Question 1

What is Elastic?

Accepted Answer

Elastic is an unsecured line of credit offering credit limits from $500 to $4,500*.

Question 2

How much money can I borrow?

Accepted Answer

You can request Cash Advances up to your Credit Limit.

Question 3

Am I eligible for an Elastic account?

Accepted Answer

You may be eligible for an Elastic Account if you meet the following criteria: You are at least 18 years old; You are not a Covered Borrower under the Military Lending Act at the time of application; You reside in a state where we offer Elastic; You have a regular source of income or benefits; You have an active Checking Account; You provide information required to verify your identity; You provide a valid email address and consent to receive electronic disclosures; You meet our credit underwriting standards; and You agree to the Terms and Conditions

Question 4

Is Elastic available in all states?

Accepted Answer

Elastic is Available in the following states: Alabama, Kentucky, Oklahoma, Alaska, Louisiana, Oregon, Arizona, Michigan, Rhode Island, Arkansas, Minnesota, South Carolina, Delaware, Mississippi, Tennessee, Florida, Missouri, Texas, Hawaii, Montana, Utah, Idaho, Nebraska, Virginia, Indiana, Nevada, Wisconsin, Iowa, North Dakota, Wyoming, Kansas, Ohio

Question 5

What can I expect during the application process?

Accepted Answer

During the application process, you will be asked to provide a valid email address and consent to receive electronic disclosures. We will ask for personal information including details about your residence, income and Checking Account. We will also verify your identity which may include confirmation of your active Checking Account.

Question 6

Do you check my credit during the application process?

Accepted Answer

Yes. As part of our credit underwriting process, we will obtain your credit reporting information from various third-party data providers, so we can determine your eligibility for an Elastic Account.

Question 7

Why do you need to confirm my active Checking Account?

Accepted Answer

As part of our identity and credit verification processes, we may need to confirm your active Checking Account. This may include securely connecting to your bank through our trusted Elastic partner, Decision Logic. By allowing access to your Checking Account, we can verify the account information you provided and more quickly reach a decision on the status of your application. As part of this verification process, we do not store your Checking Account information, ensuring your information remains secure.

Question 8

Does Elastic serve Military customers?

Accepted Answer

Elastic is not available to applicants listed as Covered Borrowers in the Military Lending Act database, including qualifying active duty service members and their dependents as defined in 32 C.F.R. § 232.

Question 9

Can I apply over the phone?

Accepted Answer

To protect your identity, we do not accept applications by phone. However, the application process on Elastic.com is quick and easy. In fact, it only takes a few minutes to apply and find out if you qualify for a $500 to $4,500 line of credit!

Question 10

What fees apply and how do they work?

Accepted Answer

Your Elastic Account does not have an interest rate like other traditional credit products. Rather, you pay a Cash Advance Fee of 10% for every Cash Advance you request. We understand you may need more than one Billing Cycle to repay your Balance. If you choose to pay your Balance over time, you are required to pay a portion of your Balance each Billing Cycle. Additionally, for each Billing Cycle that you have a Carried Balance of over $10, you will be charged a Carried Balance Fee ranging from $5 - $350. Please review the Terms and Conditions for details on the Cash Advance Fee and Carried Balance Fee.

Question 11

Does Elastic charge any other fees?

Accepted Answer

No, with Elastic there are just the Cash Advance Fee and the Carried Balance Fee. There are no application fees, late fees, or annual fees.

Question 12

How do Statements work?

Accepted Answer

Your Payment Due Date is at least 14 days after your first Cash Advance and corresponds with your Pay Date and Pay Frequency. You will receive a Statement for each Billing Cycle for which there is a Balance on your Elastic Account, or as otherwise required by law. Your Statement will be generated at least 14 days prior to the Payment Due Date for each Billing Cycle. We will send a notice to the email address listed in your Elastic Account that your Statement is available. Your Statement is available electronically at Elastic.com. If required by law, we will also mail your Statement to the mailing address we have on file for your Elastic Account. Review the Statement Guide to help you better understand terms and calculations appearing on your Elastic Statement.

Question 13

What do I pay?

