they approve all the information; they will instantly deposit the amount in your checking account. They will ask you to select the repayment method. Below are the payment methods that you can select:
- If your pay frequency is weekly or bi-weekly, you will have Bi-weekly Billing Cycles and Bi-weekly Payment Due Dates.
- If your pay frequency is semi-monthly, you will have semi-monthly billing cycles and semi-monthly Payment Due Dates.
- If your pay frequency is monthly, you will have monthly billing cycles and monthly payment due dates.
The payment methods are also clear. They permit borrowers to repay the loan through various payment methods.
- AutoPay: The platform deducts the installment directly from your account. They will make a debit transaction from your bank on every due date. You are required to choose the auto-pay method to pay monthly installments.
- One-Time electronic: The borrower is also eligible to schedule a one-time electronic payment online.
- Debit Card payments: The platform permits borrowers to pay through debit card directly through a phone call.
- Payment by checking account: The borrower is eligible to use their bill payment feature to make installment payments.
- Payment by mail: You can pay by mailing a personal check, certified check or money order.
What Types of Loans Elastic Offer?
Elastic only offer one type of loan. They only permit borrowers to get cash advance in the range of $500 to $4500. Compared to the Payday loan platform that requires borrowers to repay the loan amount on a payday, Elastic offers the payment duration around 9 months. A cash advance is types of loan that people get to fulfill their financial needs. These loans are always short-term and the borrower is eligible to use it for any purpose. It is a type of personal loan. You can use it for home improvement, vehicle repair, medical, special event and so on. The borrower is also eligible to convert the cash advance into the line of credit. The line of credit means you can get money anytime when needed. They only charge interest on the used amount.
What is the Cost Structure of Elastic Loan?
Like CashUSA, Elastic is clear and transparent about the cost structure. They charge 5% to 10% cash advance fee according to the billing cycle. They deduct this fee directly from cash advance before depositing the funds into the borrower’s account. The borrower will receive the amount after the deduction of the cash advance fee. If you are paying Bi-Weekly or Semi-Monthly, the cash advance fee will stand around 5% of your cash advance. If the borrower is paying on a monthly basis, the cash advance fee will stand around 10% of the total amount.
The platform will also charge a carried balance fee in the range of $5.00 to $350.00 for each billing cycle that has a carried balance over $10.
The amount of the Carried Balance Fee depends on the amount of your Carried Balance and your Billing Cycle and is explained in Truth-in-Lending Disclosures in Paragraph I of the Elastic Terms & Conditions.
What is Elastic Cooling-Off Period?
The platform believes that responsible lending includes a Cooling-Off Period. Therefore, they are using cooling –off period. This period is not applicable to borrowers who pay off any balance in less than 10 months.
If you have balance in your elastic account for 10 successive months, the account will face a cooling-Off period. In this situation, you are unable to withdraw cash from your account as it enters the cooling-off period. This situation will end once you fully pay off your balance. It will take 20 consecutive calendar days to resume your account once you are done with paying off the balance. The platform resumes your account and you can request for a new line of credit. The account resumption could take up to 5 business days after the expiration of the 20 day period to reinstate the account.
What Other Features Elastic Offers?
Along with loans, Elastic also offers several other features to their clients. They are seeking to fulfill all the financial needs of individuals. Below are the features Elastic offers along with loans:
- Credit Score Plus: The platform offers its clients a TransUnion credit score. You can get this score in the form of daily credit alerts along with factors that are affecting your credit score. The platform does not charge any fee for offering this service.
- Example Payment Calculator: The example payment calculator helps in seeing a sample payment schedule. This also helps in understanding how paying more than the required payment can reduce the cost of borrowing.
- Budgeting Tool: Elastic has developed a budgeting tool for its users. This tool helps in streamlining the expenses and income. Using the budgeting tool could become one of the best tools for managing your money wisely.
- Financial U: The platform offers a complete education center for people who are facing difficulties in managing finances. The education center offers access to videos that cover the basics of savings, debt, and budgeting.
What is the Eligibility Criteria for Elastic Loans?
