Elastic Loans Review
If you need to get some money, you can think of applying for Elastic loans offered by Elevate Credit Inc.
The company cooperates with the Republic Bank that has an A+ rating given by the BBB.
There are various advantages and disadvantages of their services, and you can check them out in order to decide whether dealing with them is worth spending your time and money.
How It Works
Elastic Republic Bank gives you an access to a line of credit, which you can use at any time you want.
One of the best things about this loan is that you will only be charged interest on money that you withdraw.
Loans from Elastic are deposited right to your checking account.
The following are the basic conditions offered by Elastic:
- You can request a credit line in the amount of $500 up to $3,500;
- As you keep repaying the principal, your line of credit increases;
- All withdrawals are charged with 5% cash advance fee;
- A fee is charged if you do not pay the balance in full before the end of the payment cycle (it depends on how much you have borrowed);
- Interest rate is 80-200%, and it depends on how soon you repay loans;
- Payments are due every two weeks.
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How Can I Apply for a Loan?
The application process is pretty simple.
There is an online application form that you have to complete to provide the following information:
- Your full name;
- Social Security Number;
- Identifying documents (for instance, driving license), etc.
If everything is fine and your request is approved, you will receive a loan the next business day.
What Do Other Consumers Think?
Reviews on credits from Elastic differ one from another, but the majority of them are negative.
There is a rating of 2 out of 5 given by 42 users. 60% of them gave the company rating 1 out of 5.
Most customers complain about too high interest rate and fees, poor customer support and misleading consultations.
Often customers believe that they will only have to pay cash advance fee of 5-10%.
Several people complained that all payments that they had to make equaled to APR of 85%.
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Pros and Cons
- Free access to TransUnion credit score;
- Credit line is available through mobile application;
- Offers lots of educational materials;
- Offers a budgeting tool to help consumers plan their budget;
- Many negative reviews;
- Available in 39 US states;
- No land-based office.
If you are looking for some money, you can consider taking credit from Elastic.
However, you should carefully go through each review to check what you may be charged.
Contact their support team and try to clarify all the issues.
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If you have certain doubts or if you believe that they charge too much, you can find other financial sources.
Many customers believe that you can use Elastic if you do not need to borrow lots of money.