Like Elastic, Fora is an online lender specializing in lines of credit for borrowers with fair to bad credit. Its application is entirely online, and you can get your money as soon as the same business day.
Loans Canada is a loan search platform with a large network of lenders. Fill out one application and get matched with lenders who are open to providing you with a bad credit installment loan.
Nyble offers plenty of repayment flexibility, similar to Elastic. If you're not ready to repay by the due date, you can contact Nyble in advance and extend the due date. Unlike Elastic, you pay zero interest but can only borrow up to $250.
Instant funding for a fee
24/7 approval and funding
No interest
No credit check
Flexible income requirements
Small loan amounts
Loan amount
$30 – $250
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest with optional fees
Origination fee
$11.99
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Like Elastic, KOHO's cash advances offer flexible repayments, an easy online application and rapid funding. Unlike Elastic, KOHO only offers up to $250, and you don't need to go through a credit check. But you'll need to pay a subscription fee starting at $2/month.
No job requirement
Instant cash advances
Small loan amounts
KOHO account required
Loan amount
$20 – $250
APR
Starting at 0%
Term
Flexible
Fees
0% interest with a subscription fee starting at $2/month
The MogoMini line of credit is designed for borrowers with low credit scores, which is very similar to Elastic. Minimum monthly payments are required, but you have flexibility when it comes to paying off the entire balance. Given the MogoMini's extremely high rate, however, it's best to only borrow a small, necessary amount and pay off the balance as soon as possible.
Consider Bree if you're looking for a loan for bad credit and you don't want to go through a credit check. Bree provides easy online funding like Elastic, but it only offers up to $350.
24/7 approval and funding
Instant funding (for a fee)
High rates
Loan amount
$20 – $350
APR
Starting at 0%
Term
Next pay cycle (65 days max)
Fees
0% interest with a $2.99 monthly membership fee
Turnaround time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and up to 3 business days for standard delivery.
How does Elastic compare?
Elastic is a bad credit lender that doesn’t specify a minimum credit score, which could make it a viable option for borrowers in the US who have less-than-stellar credit.
Here’s an example of Elastic’s costs:
Cash advance amount: $1,000 Cash advance fee of 5%: $50 (reduces your advance to $950) Carried balance fee: $35 to $70 per billing cycle
Based on a cash advance fee of $50 plus a carried balance fee of $35 or $70, this works out to an APR of around 221.60%–146.00% on a $1,000 advance.
This makes Elastic expensive compared to other lines of credit in Canada like Fora and MogoMini.
Pros and cons of Elastic lines of credit
Pros
Bad credit is OK
Request advances online
Transfers by the next business day
Accredited by the Better Business Bureau
Excellent customer reviews on Trustpilot
Cons
5% to 10% advance fee
Carried balance fee of $5 to $350 every billing cycle
May be more expensive than other types of loans
Bottom line
Elastic loans are not available in Canada, but alternatives to consider include Fora, MogoMini, Loans Canada and Nyble. These providers are open to applicants with poor credit scores, but be prepared to encounter high interest rates or fees and low loan amounts. Before committing to a lender, make sure the repayments are manageable with your monthly budget.
Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio
Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time. See full bio
Kat's expertise
Kat has written 12 Finder guides across topics including:
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