Accepted Answer

Your Required Payment is calculated at the end of each Billing Cycle. When you request a Cash Advance, we will tell you what your Required Payment and Payment Due Dates will be, assuming you take no additional Cash Advances. Your Required Payment will change if you take a subsequent Cash Advance. You can pay off your Balance faster by paying more than the Required Payment or paying the entire Balance in full. You are required to repay a portion of your Balance, any Past Due Amounts and any Carried Balance Fees each Billing Cycle. For details on how payments are calculated, please view Paragraph 11 of the Terms and Conditions. You can also view the Payment Calculator for a sample payment schedule.

Question 14

What are my Elastic payment options?

Accepted Answer

You may pay your balance in full at any time without penalty. We also accept partial payments. You may make payments using the following payment methods: AutoPay, one-time electronic payment, debit card payment, payment by checking account or you may make payments by mail any time using a personal check, certified check or money order. Please refer to the Paragraph 13 of the Terms and Conditions for complete details.

Question 15

What is AutoPay?

Accepted Answer

“AutoPay” is an optional preauthorized recurring automatic payment to us made on your Payment Due Date from your Checking Account. By selecting AutoPay, you authorize us to debit your Checking Account in the amount of the payment shown on your Statement as your AutoPay Amount plus the amount shown on your Statement as your Additional AutoPay Amount. Your AutoPay amount will be equal to the Required Payment minus any Past Due Amount. Your AutoPay amount will not cover your Required Payment if there is any Past Due Amount. You must make arrangements to pay all Past Due Amounts using another permitted payment method to satisfy your Required Payment. You may also authorize us, in a separate authorization available in your Elastic Account at Elastic.com, to separately debit an Additional AutoPay amount, which you select, from your Checking Account automatically on each Payment Due Date. Authorizing payment of an Additional AutoPay amount will help you pay down your Balance faster. Refer to Paragraph 13 of the Terms and Conditions for details.

Question 16

How often are my payments due?

Accepted Answer

Your Payment Due Date corresponds with your Pay Date and Pay Frequency 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. If your Pay Date or Pay Frequency changes, please call Customer Support at (888) 225-0080 or email us at support@elastic.com.

Question 17

How can I change my Payment Due Date or Billing Cycle?

Accepted Answer

To initiate a Payment Due Date or Billing Cycle change request, please call Customer Support at (888) 225-0080 or email us at support@elastic.com. Requests are subject to eligibility requirements. We will send a notice to the email address listed in your Elastic Account regarding the status of your request within 2 Business Days, including requests for additional information when needed. 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. Please refer to the Truth-in-Lending Disclosures in Section A, and Paragraphs 7 and 8 for details on the Cash Advance Fee and Carried Balance Fee. Please refer to Paragraph 11 for details on your Required Payment.

Question 18

Where should I send payments?

Accepted Answer

Mail Payments To: Republic Bank & Trust Company Elastic Payment Processing P.O. Box 950276 Louisville, KY 40295

Question 19

What is Financial U?

Accepted Answer

Financial U is an online learning center that teaches basic financial concepts and offers tips for creating healthy financial habits. Access to online courses, interactive tools and other resources is free for all Elastic customers. You can even get rewarded for successfully graduating from Financial U! Rewards are subject to eligibility requirements. Login to Financial U Terms & Conditions to learn more.

Question 20

Why am I not receiving emails from Elastic?

Accepted Answer

Spam / Junk Mail Filters. Some email filters may inadvertently redirect important account notices to your spam or junk folder. To ensure that you receive emails from us, please add support@elastic.com to your address book or inbox ‘safe list.’ Email Address Change. It is your responsibility to ensure that the contact information you provide is current and accurate, including your email address. You agree to promptly notify us of any changes to your contact information. You can update your contact information, including your email address, in your account settings at Elastic.com, by calling Customer Support at (888) 225-0080 or emailing us at support@elastic.com.

Question 21

Where should I send payments?

Accepted Answer

Mail Payments To: Republic Bank & Trust Company Elastic Payment Processing P.O. Box 950276 Louisville, KY 40295

Question 22

How do I contact customer support?

Accepted Answer

Write Us: Attn: Elastic Customer Support 4030 Smith Road Cincinnati, OH 45209 Call Us: P: (888)225-0080 F: (866)766-8160 Hours of operation: Mon - Fri: 8am - 10pm Eastern (5am - 7pm Pacific) (7am - 9pm Central) Sat - Sun: 9am - 6pm Eastern (6am - 3pm Pacific) (8am - 5pm Central) Email Us: support@elastic.com

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