FAQs

 

Below are a few of our most frequently asked questions. If you don't find the information you're looking for, give us a call at (888) 225-0080.



About Elastic

  •   What is Elastic?

    Elastic is an unsecured line of credit offering credit limits from $500 to $3,500.

  •   How much can I borrow?

    Elastic is an unsecured line of credit offering credit limits from $500 to $3,500. You can borrow Elastic Cash in $20 increments.

Applying & Eligibility

  •   Do you check credit?

    Yes, we obtain credit reporting information from various third party data providers.

  •   What states are currently served by Elastic?

    Elastic currently serves residents of the following states:
      •   Alabama
      •   Alaska
      •   Arizona
      •   Arkansas
      •   California
      •   Delaware
      •   District of Columbia
      •   Florida
      •   Hawaii
      •   Idaho
      •   Illinois
      •   Indiana
      •   Iowa
      •   Kansas
      •   Kentucky
      •   Louisiana
      •   Maine
      •   Maryland
      •   Michigan
      •   Minnesota
      •   Mississippi
      •   Missouri
      •   Montana
      •   Nebraska
      •   Nevada
      •   New Mexico
      •   North Dakota
      •   Ohio
      •   Oklahoma
      •   Oregon
      •   Rhode Island
      •   South Carolina
      •   South Dakota
      •   Tennessee
      •   Texas
      •   Utah
      •   Virginia
      •   Washington
      •   Wisconsin
      •   Wyoming

  •   Does Elastic serve Military customers?

    Due to changes in the Military Lending Act effective October 3, 2016, 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.

Cost

  •   What fees apply and how do they work?

    When you take a draw on your line of credit, you are charged a 5% Cash Advance Fee. The Cash Advance Fee is deducted from the total Cash Advance amount.

    If you pay back the advance in full on or before the first due date, no more charges will be assessed.

    If you need more time to repay your cash advance and choose to make more than one payment, there will be a Minimum Charge assessed based on your current outstanding principal balance at the end of each billing cycle. Please see the chart below.

    For example:

    Non-Monthly A $2000 outstanding principal balance will be assessed a $75.00 Minimum Charge the next billing cycle.

    Monthly A $2000 outstanding principal balance will be assessed a $150.00 Minimum Charge the next billing cycle.

    A new Minimum Charge is assessed in each billing cycle that a balance is outstanding.

    View Non-Monthly Minimum Charge Table

    View Monthly Minimum Charge Table

  •   Is there an annual fee to keep my account open?

    No, there are no annual fees to keep your Elastic line of credit open.

  •   What is the requirement to pay down to $0 after 10 months with an outstanding balance, and how does it affect my ability to get cash advances?

    Typically, you can request cash advances as long as you have available credit and your account is not past due. However, if you maintain an outstanding principal balance on your elastic Line of Credit for 10 consecutive months, you will be required to pay down to $0. You will be unable to request cash advances until you pay down your outstanding principal balance to $0.00 and maintain that $0.00 balance for 20 consecutive calendar days. See the Elastic Credit Agreement and Terms and Conditions for complete details.

Pay Down Period

  •   How long will it take me to pay down my line of credit?

    The pay down period is a total of 10 months (typically). If you maintain a balance greater than $0 for 10 consecutive months, your account will enter into a cooling off period. During the cooling off period you will be unable to request additional cash advances until your balance is $0 for 20 consecutive days.

Statements & Alerts

  •   How do statements work?

    Statements are emailed to you 14 days before the end of each Billing Cycle. To view your statements online, sign in to your account and select the 'History' tab.

Payments

  •   What is my minimum payment amount and how is it calculated?

    Your Minimum Payment Amount for each Billing Cycle consists of the Minimum Principal Payment Amount, plus Minimum Charges (Finance Charges), for that Billing Cycle. Your Minimum Charge for a Billing Cycle, as shown on the applicable Periodic Statement, is calculated based on the Balance on Which the Minimum Charge is Calculated appearing on your periodic statement as described above.

    Your Minimum Principal Payment is calculated each time you take a Cash Advance by using your outstanding Principal Balance (Cash Advance plus any previous Principal Balance, if applicable). The Minimum Principal Payment Amount for each Billing Cycle is determined at the time you take your Cash Advance as follows:

    For Customers with Bi-weekly or Semi-Monthly Payment Due Dates:
    Your Minimum Principal Payment Amount will be the greater of $50 or 5% of your Principal Balance. If your Principal Balance is less than $50, then the entire Balance is due.

    For Customers with Monthly Payment Due Dates:
    Your Minimum Principal Payment Amount will be the greater of $100 or 10% of the Principal Balance. If your Principal Balance is less than $100, then the entire Balance is due.

    For Non-Monthly

    View $400 Example

    View $1,200 Example

    For Monthly

    View $400 Example

    View $1,200 Example

  •   What is AutoPay?

    If authorized, AutoPay is the automatic payment of your minimum payment amount from your existing checking account.

    For Non-Monthly

    View $400 Example

    View $1,200 Example

    For Monthly

    View $400 Example

    View $1,200 Example

  •   How do I pay back my Line of Credit?

    If you have authorized ACH payments from your checking account (AutoPay), payments will automatically be drafted in an amount equal to the minimum payment amount. Other payment methods are also available, including money orders and paper checks. You can choose to increase a scheduled payment amount above the minimum payment due or can schedule additional payments online. Please refer to the Terms and Conditions for details about your payment options.

  •   How often are my payments due?

    Elastic payments can be due every two weeks, twice a month, or monthly, depending on how often you are paid.

    If you are paid every week or every two weeks, your payments will be due every two weeks. If you are paid twice a month, your payments will be due twice a month. If you are paid monthly your payments will be due once per month on the specific day of the month you select. 

Financial U

  •   What is Financial U?

    Financial U is an online learning center that teaches basic financial concepts and offers helpful 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.

Contacting Elastic

  •   Why am I not receiving emails from Elastic?

    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. Elastic uses your sign-in email to send notifications and statements. If your primary email address has changed, please update it by signing in and selecting the ‘Account Settings’ tab.

  •   Where should I send payments?

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

  •   How do I contact customer support?

    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:

    8 a.m. - 10 p.m. EST (Monday - Friday)
    9 a.m. - 5 p.m. EST (Saturday)
    7 a.m. - 9 p.m. CST (Monday - Friday)
    8 a.m. - 4 p.m. CST (Saturday)
    5 a.m. - 7 p.m. PST (Monday - Friday)
    6 a.m. - 2 p.m. PST (Saturday)


    Email Us:
    support@elastic.com