As a responsible lender, we commit to you that this line of credit product abides by all applicable laws and that we strive for the utmost level of transparency and fairness.
This product is a line of credit. Each cash advance under your line of credit is intended to help with your immediate cash needs. Cash advances under this line of credit will not solve your long-term needs, and continuing cash advances will result in additional charges. We encourage you to (1) borrow only what you need and can repay, (2) reborrow on your line only after you have reduced the principal as much as possible, and (3) shop the marketplace until you are convinced that you have found the best possible solution. You may choose to consult a consumer credit counseling service for other options.
The cost of credit will be clearly disclosed to you in terms of the dollar amount of the Cash Advance Fee and the periodic Minimum Charge. For details on the specific costs of your line of credit, please see the Credit Agreement and Terms and Conditions. We will never charge you any "hidden fees" that are not fully disclosed in the Credit Agreement and Terms and Conditions.
You may close your Elastic line of credit account at any time upon request, provided that you will be required to repay all amounts borrowed and fees accrued as of the time of closure. If you change your mind about a cash advance request, you may cancel your cash advance as set forth in the Credit Agreement and Terms and Conditions. You also may repay any borrowed amounts at any time without incurring a prepayment penalty.
If you don’t make a payment on time, we will attempt to contact you via one or more authorized methods, including phone calls, emails, and text messages to arrange for payment. In addition, we may re-present any returned payments to your bank in accordance with applicable law and regulatory requirements. If we are unable to reach you, or if we are unable to collect against your debt, we may place or sell your debt with third party collection agencies. Furthermore, since we may report payments to one or more credit bureaus, late or non-payment of your debt may impact your credit rating.
You can minimize your overall cost of borrowing by requesting fewer cash advances on your line of credit. When you request a cash advance on your line of credit, you can (i) eliminate the Minimum Charge by paying your outstanding balance in full by the due date or (ii) minimize your Minimum Charges by paying more than the minimum payment amount. We strongly encourage principal reduction and early payment to reduce your finance charges.
We comply by all applicable federal and state laws.
These laws include (but are not limited to):
Financial U is an online resource that helps you learn basic financial concepts and establish healthy financial goals. This online learning center includes videos, interactive tools and other resources and is free for all Elastic customers! To learn more, visit Financial U.
We always provide a physical address, a toll-free phone number, and an email address so that you can reach us in the most convenient manner for you. We strive to respond to your mail, calls, and email in as fast a manner as possible so we can quickly answer any questions and solve any problems you might have. Please see Contact Us for details.