Elastic Bad Credit Reviews

Elastic is a community bank that offers a personal line of credit to clients that match the minimum lending criteria. The bank enables you to get a cash advance when in a financial bind, with zero interest rates.

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Best for
4 /5
Rating
$ /mo
Starting Price
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Table of Contents

    About Elastic

    With headquarters based in Louisville, Kentucky, the bank has further established almost 50 centers with $4 billion in assets.

    It’s a Republic Bank and Trust Company founded in 1982 and has since flourished into the largest bank.

    The provider has been invariably rated the best community bank in the country for its outstanding customer service. Unfortunately, it's only available in a few hand-picked states.

    Elastic Financial Terms in A Glimpse

     

    Credit Score Requirements

     

    Not established

     

    Loan Amount Range

     

    Credit limit

    $500 - $4500

     

    Loan Duration

    20 billing payment Bi-weekly and Semi-monthly cycles,

    Ten billing payments on Monthly cycle

     

    Interest Rates

    5% on each Cash Advance on bi-weekly/semi-monthly cycle

    10% on each Cash Advance

    On a monthly cycle

     

    BBB Rating

     

    A+

    What Elastic Offers

    The company offers a personal line of credit that can be used as a financial buffer when you're short on cash. It's a cash advance revolving credit line that you can utilize when in need of emergency funds. You can use it when necessary - simply request a cash advance.

    Apply Online

    The bank has developed a credit plan that's approved in minutes. The account is a revolving personal line of credit.

    As you settle the outstanding balance, you can borrow on the credit line until the credit limit.

    If you meet the requirements listed below, you may be eligible. Review these points before applying:

    • You are 18 years or older
    • You are not currently a Covered Borrower under the Military Lending Act
    • You reside in a state within its footprint
    • You have a consistent income or benefits
    • You need an active Check Account
    • You provide information necessary for identity verification
    • You submit a valid email address and give consent to receive electronic disclosures
    • You meet its credit standards
    • You agreed to its terms and conditions

    Personal Line Of Credit

    This financial account allows you to take out a cash advance, when requested, and when needed. There is a credit limit on the account.

    The cash advance amount can be an amount you select, as long as it doesn't exceed the credit limit. The payment cycle chosen determines the APR interest rates.

    How Elastic Works

    Check all the points on the required criteria before applying online. Gather all the necessary information needed, then follow the simple online application process.

    Complete the Online Application - Provide all the required data. Ensure all your information is correct and up-to-date. A credit check is needed.

    Verify Email Address - Confirm the email address to accept disclosures.

    Verify Checking Account - You'll need to log into your checking account through it's portal to verify your identity.

    Elastic Fees and Terms

    Once you've opened a personal line of credit, you can request a cash advance to the limit of $500 - $4500. A limit allocated to your account.

    You can select to pay a cash advance on a bi-weekly, semi-monthly, or monthly cycle

    Each cycle has a dedicated fee that is deductible with each cash advance. If you opt to pay bi-weekly or semi-monthly, the interest incurred for that cash advance will be 5%.

    For a monthly payment cycle, the interest will be 10%. 

    Documentation needed:

    • Proof of residence
    • Evidence of income
    • Social Security ID

    Elastic Customer Service

    As previously mentioned, the company has been rated the best community bank in the country, on various occasions.

    You'll be able to reach the company by mail, email, and telephone. 

    Elastic Pros & Cons

    Pros

    • Access to funds in an emergency
    • Flexible repayment options
    • Reasonable minimum criteria, accommodating diverse credit ratings
    • A+ rating in BBB

    Con's

    • Subject to a credit check
    • Available in a few states only

    Final Verdict About Elastic

    The company has established a good reputation, conveying its ethical business practices. It has expanded exponentially over the decades, yet is still limited to a select few states within the USA.

    The personal line of credit is a convenient financial tool for parents and students. Upstart and LendingPoint are other beneficial financial tools worth considering that are available across the country.