What happens when you need emergency financial assistance that can’t wait until tomorrow? Unlike the old days when you had to beg money from friends or wait for as long as 7 days to get a loan from your bank, nowadays, you don’t have to go through that trouble.
One reliable place to request for financial funding without having to wait or fill out multiple applications is Elastic. Elastic is U.S based online financial lender that aims at offering fast and affordable lines of credit.
All you need to secure a loan with Elastic is a computer or mobile phone with an internet connection, meet a few requirements, and there you have your money.
Let’s get a deep understanding of what Elastic Loans entail.
Before signing any loan documents, whether online or physical, make sure that you understand and agree with all the details. When dealing with lenders, the fees or interest rates are among the most factors you need to keep an eye on.
With Elastic, you can loan out amounts ranging from $500 to $4,500. You only have to take what you need and can be able to pay up. Here is a summary of Elastic Loans fees and repayment terms;
As you can see, Elastic fees are reasonably priced given the fact that it’s an online lender. For instance, if you loan out $500 and choose a biweekly repayment plan, you will be charged a cash advance fee of $25. Elastic will deduct the $25 from your funds. This means that you will only receive $457.
As for the Carried balance fee, it’s the fee that will be charged for every billing cycle that you have a balance of $10.01+. The cost ranges from $5 to a maximum of $350.
According to Elastic loan calculator, if you repay your entire loan balance within monthly installments of 6 months +, you will pay up around $670 (cash advance and carried balance fee included).
For the repayment term, most borrowers use a payment schedule that matches with their income schedule. For instance, if you are paid every one month, you can set up a corresponding monthly plan for repayments.
If you sign up for a loan with Elastic, there are plenty of benefits that you will enjoy. Besides the favorable interest rates, the repayment terms are also well structured. Elastic allows you to sync your repayment dates based on your payday.
Additionally, if you repay your loan before the due dates, you won’t be charged a prepayment penalty. In fact, you may save money as Elastic will no longer have an outstanding balance to charge.
Elastic also has an online learning program that is aimed at helping you to manage your finances.
Here are other advantages and disadvantages of using Elastic;
Is it safe to apply for a loan with Elastic?
Yes, it’s absolutely safe to apply for a loan with Elastic. If you are worried that your financial information will leak out to unsafe hands, Elastic uses a 128-bit TLS protection system, to make sure that your information is fully protected.
Is Elastic registered?
Yes, Elastic was registered and accredited lending rights by the Better Business Bureau in September 2018. As well, Elastic operates under state rules.
Can I apply for a loan with Elastic?
Yes, all you need is to meet their minimum requirements. For instance, you must be 18 years or older, have a regular source of income, meet credit requirements, have an existing bank checking account, and have a valid email address.
To get a loan with Elastic, you must meet the following set minimum requirements;
Elastic offers credit facilities to residents of 39 states. If you live in the following states, you are not eligible to apply for a loan with Elastic;
If you need any assistance or advice from Elastic, please contact the customer support team. According to the online customer reviews, the Elastic Customer service team is amiable and will respond to your queries timely.
To apply for a loan with Elastic is easy and straightforward.
If you find yourself in a difficult financial situation, Elastic is an excellent choice for you. While the rates are higher compared to some other online lenders, the overall application and approval process is fast. As well, Elastic offers you flexible repayment terms where you can choose a repayment plan based on your payday.