An Alternative to Payday Loans
Elastic Flexible Credit
Elastic Line of Credit - An Alternative to Payday Loans
Don't Get Trapped by Payday Loans: Upgrade to Elastic's Flexible Line of Credit
If you're in need of quick cash to cover an emergency expense, an Elastic Line of Credit could be a smarter alternative to a payday loan. With Elastic, you'll enjoy more flexibility and control over your finances. Instead of facing a lump-sum payment due on your next payday, you can borrow what you need and make smaller, more manageable payments over time.
Unlike the short-term fix of payday loans, Elastic is designed to flex with your financial needs. By providing continued access to funds up to your credit limit, Elastic makes it quick and easy to get the money you need when unexpected expenses arise. That’s why Elastic provides ongoing peace of mind that payday loans simply can't match. So, ditch the payday loan cycle and discover the Elastic difference today.
Comparison of Payday Loans and Lines of Credit
Feature | Line of Credit | Payday Loan | Advantage |
|---|---|---|---|
Loan Amount | Typically, a higher credit limit than payday loans | Lower loan amount, typically capped at $500 or less | Line of Credit |
Repayment Term | Longer repayment terms, offering more flexibility | Short repayment terms, typically due on your next payday | Line of Credit |
Access to Funds | Funds readily available after approval, often deposited straight into your bank account | Funds may be available within the same business day, but often requires in-person pickup | Line of Credit |
Credit Impact | Can help build credit score with on-time payments (if lender reports to credit bureaus) | Payments typically not reported to credit bureaus2 | Line of Credit |
Borrowing Costs | Typically, lower borrowing costs (interest or fees,1) than payday loans | Very high interest rates (Often up to 400%)3 | Line of Credit |
Approval Requirements | Varies by lender and credit history | Easier to qualify for, may only require proof of income and bank account | Payday Loan |
1. You will only pay a Cash Advance Fee based on how much you borrow. And if you don’t repay the entire balance by your payment due date, you’ll repay a portion of your balance plus a Carried Balance Fee each subsequent billing cycle. 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 pay 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 additional information at www.Elastic.com/Terms-And-Conditions.
2. “Can taking out a payday loan help rebuild my credit or improve my credit score?”, Consumer Financial Protection Bureau, Nov 25, 2024
3. “What are the costs and fees for a payday loan?”, Consumer Financial Protection Bureau, Nov 25, 2024
