Lines of Credit
Elastic Review
Open-ended line of credit for non-prime borrowers.
Credit line
$500 – $4,500
Cash-advance fee
5% – 10% per draw
Carried-balance fee
$5 – $350/billing cycle
Effective APR
Often 65% – 99.99%
Funding speed
Next business day
Overview
Elastic, a product of Republic Bank, is a revolving line of credit aimed at non-prime borrowers. Instead of a posted APR, you pay a 5%–10% cash-advance fee per draw plus a carried-balance fee each billing cycle. The flexibility is real — but the all-in effective APR typically lands in the 65%–99.99% range, so use it for short bridges rather than long-running debt.
Pros
- Revolving line — draw only what you need
- Reports to TransUnion
- Auto-pay built into your payroll cycle
- No late fees
Cons
- Fees are charged per draw and per cycle — total cost is high
- Not licensed in every state
- Requires direct-deposit setup
Eligibility & requirements
- Direct-deposit enabled checking account
- Active employment
- Government-issued ID
Compare to other lenders
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