In a Nutshell
- Mobile app lets you borrow any time, from anywhere
- Fees as low as $5 per month
- Only available in 39 states & Washington D.C.
- No brick and mortar locations
Elastic at a Glance
The Elastic Republic Bank line of credit product is owned by powerhouse private equity firms Sequoia Capital and TCV. Elastic issues their funding through FDIC member bank Republic Bank & Trust Company. Republic was founded in 1982 in Louisville, Kentucky, and has since grown into Kentucky’s largest bank, with over $3 billion in assets. Republic has 40 banking centers and has consistently received some of the highest ratings of any community bank in the country.
Elastic is a much needed alternative to short-term personal loans. Instead of charging high interest rates that can create long lasting payment plans that dwarf the original loan, Elastic offers a fees-based solution. Customers of Elastic can open a line of credit from $500-$3500 they can borrow from at any time. A cash advance fee is applied each payment period based on the outstanding balance. As customers pay down their loan, their fees become lower each month, an excellent alternative to more predatory short-term lenders.
- Alternative to high interest rate loans - Members pay a cash advance upfront fee instead of an interest rate. Fees start as low as 5.00%, which can be significantly lower than many lender’s interest rates over the duration of a loan repayment.
- Flexible payment options - Payments to Elastic can be due every two weeks, or monthly, depending on a customer’s income stream frequency. Customers can choose their payment plan to perfectly coincide with the days they get paid.
- Funding in as little as one day - Cash advances that are approved by 6pm ET can be funded as easily as the following business day by direct deposit.
Elastic is an excellent alternative to the short-term loan providers with interest rates that really add up over time. Check out all the benefits that an Elastic line of credit can provide you with.
Loan Term Options
The beauty of a line of credit with Elastic Loans by Republic Bank is that the term of an outstanding balance is completely dependent on the borrower. While paying the minimum payment will take the borrower about 10-months to pay off their balance, customers are able and encouraged to pay more than minimums to reduce their fees. Fees are re-calculated each billing cycle, so the more a customer pays back, the lower their cash advance fee will be.
Loan Purpose and Amount Flexibility
Elastic provides a line of credit of between $500-$3500 depending on your qualifications. However, as long as a you pay off your outstanding balance in under 10-months, you will have full access to your credit line at any time, providing extreme funding flexibility. Loans can be issued for unexpected medical costs, utility payments to literally keep the lights on, or late payments that will incur high overdraft fees or late fees.
Lending Qualification Process
Elastic Republic Bank issues a line of credit to borrowers based on their credit score. Approximately 70% of Elastic customers have FICO scores between 475 and 650, but some customers range from lower than 375 to over 825.
Information and Support
Financial U is the education section of Elastic and it hosts a library of educational videos that teach customers about foundational personal finance concepts. Once customers have mastered their financial knowledge, they can use Elastic’s online tools to ensure they are making the best possible borrowing decisions for their specific financial situation. Elastic loan customer service experts are available Monday-Saturday during business hours by phone or email.
Ease of Quote Application Process
Applying for a quote is as easy as entering basic personal information. Customers that meet Elastic’s credit requirements will receive a credit line maximum in a matter of minutes with absolutely no over-the-phone interaction required.
Elastic is a good choice if you need a small loan directly to your checking account. However it doesn't offer many of the services that traditional lenders so, such as Upgrade, which hosts a variety of different loans with much larger amounts and flexible repayment terms. Elastic also falls short compared to top lending marketplaces like LendingTree and LendingClub, who are able to take advantage of competition between lenders in order to provide competitive rates and terms.
Here are the top 5 alternatives to Elastic: