Cash Advances - Get Fast Funds from A Line of Credit

What is a Cash Advance?

A cash advance is a quick and easy way to access funds from your existing line of credit. It's like a short-term loan that you can use for unexpected expenses, bills, or any other personal financial needs.

To get a cash advance, you'll first need to be approved for a personal line of credit, also known as a cash advance credit line. This establishes a pre-set borrowing limit with a lender, allowing you to request cash advances as needed if approved.

With Elastic, you can get a cash advance directly deposited into your bank account, often within one business day.¹

How to Get a Cash Advance

If you are interested in receiving a cash advance, you will first need to apply for a line of credit.

Applying for a line of credit typically involves four steps.

1. Assess your needs: Determine how much money you need to borrow or may need in the future. This will help you decide the amount of the cash advance, and if a line of credit is the right choice for your current financial situation.
2. Gather documentation: Collect necessary documents like proof of income, banking information, and identification to verify your identity and income.
3. Submit an application: Apply online from your phone or desktop. Ensure all information is accurate and complete.
4. Review the terms: Carefully read the terms and conditions of the line of credit offer, paying attention to interest rates, fees, and repayment terms before accepting.

Specific requirements and process may vary depending on the lender. Click here to learn more about Applying and Qualifying for a Personal Line of Credit.

What are some benefits of an Elastic line of credit

How Much Does It Cost to Get a Cash Advance?

The cost of obtaining a cash advance varies depending on the lender and your specific terms. You'll typically see cost in the form of fees and interest charges.

• Interest Rates (APR): Interest is charged on the amount you borrow for the cash advance.
• Cash Advance Fees: This can be either a flat fee or a percentage of the amount you withdraw. This fee is usually deducted directly from the cash advance amount. Elastic charges a Cash Advance Fee of 10% for each cash advance.²
• Carried Balance Fee: With Elastic, you are required to repay a portion of your balance each billing cycle, and if you carry a balance over $10, a Carried Balance Fee ranging from $5 to $350 will apply.²

Full details on Elastic’s transparent pricing can be found on the What it Costs page.

About An Elastic Line of Credit

An Elastic line of credit offers a convenient and flexible way to manage your finances, providing cash advances when you need them most. With a straightforward application process, transparent fees, and the ability to borrow and repay as needed, Elastic empowers you to take control of your financial well-being. Don't let unexpected expenses catch you off guard – apply for an Elastic line of credit today and experience the ease and peace of mind that comes with having a financial safety net.