Geared toward bad credit borrowers, an Elastic line of credit (LOC) offers a revolving credit line between $500 and $4,500 as soon as the next business day. But this convenience comes at a high price. Each advance on your line costs 5% to 10%, and if you carry a balance, you could be on the hook for a “carried balance fee” of $5 to $350 every billing cycle.
Here are 8 loans like Elastic that may offer lower borrowing costs, including cash advance apps and bad credit personal loans.
If you're worried about bank account overdraft fees, SpotMe has you covered. SpotMe is a free, optional feature for Chime customers that lets account holders overdraw their accounts from $20 to $200 when they use their Chime debit card to make purchases or ATM withdrawals — with no overdraft fees.
To qualify for Chime, you need a Chime account with direct deposits. In the beginning, you'll qualify for $20 overdraws, but this could increase to $200 with a history of direct deposits and account activity. As long as you have $200 direct deposited into your Chime account every month, you may qualify.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. Direct deposit: Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. SpotMe: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
Pros
No fees or obligation to tip
Low monthly direct deposit requirement
Get paid two days early with direct deposit
Cons
SpotMe limits start at $20
Must have Chime Checking account and debit card
Only covers debit card purchases and ATM withdrawals
EarnIn is a cash advance app that lets you borrow up to $750 of your earned wages before payday with its Cash Out feature. This borrowing limit is significantly higher than most cash advance apps, and unlike payday loans, there are no interest or financing fees to use Cash Outs.
To qualify for EarnIn Cash Outs, you need to be employed, have regular direct deposits and earn a minimum of $320 each pay period. You can transfer $100 a day to a linked bank account or more than $100 per day to an EarnIn card. Regular transfers are available in one to three business days or in minutes for a fee.
Not available in: Connecticut
Pros
No credit check required
No mandatory fees, interest or tipping
Free credit score tracking included
Cash Out more than $100 per day with an EarnIn card
If you're a freelancer or gig worker with varying paychecks, Cleo's cash advance can help tide you over until your next payday. Cleo counts income from different sources and doesn't have a minimum income requirement. As long as you have consistent income from your gigs, you could qualify for cash advances.
Cleo cash advance amounts start at $40 to $70, but that could increase to $250 with an established income history. Cleo also has tools to help you budget and track your spending and bills better. Cash advances are available on the Cleo app through the paid plan, which costs $5.99 a month. If you need a same-day transfer, it's an additional $3.99.
Available in all states
Pros
No payslips or W-2 forms required
No credit checks or interest charged
Free AI financial planner, bill tracker and low balance alerts
Cons
Monthly fee to access cash advances
Borrowing amounts are limited initially
Mixed customer reviews
Loan amount
Up to $250
Loan Term
Next deposit
Turnaround time
3 to 4 days standard transfer. Same day with $3.99 to $9.99 express fee.
Loan amount
$40 - $250
Turnaround time
3 to 4 days standard transfer. Same day with $3.99 to $9.99 express fee.
OneMain Financial offers bad credit personal loans from $1,500 to $20,000 — much higher than Elastic's LOCs — and caps its rates at 35.99%. OneMain doesn't have a minimum credit score requirement, making it ideal for bad credit borrowers. And unlike a lot of personal loan lenders, it offers secured loans and allows cosigners to increase their chances of approval.
OneMain's rates start at a relatively high APR of 18%, but its rates won't exceed 35.99% even if you have bad credit — which could make it significantly cheaper than Elastic or a payday or installment loan. But it charges an origination fee of 1% to 10%, as well as late and nonsufficient funds (NSF) fees, which can run high.
Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
Pros
Same-day turnaround available
Secured and unsecured options
Bad credit applicants considered
Cons
Hard credit check required
Origination fee charged
Full coverage property insurance required for collateral
Achieve is a highly-rated fair credit personal loans lender offering loans between $1,000 and $100,000 — much higher than most online lenders. Its rates are also lower than most online lenders too, with APRs starting at 8.99% and capping out at 35.99%. It charges an origination fee up to 6.99%, which is less than origination fees of up to 10% charged by other bad credit lenders 620.
To qualify, you'll need a minimum credit score of at least 620, which is considered fair credit. Achieve differs from many lenders because it offers three ways to lower your rate: by adding a co-borrower, using at least 50% of the loan proceeds to pay your creditors directly or showing proof of retirement savings.
Available in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington
OppLoans is a bad credit online installment lender offering personal loans. It only runs a soft credit check to apply, which won't affect your FICO credit score. While APRs on its loans range from 160% to 179%, it's still cheaper than what payday and installment lenders typically charge. And it's known to be quick: same-day funding may happen if your loan is approved before noon CT.
OppLoans offers loans of $500 to $4,000 with repayment terms between 9 to 18 months in most states. It also reports your payments to the three major credit bureaus, which could help increase your credit score. While pricey compared to some lenders, its no credit check policy could help you qualify if your credit score is poor to very poor.
Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, West Virginia
LendYou isn't a direct lender like Elastic or the other lenders on our list. Rather, it's a connection service that matches you to short-term payday and installment lenders. You can apply for short-term loans from $100 to $5,000, and if approved, turnaround time is the same business day or the next.
As LendYou isn't a direct lender, the actual loan costs, fees and terms depends on the lender you get a loan with — and rates could reach up to 400% APR or more. The lender may or may not run a credit check depending on the loan you apply for. LendYou doesn't have a Better Business Bureau page, so be sure you're visiting the official site before applying.
Not available in: Arkansas, New Hampshire, New York, Texas, Vermont, West Virginia
Available in: Alabama, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Maryland, Michigan, Missouri, New Mexico, North Dakota, Oklahoma, South Carolina, South Dakota, Texas, Utah, Washington, Wisconsin, Wyoming
Pros
No credit check required
Other banking and investment services available
Options to increase advances to $1,000 per pay period
Cons
Normal funding takes 24 to 48 hours
Takes 3 to 8 weeks to be eligible for maximum Instacash
Instant delivery costs $8.99 per $100 borrowed
Loan amount
Up to $500 or $1,000 with RoarMoney account
Loan Term
Due by your next pay date
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
Loan amount
$50 - $500
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
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 if you have less-than-stellar credit. But compared to other bad credit lenders, Elastic may cost you more to use — especially if you carry a balance across billing cycles.
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 be around 221.60% APR to 146.00% APR on a $1,000 advance, respectively.
This makes Elastic expensive compared to 0% interest cash advance apps and lenders like OneMain Financial that caps rates at 35.99%. And its costs are similar to bad credit lenders like OppLoans, which has a maximum APR of 179%. But Elastic is still cheaper than most payday and installment loans, which can have rates exceeding 400%.
So, if you can pay your balance off every billing cycle and just pay the 5% to 10% advance fee — it’s actually similar to taking out a credit card cash advance, which typically costs between 3% and 10% per advance. Customers also like Elastic, with the majority giving it excellent reviews on Trustpilot.
Pros
Bad credit 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
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Written by
Kat Aoki
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 profile
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