Cash Advances - Get Fast Funds from A Line of Credit
Elastic Flexible 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.
- 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.
- Gather documentation: Collect necessary documents like proof of income, banking information, and identification to verify your identity and income.
- Submit an application: Apply online from your phone or desktop. Ensure all information is accurate and complete.
- 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
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Features of an Elastic Line of Credit |
Benefits of an Elastic Line of Credit |
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Easy Application Process |
Avoid having to reapply every time you need money. |
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Flexible Credit Options |
Elastic offers a line of credit that adapts to your needs. |
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Quick financing |
Elastic provides fast funding, often within one business day.1 |
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Transparent Pricing |
Elastic provides simple pricing with no hidden fees or prepayment penalties. |
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.
1 Cash Advances requested by 5:00p.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.
2 We will charge a 10% Cash Advance Fee 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 repay 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 complete details.
