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A cash advance credit line, also known as a personal line of credit, is a revolving debt account from a lender that you can apply for and, if approved, request cash as needed. Once approved for a line of credit, you don’t have to borrow from it, but your available credit is there when you need extra money to cover expenses or emergencies.
There are some similarities between credit card and credit line cash advances:
There are also differences to consider:
|Features of an Elastic cash advance credit line||Benefits to you|
|Application takes minutes.||No multiple-trips-to-the-bank, long waits or uncertainty.|
|Payment Schedule gets you out of debt faster.||Know when your debt will be paid off.|
|Request your cash advance online or via mobile device.||Get fast access to cash, often within one business day.|
|Clear, upfront fee structure.2||No fee surprises.|
The fees or interest rate for a cash advance transaction can vary depending on the financial institution and whether you’re using a line of credit or a credit card.
For example, the Elastic line of credit does not have an interest rate like other traditional credit products. Rather, you pay a Cash Advance Fee of 5% or 10% for every Cash Advance you request, depending on your Billing Cycle.
We understand you may need more than one Billing Cycle to pay 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.2
Applying for an Elastic cash advance credit line is fast and easy. You may be eligible for an Elastic Account if you meet the following criteria:
Next, you can submit an application online. Often you’ll know within minutes or even seconds if you’ve been approved for an Elastic Account.
Some credit products have hidden costs and additional fees that make it easy to accidentally overspend on the funds you need. Elastic is a line of credit that only charges two fees: an upfront Cash Advance Fee of 5% or 10% of the Cash Advance, and a Carried Balance Fee if you carry a balance rather than repaying the total amount borrowed before your Billing Cycle ends.2 There may be times when you need money for household expenses or an unexpected emergency bill. We make it possible to apply quickly on a mobile device and have the money in your checking account within about one business day.2
Elastic is proud of its high TrustPilot ratings, which stand at an “Excellent” level of 4.7 out of 5 after more than 2,500 independent reviews. We’re happy to help customers get the cash advances they need quickly so they have cash on hand when it matters most.
You can apply online for an Elastic line of credit and may be approved for a $500 - $4,500 credit limit. When you need cash, you can request a Cash Advance1 through Elastic.com and get money in your account within one business day.2 .
A personal line of credit is a bank product that gives you the ability to request cash advances up to a certain limit. In other words, a cash advance is a feature of the loan — not the standalone product. You don’t have to request a cash advance, but if you it’s available to you if you need it.
Your credit score is made up of many different factors which can include payment history, outstanding debt, and credit utilization. If you request a cash advance, missing payments or paying late on a cash advance line of credit can affect your score.
Getting a cash advance from your credit card account can be as easy as going to the nearest ATM. However, the credit card company or ATM owner may charge you an additional transaction fee. A credit card cash advance may have lower minimum payments than a line of credit. But, depending on the amount you borrow, paying only the minimum each month could take years to pay off the credit card cash advance. Applying for a line of credit can take a few days and paperwork, but once you’ve been approved, the lender can typically transfer the funds to your account as soon as the next business day after you make the cash advance request. And the limit with a line of credit may be higher than a credit card’s cash advance limit, which is often just a portion of the card’s overall credit limit.
The cash advance limit on a credit card is typically a percentage of your total credit limit. In some cases, your credit limit may be higher with a line of credit. Your credit card statement should tell you how much your cash advance limit is.
1.You will only pay a Cash Advance Fee based on how much you borrow. And if you don’t repay the entire balance by your payment due date, you’ll repay a portion of your balance plus a Carried Balance Fee each subsequent billing cycle.
2. We will charge a 5% or 10% Cash Advance Fee, depending on your Billing Cycle, for each Cash Advance you request. We will deduct the Cash Advance Fee from the amount of the Cash Advance you request and deliver only the Elastic Cash amount to you. You are required to pay a portion of your Balance each Billing Cycle, and if you have a Carried Balance of greater than $10, a Carried Balance Fee of $5-$350 will apply. See the Terms and Conditions for additional information at www.Elastic.com/Terms-And-Conditions..