• Skip to primary navigation
  • Skip to content
  • Skip to footer

BrightRates

The best rates on personal loans, student loans, and mortgages

BrowseClose
  • Personal Loans
    • Top Personal Loan Companies
      • Avant
      • LendingPoint
      • EVEN Financial
      • BadCreditLoans.com
    • Learn
      • Best loans for borrowers with bad credit
      • What is a hard credit pull vs a soft credit pull?
  • Student Loans
    • Top Student Loan Companies
      • Sofi student loans
      • Connext Student Loans
      • PNC Bank student loans
      • Guide to Lenders
    • Learn
      • How to calculate your debt-to-income ratio
      • The Top 5 Expenses In Life to Save Money
  • Mortgages
    • Top Mortgage Companies
      • Quicken Loans
      • Wells Fargo Home Mortgage
      • Rocket Mortgage
      • Suntrust Mortgage & Home Loans
    • Learn
      • The Debt Avalance vs the Debt Snowball…which is better?
  • Top Balance Transfer Cards
    • Card Reviews
      • US Bank Cash 365
      • HSBC Gold Mastercard
      • USAA Military Affiliate Card
      • BankAmericard Credit Card
    • Learn
      • Balance Transfer Cards vs Debt Consolidation Personal Loans
      • How to lower your credit card monthly payments with debt consolidation
      • What’s the different between Debt Settlement vs Debt Consolidation?
  • Add a Review

Elastic LOC (from Elevate)

August 24, 2017 by Leave a Comment

Elastic line of credit

Elastic LOC (from Elevate)

Elastic is a bank issued line of credit (LOC) for borrowers with poor credit.  Borrowers have a maximum they can borrow at any time and pay off at any time within the 10 month period.

Go to SiteAdd Review

4.2
Our Score

  • The Good
  • The Bad
  • The Summary
  • Reviews

Home › Review › Loans › Personal Loans › Elastic LOC (from Elevate)

The Good

Elastic is a “bank issued line of credit.”  What’s that mean?  A line of credit is a financial product that lets you borrow money whenever you need it without going through an application process or paying varying interest rates.  Once you apply and are approved, it is there for you to use when you need it.   Elastic is issued by lending platform, Elevate, and the actual funds come from Republic Bank.

  • Payment cycles adjusted to match when you get paid (i.e. weekly, bi-weekly, once a month).
  • Getting the money is super easy with Elastic. Funding in as little as one day.
  • Improves your credit score as you pay it down

“Studies show 64 percent of non-prime Americans are unable to borrow $500 from family and friends for an urgent, unexpected expense….With so many Americans lacking emergency funds, Elastic is a safety net for our customers, and its flexibility is one of the key product features that has kept our customers happy when they need additional credit to deal with life’s emergencies.” said Jason Harvison, COO of Elevate.

The Bad

While your initial fee may be as little as 5-10% of the loan, you could end up paying much, much more.  If you don’t pay off the LOC balance within one billing cycle (so in the first month), you’ll owe a monthly fee on top of this.  This fee varies from $1 to $200 depending on your loan terms, and you will pay this every month until the balance is paid in full (click here for more examples of Elastic fees and how they work).  This can get very costly.   And perhaps this is the biggest downside to Elastic and any line of credit product:  it makes borrowing very easy.  That’s great if you just need some cash to hold you over until next month – it’s cheaper than payday and alternatives.  But the average Elastic borrower pays the minimum which means the loan is not paid for 10 months.  At that point, the borrower has paid enough in fees to make Elastic about as costly as taking out a payday loan.

  • Hard pull on your credit to apply
  • Expensive unless paying the loan off after one or two months
  • Lines of credit can make it almost too easy to borrow money
  • Debits your account twice per week, so you must manage your checking account balance

The Summary

Elastic is clearly a product that people like.  In four short years, consumers have borrowed over $200 million using Elastic and the parent company, Elevate, has gone public on the stock market.  However, that kind of success probably speaks more to Elastic’s ease-of-use rather than its affordability.

Ratings Breakdown

Review Last Updated: August 24, 2017

How We Rate

BrightRates provides unbiased reviews to help consumers make better financial decisions. We are serious about the editorial integrity of our reviews.

If you see a fact that is misprepresented, please contact us.

Go to Site

Review

avatar
Review
zz
This comment form is under antispam protection
avatar
zz
This comment form is under antispam protection
  Subscribe  
Notify of

Footer

BrightRates

We offer technology to help consumers compare rates & reviews on financial products.

Loans

  • Personal Loans
  • Student Loans
  • Auto Loans
  • Mortgages


Company

  • About Us
  • Customer Support
  • Contact Us
© Copyright 2018 BrightRates · All Rights Reserved · Privacy Policy · Terms of Service · E-Consent
/* ----------------------------------------- */ /* Content Template: Review Content Template - start */ /* ----------------------------------------- */ .entry-header {display:none;}/* ----------------------------------------- */ /* Content Template: Review Content Template - end */ /* ----------------------------------------- */
wpDiscuz
THE OPERATOR OF THIS WEBSITE IS NOT A LENDER, does not make credit decisions, and does not charge any application fees. This Website does not constitute an offer or solicitation to lend. This Website provides a service wherein we submit the information you provide to one or more lending platforms and attempt to match you with a lending platform. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice. Providing your information on this Website does not guarantee that you will be matched with a lending platform or approved for a loan. The lending platform may perform a credit check or otherwise verify the information you provide. Not all lending partners offer loans up to the advertised amount and not all lending platforms can provide you with the loan amount you requested. Loan amounts are determined by the lending platform based on individual creditworthiness. All financial terms of the loan will be provided to you by the lending platform. Loan terms, conditions, and policies vary by lending platform, state, and applicant qualifications. For details, questions, or concerns regarding your loan please contact your lending platform directly. In some situations, faxing or emailing of documents may be required. Cash transfer times may vary between lending platforms and may depend on your individual financial institution. Loan repayment periods could vary by lending platform and location. Not all applicants will meet the lending criteria to qualify for a loan. Borrow Responsibly – A short-term loan is ideally used for short-term financial needs only, not as a long-term financial solution. Late or missed loan payments may be subject to increased fees and interest rates. lending platforms may use collection services for nonpayment of loans. We recommend seeking credit counseling if you have financial difficulties.