Need an emergency loan? Payday loan? Elastic loans can guarantee you a loan almost instantly. First, you will need to create an account. Once your Elastic account is open and activated, you can apply for the loan. Elastic loan, a credit extension offered by the Louisville-based Republic Bank and Trust Company, is an online platform that offers borrowers Cash in Advance online.
Once you create your account and the system approves you, you’re qualified to receive a $500 to $4,500 Credit Limit.
Note: Elastic loan deducts a Cash Advance Fee from any amount you request for and delivers only the Elastic Cash amount to you in your Checking Account or a check by mail. You can request additional Cash Advances provided you have not reached your Credit Limit. You can easily access this once you log in to your dashboard with your credit limit.
- 1 Elastic Loan Payments Plan
- 2 Elastic Loan Payment Method
- 3 About Elastic line of Credit
- 4 Difference Between Elastic Loans and Other Traditional Loans?
- 5 How to apply for Elastic Loans edited
Elastic Loan Payments Plan
You are required to make at least the Required Payment by your Payment Due Date. To qualify for an increased (upper) credit limit, you will have to make sure that you pay up before your payment due date. This will only add to your creditworthiness.
Elastic loans make it easy for borrowers to choose a payment plan that suits them best.
This Payment can include repaying a portion of your Balance, any Carried Balance Fees and any Past Due Amounts.
- Billing Cycle and Payment Due Dates: Your Billing Cycle and Payment Due Dates correspond with your Pay Date and the Pay Frequency you identified in your Application.
- 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.
- To initiate a Payment Due Date or Billing Cycle change request, please call Customer Support at (888) 225- 0080 or email us at [email protected] Requests are subject to eligibility requirements.
As part of a way to keep you informed, Elastic loan sends you a notice to the email address you submitted in your Elastic Account about the status of your request within 2 Business Days.
Kindly note that a change in your Billing Cycle from Bi-weekly or Semi-monthly to Monthly or Monthly to Bi-weekly or Semi-monthly will result in changes to the Cash Advance Fee, Carried Balance Fee and Required Payment you will pay.
Elastic Loan Payment Method
Elastic Loan allows you to choose your preferred payments method using the following:
1. AutoPay Method
If you select the autoPay method, Payment will be made automatically from your Checking Account. You can use this method to pay down your balance faster, make an Additional AutoPay amount and even pay more than the Required Payment for each Billing Cycle.
2. One-Time Electronic Method
Using this method allows you to call or schedule a one-time electronic payment online.
3. Debit Card Payments
You can make a debit card payment over the phone.
4. Payment by Checking Account
You can use this method if your bank allows you to use their bill payment feature to make payments.
5. Payment by Mail
You can pay by mailing a personal check, certified check or money order.
Any of these methods give you an opportunity to pay your balance in full at any time or make partial payments without penalty.
About Elastic line of Credit
Sometimes unexpected expenses range from car repairs to medical bills and you would need some cash to solve that immediately. This is where the Elastic line of credit comes in.
They offer lines of credit that range from $500 to $4,500 to help you cover any emergency funds you might need.
Getting started is simple, sign up to create an account, or log in to your Elastic account.
Approval doesn’t take that long and once that’s out of the way, you can request cash advances up to your credit limit and then continue to borrow more money as you pay off your balance.
Here are a few other things to know before applying for an Elastic line of credit.
- Not available in all states.
- Not available to some military personnel and their families who are covered under the Military Lending Act.
- If your Elastic account has a balance of 10 months straight, it can get cut off from borrowing at some point until you are able to pay off the entire balance.
- Funds via direct deposit are the fastest. The cash advance you requested, upon approval, can hit your bank account as soon as the next business day following your request.
Other benefits at Elastic Loan include:
- Free financial resources
- Elastic Online learning centre also known as the Financial U, offers educational courses.
- Interactive tools.
- Rewards after completing the learning courses.
- Multiple repayment options.
- Ability to make full or partial payments any time you want.
- No prepayment penalty.
- This means if you can pay off what you borrow within a couple of weeks.
- Ability to select repayments method and plan via autopay, one-time online payment or mail. You can also use a debit card, personal check, certified check or money order.
Difference Between Elastic Loans and Other Traditional Loans?
Elastic Loan doesn’t charge for interest no matter the amount you are borrowing. However, you’ll be required to pay a cash advance fee every time you request a cash advance. The zero interest rate is something you get to enjoy over traditional loans.
For example, if you’re approved for a $1,000 credit limit and borrow $500, your cash advance fee will be either 5% or 10% and cost $25 or $50, depending on your payment schedule and how quickly you pay the loan back.
And since Elastic will subtract your cash advance fee from your funds, if you borrow $500 and carry a fee of 5% ($25), you’ll only get $475 cash in hand.
Requirements for Elastic Loan Application
To be eligible to apply for Elastic Loan cash advance, you must:
- Be at least 18 years old (19 years old if you live in Alabama or Nebraska)
- Have a regular source of income or benefits
- Have an active checking account
- Be able to provide documents and information to confirm your identity
- Have a valid email address and consent to electronic disclosures
- Meet credit and underwriting requirements
How to apply for Elastic Loans edited
To apply you’ll have to fill out an online application; so you have to login into your Elastic Loan account, Go to the application page and provide the following information:
- Full name
- State and ZIP code
- Email address
- Mobile phone
- Monthly rent or mortgage expense
- Monthly income amount and source
- Employment details
- Checking account details
Once you are done filling in your details, hit the submit button. Now, Elastic will check your credit, and review your credit score and reports during the application process.
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