Cash Advance
Credit Line

Cash Advance Credit Line

A Flexible Credit Account, anytime you need it.

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What is a cash advance credit line?

A cash advance credit line, also known as a personal line of credit, is a financial account that you can apply for and, if approved, request cash advances. You don’t have to borrow from your line of credit, but it’s available when you need extra money for personal, family or household use to cover bills or an emergency.

Cash advance credit lines vs. a cash advance from a credit card

There are some similarities between cash advance credit lines and using your credit card for a cash advance:

    • There’s a credit limit, which is the maximum amount you can borrow at one time.

    • They are both revolving accounts. As you pay down your balance, you can reuse that portion of your credit line or credit card.

    • You may have to pay an upfront fee, often a percentage of the amount you borrow, when you get cash.

There are also differences to consider:

    • The credit 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.

    • Credit cards may have a low required monthly payment. If you only make the required payments, depending on the amount you borrow it could take years to pay off the cash advance.

    • You may be able to get cash with your credit card right away, but the ATM or bank may charge you additional fees.

How much does a cash advance cost?

The fees for a cash advance can vary depending on the financial institution and whether you’re using a line of credit or a credit card.
With Elastic, 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.

Why consider a cash advance credit line from Elastic?

You can quickly apply online for an Elastic line of credit and may be approved for a $500 to $4,500 credit limit.
When you need cash, you can request a cash advance online or using the mobile app and get money in your account within one business day.*

*Cash Advances requested by 5:00 p.m. ET are typically made available to your bank the next Business Day if you elect to receive your Cash Advance by direct deposit, or mailed within 2 Business Days if you elect to receive your Cash Advance by a check in the mail. Consult with your bank for information on when funds will be available.