Online Personal
Line of Credit
from Elastic

Online Personal Line of Credit from Elastic

A Flexible Credit Account, anytime you need it.


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What is a personal line of credit?

A personal line of credit is an account that you can turn to when you need extra funds. You don’t have to borrow from your line of credit, but it’s available if and when you need it. From paying bills to a medical emergency, you can use the money for almost any personal use. Your personal line of credit account will have a credit limit, which is the maximum amount you can borrow at once. But you can also borrow less than the credit limit if you choose.

Is a personal line of credit an open-end or closed-end credit transaction?

Open-end credit is not restricted to a specific use or duration, in most cases. A personal revolving line of credit is a type of open-end credit. Closed-end credit includes debt instruments that are for a particular purpose and a set amount of time.

What are some of the pros and cons of a personal line of credit?

Pros:

    • Borrower flexibility: An online line of credit doesn’t have to be used at a particular time; rather, it can be a backup option for extra funds.
    • Peace of mind about unexpected expenses: If you must immediately pay for a car repair or another large purchase, your credit line is there to quickly get you the funds you need.
    • Ongoing access to credit: A personal line of credit allows you to borrow as much as you want up to the maximum credit limit. When you pay it back on time, that amount is available for you to borrow again.

Cons:

    • May cost more than secured debt: While some lines of credit are secured, like a home equity line of credit (HELOC), an unsecured credit line can have a higher interest rate or fees than secured debt.
    • Potential for variable rates and/or fees: If you apply for a personal line of credit with a variable interest rate, be aware that it can change over time — and potentially make your minimum payment different than expected. Elastic has two fees: a Cash Advance fee of 10% for each Cash Advance you request and a Carried Balance fee ranging from $5-$350 for each month you carry a balance of more than $10.** There’s no variable interest rate to worry about.
    • Must meet requirements: Every lender has specific standards for issuing a line of credit — for example, credit history considerations.

Costs of a personal line of credit depending on the financial institution and how you use your personal line of credit, there may be several fees to consider. These can include:

    • An application fee when you first open your line of credit.
    • An annual fee, which could apply even if you never use your line of credit.
    • A cash advance or balance transfer fee each time you use your line of credit.
    • Interest charges or fixed-amount fees as you repay the loan.
    • Prepayment fees, which may be a fixed fee or percentage of your loan amount if you repay your loan ahead of schedule.

 

Elastic’s simple pricing* means there are:
  • No application fees.
  • No annual fees.
  • No prepayment fees.

*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.

How can I use a personal line of credit?

When you need funds for a project or to pay a bill, you can request a cash advance from your personal line of credit. You can draw up to your credit limit and then begin paying it back. When you pay back a portion or all of your balance on time, you can borrow that money again.

Examples of how to use your personal line of credit:

    • Home repair projects
    • Medical bills
    • Car repairs
    • Other unexpected household expenses

Secured vs. unsecured personal lines of credit: What’s the difference?

Personal lines of credit may be secured or unsecured. A secured line of credit requires collateral, such as a vehicle, home, savings account or another type of asset. With an unsecured line of credit, you can apply for the money based on your creditworthiness. A secured line of credit may offer a higher credit limit and lower interest rates. However, it may also be riskier than an unsecured credit line because the lender could claim your collateral if you can’t afford to make payments.

Some benefits of a personal line of credit

    • Give yourself flexibility in case of the unexpected. The application process is fast and convenient, offering you access to the funds when you need them without the additional hassle of reapplying.
    • Take advantage of good deals on phases of a project when they arise. If you are using your line of credit for home repair projects, for example, you may find a great deal on parts or labor that you need to pay for up front. Use your line of credit to smooth any cash flow needs in a project that's happening in phases.
    • Easy and transparent. Unlike a credit card, where interest rates and fees may require you to research what you'll pay, Elastic's personal line of credit makes it fast and simple to request a Cash Advance and shows your fees and payments up front.**

Applying for a personal line of credit: An instant line of credit online

Unlike a personal loan, you’re not borrowing money immediately when you open a line of credit. You’re merely locking in your ability to use the credit line when the need arises. Once you have a line of credit, you can request a cash advance when you need it, and the lender will send you the money. Personal lines of credit are revolving accounts. As you pay down your balance, you can borrow against the credit line again up to your credit limit without having to reapply for a new line of credit.

What do you need to apply for an Elastic personal line of credit?

A variety of factors can affect your ability to get a personal loan or line of credit, but applying for an Elastic personal line of credit is very 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 personal line of credit.

Elastic provides convenience and transparency with an online personal line of credit

Apply today to see whether a personal line of credit from Elastic is right for you. With a clear fee structure and a fast application process, you can find out the potential credit limit for your online line of credit in just minutes.

APPLY NOW

 

 

*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.

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* Credit limits may vary by state of residence. Minnesota residents have a minimum Cash Advance of $1350.

The Elastic line of credit is offered by Republic Bank & Trust Company. 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. Consult the Terms and Conditions for complete details. Elastic is an expensive form of credit and should not be used as a long-term solution.
 

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