The eligibility screening criteria for this platform is strict. They only accept clients that are complying with its policies. The person is capable to apply for the loan if fulfills the following eligibility criteria:
- You must be at least 18 years old
- You should not be a covered borrower under the Military Lending Act
- You must live in a state where Elastic is eligible to operate
- You must have to show a regular source of income
- You should have an active checking account
- You should provide identity verification documents
- You must have an active email address
- You meet credit underwriting standards
- You agree to the terms and conditions.
The platform does not accept clients from around the world. They only accept clients from the United States. Indeed, it accepts clients from 39 states and DC. Below are a few states that are accepted on this platform:
Is Elastic Customer Support Good?
Customer support is one of the biggest instruments for borrowers to completely understand the loan terms and repayment schedule. Customer support also plays a big role in resolving technical issues related to the account setup and funds transfer.
Elastic has developed a strong customer support team. They have developed a separate ‘Frequently Asked Question’ page – which is helpful for borrowers if they face difficulties in understanding the cost structure or other factors related to account setup. One can easily find all the information related to phone number and email address from its website. You can call the support team from 8 am – 10 pm Eastern (Mon to Fri). The clients can contact the support team during weekends from 9 am – 6 pm. The users can also contact the support team through email. They respond to emails within three business days.
Is Elastic Safe?
Yes, Elastic is completely safe for borrowers. This platform belongs to Republic Bank & Trust Company. The bank is responsible for all the loans. It has been operating since 1982.
Republic Bank is a member of FDIC. It is the issuing bank of a line of credit for Elastic customers. It is headquartered in Louisville, Kentucky. This bank has close to over $4 billion in assets along with 50 banking centers. It is complying with the regulatory guideline of regulators. On the other hand, the platform is strictly working on the security and privacy side. They do not sell or share your personal information with anyone. Below are the few steps that they take to protect your personal information:
- They use computer virus protection that helps in detecting and preventing computer viruses from entering the computer network systems.
- Firewalls help to block unauthorized access by individuals or networks.
- Secure data transmissions help to ensure that information remains confidential.
- Only authorized people from Elastic have the right to use personal information.
Elastic Review 2019 – Final Verdict
Elastic is a good platform for borrowers who need cash to cover unexpected expenses. However, they charge a higher interest rate and a higher fee to borrowers. They accept clients with average to below verge credit score. The borrower needs to comply with the eligibility requirements. One can get a loan in the range of $500 to $4500. You can also turn the loan agreement into a line of credit if you successfully pay the previous debt on or before the due date. The repayment structure is flexible. The borrower can change payment schedule according to his financial goals and cash inflow. They also offer a few other enticing features such as budgeting and education center.
The application process is simple and online. The platform will ask you to fill the application form along with providing a few necessary documents. They will ask you to provide the following information during the application process. The platform accepts clients with average to below credit score. However, they make a credit check; they obtain your data and credit information from various third-parties to determine your eligibility. No, the platform does not support military customers listed as Covered Borrowers in the Military Lending Act database. Although the platform permits its clients to contact the support team through a phone call, the borrowers are not eligible to apply over the phone. The clients can only apply through the online application form which is available on its website. Indeed, it only takes a few minutes to apply and find out if you qualify for a $500 to $4,500 line of credit. Once you have received the loan, you have to repay that amount along with the interest. The loan payment due date always begins 14 days after your first Cash Advance. The repayment due date also corresponds with your pay frequency and pay date. The platform will offer you a statement for each billing cycle for which there is a balance on your Elastic Account.
The application process is simple and online. The platform will ask you to fill the application form along with providing a few necessary documents. They will ask you to provide the following information during the application process.
The platform accepts clients with average to below credit score. However, they make a credit check; they obtain your data and credit information from various third-parties to determine your eligibility.
No, the platform does not support military customers listed as Covered Borrowers in the Military Lending Act database.
Although the platform permits its clients to contact the support team through a phone call, the borrowers are not eligible to apply over the phone. The clients can only apply through the online application form which is available on its website. Indeed, it only takes a few minutes to apply and find out if you qualify for a $500 to $4,500 line of credit.
Once you have received the loan, you have to repay that amount along with the interest. The loan payment due date always begins 14 days after your first Cash Advance. The repayment due date also corresponds with your pay frequency and pay date. The platform will offer you a statement for each billing cycle for which there is a balance on your Elastic Account.