Elastic Review

Top10.com Staff

Elastic at a Glance

Loan typesUnsecured personal loans, lines of credit
Loan amount$500 - $3,500
Repayment Terms Up to 10 months
APR137% - 150%
Best forWhen you need quick cash directly to your checking account


The Elastic Republic Bank line of credit product is owned by powerhouse private equity firms Sequoia Capital and TCV. Elastic issues their funding through FDIC member bank Republic Bank & Trust Company. Republic was founded in 1982 in Louisville, Kentucky, and has since grown into Kentucky’s largest bank, with over $3 billion in assets. Republic has 40 banking centers and has consistently received some of the highest ratings of any community bank in the country.

Elastic is a much needed alternative to short-term personal loans. Instead of charging high interest rates that can create long lasting payment plans that dwarf the original loan, Elastic offers a fees-based solution. Customers of Elastic can open a line of credit from $500-$3500 they can borrow from at any time. A cash advance fee is applied each payment period based on the outstanding balance. As customers pay down their loan, their fees become lower each month, an excellent alternative to more predatory short-term lenders.

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Elastic Highlights

  • Alternative to high interest rate loans - Members pay a cash advance upfront fee instead of an interest rate. Fees start as low as 5.00%, which can be significantly lower than many lender’s interest rates over the duration of a loan repayment.
  • Flexible payment options - Payments to Elastic can be due every two weeks, or monthly, depending on a customer’s income stream frequency. Customers can choose their payment plan to perfectly coincide with the days they get paid.
  • Funding in as little as one day - Cash advances that are approved by 6pm ET can be funded as easily as the following business day by direct deposit.

Elastic is an excellent alternative to the short-term loan providers with interest rates that really add up over time. Check out all the benefits that an Elastic line of credit can provide you with.

Pros and Cons

  • Users receive free access to their TransUnion credit score
  • Mobile application enables customers to borrow any time, from anywhere
  • Hosts a large online educational library of educational videos
  • Fees as low as $5.00 per month
  • Offers a budgeting tool to help customers determine their optimal expenditure limits
  • Only available in 39 states & Washington D.C.
  • No bricks and mortar locations

Loan Term Options

The beauty of a line of credit with Elastic Loans by Republic Bank is that the term of an outstanding balance is completely dependent on the borrower. While paying the minimum payment will take the borrower about 10-months to pay off their balance, customers are able and encouraged to pay more than minimums to reduce their fees. Fees are re-calculated each billing cycle, so the more a customer pays back, the lower their cash advance fee will be.

Loan Purpose and Amount Flexibility

Elastic provides a line of credit of between $500-$3500 depending on a borrower's qualifications. However, as long as a customer pays off their outstanding balance in under 10-months, they will have full access to their credit line at any time, providing extreme funding flexibility. Loans can be issued for unexpected medical costs, utility payments to literally keep the lights on, or late payments that will incur high overdraft fees or late fees.

Lending Qualification Process 

Elastic Republic Bank issues a line of credit to borrowers based on their credit score. Approximately 70.00% of Elastic customers have FICO scores between 475 and 650, but some customers range from lower than 375 to over 825.

Information and Support 

Financial U is the education section of Elastic. This section of the site hosts a library of educational videos that teach customers about foundational personal finance concepts. Once customers have mastered their financial knowledge, they can use Elastic’s online tools to ensure they are making the best possible borrowing decisions for their specific financial situation. Elastic loan customer service experts are available Monday-Saturday during business hours by phone or email.

Ease of Quote Application Process

Applying for a quote is as easy as entering basic personal information. Customers that meet Elastic’s credit requirements will receive a credit line maximum in a matter of minutes with absolutely no over-the-phone interaction required. 


Elastic Republic Bank offers a line of credit product that is an excellent alternative to other short-term lenders. Borrowers from Elastic have the benefit of paying down their outstanding balance, resulting in lower fees over time. Elastic is different from more traditional lenders such as SoFi, which offers a variety of different loans with much larger amounts and flexible repayment terms. Elastic also falls short compared to top lending marketplaces like LendingTree and LendingClub, who are able to take advantage of competition between lenders in order to provide competitive rates and terms. With this being said, Elastic is a good choice if you need a small loan directly to your checking account.

Elastic Alternatives

Elastic is a good choice if you need a small loan directly to your checking account. However it doesn't offer many of the services that traditional lenders do, such as Upgrade, which hosts a variety of different loans with much larger amounts and flexible repayment terms. Elastic also falls short compared to top lending marketplaces like LendingTree and LendingClub, who are able to take advantage of competition between lenders in order to provide competitive rates and terms.

Here are the top 5 alternatives to Elastic:

LenderLoan AmountAPRGet Started
upgradeUp to $50,0007.99% - 35.97%Visit Upgrade
lendingtreeUp to $35,0003.49% - 35.95%Visit LendingTree
LendingClubUp to $40,0006.95% - 35.89% *Visit LendingClub
prosperUp to $35,0007.95% - 35.99%Visit Prosper
marcusUp to $40,006.99% - 19.99%*Visit Marcus

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About The Author

Top10.com StaffByTop10.com StaffAug. 06, 2019
Our editorial staff is comprised of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right personal loan provider for your needs.