What is a cash advance credit line?

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.

Cash advance credit lines vs. credit card cash advances

There are some similarities between credit card and credit line cash advances:

• Both have 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.
• In both cases, when you take out cash, you may have to pay an upfront fee, often a percentage of the amount you borrow.

There are also differences to consider:

• 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.
• Credit cards may have a lower minimum monthly payment than line of credit. Depending on the amount you borrow, paying only the minimum each month could take years to pay off the credit card cash advance.
• Getting a cash advance from your credit card account is often as easy as using the nearest ATM; however, the credit card issuer or ATM owner may charge cardholders an additional transaction fee. Applying for a line of credit can take a few days up front, but once you've been approved the lender will typically transfer funds to your account as soon as the next day after each cash advance request.²

How much does a credit line cash advance cost?

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 10% for every Cash Advance you request.

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

How to apply for an Elastic cash advance credit line

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:

• You're at least 18 years old
• You’re not a Covered Borrower under the Military Lending Act at the time of the application
• You reside in a state where we offer Elastic
• You have a regular source of income or benefits
• You have an active Checking Account
• You provide information required to verify your identity
• You provide a valid email address and consent to receive electronic disclosures
• You meet our credit underwriting standards
• You agree to the Terms and Conditions

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.

Why choose Elastic for your cash advance credit line?

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 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.

What can an Elastic cash advance credit line do for you?

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

Cash Advance Credit Line FAQs