Elastic Line of Credit Review, April 2025

An Elastic line of credit is an easy way to get cash fast in an emergency. If you have an Elastic account, you might be able to borrow up to $4,500 in as little as a day. But it may not be the financial savior you think it is; Elastic’s high fees can make it an expensive way to borrow money and may lead to a cycle of debt.

Our Elastic line of credit review will walk you through how borrowing through Elastic works, when it makes sense, what some of the major drawbacks are, and alternatives to an elastic line of credit.

Who is an Elastic line of credit best for?

An Elastic line of credit lets you borrow money when you need it for unexpected expenses between paychecks. A revolving personal line of credit through Elastic could also be helpful if you have inconsistent income throughout the year.

Best for unexpected expenses

Given that you can draw from a revolving line of credit whenever you need it (and receive funds the next business day), Elastic is best suited for unexpected expenses, such as a car repair, an emergency vet visit, or a speeding ticket.

If you live paycheck-to-paycheck with no flexibility in your budget, covering these expenses can be challenging. Elastic gives you some breathing room until your next paycheck.

Elastic can also be helpful for covering periodic expenses — expenses you pay once or twice a year, such as car insurance premiums, vehicle registration, or holiday shopping — that your typical monthly budget doesn’t cover.

Great for inconsistent income

If you’re a small business owner, gig worker, or an employee with seasonally inconsistent hours, Elastic can be a helpful resource for covering everyday expenses when your income isn’t enough.

Pros and cons

Elastic lines of credit offer a few advantages for a specific set of borrowers in great need of cash fast, but there are drawbacks to consider before moving forward.

Pros

• May qualify with bad credit: Though Elastic checks your credit as part of its approval process, the unsecured line of credit is generally available to borrowers with fair or worse credit, assuming you have the steady income to manage repayments.
• Fast money when you need it: Getting approved for an account only takes a few minutes, and then you can immediately request a cash advance from your line of credit. Generally, Elastic can fund your account (minus the cash advance fee) the next business day.
• Large max credit limit: Assuming you have the income and credit to qualify, you can get a max credit limit of up to $4,500.

Cons

• High cash advance fee: Every time you need to borrow money through your revolving line of credit, you’ll pay Elastic a cash advance fee of 10%, deducted from what you receive; for instance, if you borrow $1,000 from your available credit, you’ll only get $900, but you’ll have to repay $1,000.
• High carried balance fees: Instead of charging interest, Elastic charges a carried balance fee if you don’t repay what you borrow in full by the next payment date. The carried balance fee depends on how much you have left unpaid, but can range from $5 every two weeks to $350 a month. 
• Short repayment term: Billing due dates are based on your payday. If you get paid once a month, you’ll have a monthly payment due date; if you get paid semi-monthly (twice monthly), you’ll have semi-monthly payment due dates; and if you get paid weekly or bi-weekly, you’ll have bi-weekly payment due dates. 
• Potential to form bad habits: Unfortunately, being able to repay what you borrow so quickly can be challenging. And once you have a recurring payment due date to Elastic, you may find it harder to afford your other existing bills — which can lead you to borrow more from your Elastic line of credit. 
• Not available everywhere: Elastic is not available nationwide. 

Some of the drawbacks of an Elastic line of credit require more context. For example, the carried balance fees can equate to very high APRs. For instance, the carried balance fee on $10.01 is $10 — essentially a 100% APR.

Also, the short repayment terms require you to make a fast turnaround. While you only have to make the minimum required payment, the carried balance fees on whatever you don’t pay can be large. It’s to your benefit to pay in full by the next payment date every time you borrow, if possible.

How to qualify for an Elastic line of credit

When applying for a personal loan, your credit score plays a big factor. However, Elastic may approve your application for a line of credit with bad credit (with some caveats, which we’ll explore next). Outside of the credit check, to qualify for an Elastic account, you simply need to:

• Live in a state where Elastic is offered
• Have a regular source of income (or benefits) and a checking account
• Be at least 18 years old

Your credit score and financial history

While Elastic may approve your application with bad (or no) credit, your credit qualifications will impact your credit limit (how much you can borrow). In fact, the company reserves the right to obtain your credit report at any time to reassess your credit limit.

Your income and employment

Elastic requires a steady source of income or benefits to ensure you can repay what you borrow. Repayment schedules are built around when you get your paycheck (or benefits deposit).

Elastic line of credit purposes

Like a personal loan, you can use a line of credit for almost anything, from home renovations and high medical bills to moving and vacations. However, while line of credit and personal loan uses are generally broad, we recommend only using Elastic’s line of credit for highly specific purposes, due to its high fees.

Specifically, we recommend Elastic line of credit for:

• Emergency expenses not in your budget
• Periodic expenses not in your budget
• Bills you can’t afford between paychecks

Elastic line of credit fees and penalties

Elastic’s fees are the biggest reason to be cautious of using the cash advance service. There are two main types of fees associated with an Elastic line of credit, and both can be quite expensive.

Cash advance fee

When you borrow money through your Elastic line of credit, you face a 10% fee. For instance, if you borrow $2,000, you must pay a fee of $200. You don’t have to pay that out of pocket. Instead, it comes out of the loan proceeds. In the $2,000 example, you would receive $1,800 and have to repay the full $2,000.

Carried balance fee

You’ll also pay a fee for any balance greater than $10 that you don’t repay by your next payment due date; this is similar to owing interest on any unpaid balance on a credit card after the payment due date.

While credit card interest is a percentage of your balance, Elastic charges a flat rate for unpaid balances, depending on your payment schedule and how much you still owe, from $0 to $350.

The table below breaks down this fee structure:

How Elastic compares to other lenders

Elastic is a unique concept in that it functions both like a revolving line of credit and a cash advance app. Unlike other cash advance apps, Elastic isn’t tied to your paycheck (though your income impacts your credit limit), and unlike other lines of credit, fees are flat rates instead of a percentage.

Keeping in mind its different structure, here’s how Elastic compares to a popular line of credit from a traditional bank (PNC) and compared to a popular cash advance app (EarnIn Cash Out).

Elastic line of credit vs PNC line of credit

How Elastic compares to more lenders: Best Personal Loans

How to contact Elastic

You can contact Elastic for customer support by mail, phone, or email:

By mail

Send customer support inquiries to the following address:

Attn: Elastic Customer Support

4030 Smith Road

Cincinnati, OH 45209

By phone

You can:

• Call Elastic customer support at (888) 225-0080 (Monday-Friday 8 a.m.-10 p.m. ET, Saturday and Sunday 9 a.m.-6 p.m. ET)
• Fax Elastic customer support at (888) 766-8160

By email

You can email Elastic customer support at [email protected]. You can also fill out a general contact form online.

There is no online chat functionality for Elastic.

About Elastic line of credit

Elastic is a financial technology company offering cash advances on your paycheck in the form of consumer lines of credit. This line of credit is offered through Republic Bank & Trust Company.

Elastic is headquartered in Cincinnati, Ohio, and is a Better Business Bureau-accredited business. The company has an A+ rating with the BBB and a 4.5 out of 5-star rating on Trustpilot.

Disclosure: Some lending partners that participate in Credible’s comparison marketplace offer loans to borrowers with scores as low as 550. Borrowers with low scores will have fewer lending options than borrowers with higher credit scores.