Elastic

Elastic is an online revolving line of credit product for consumers with poor or fair credit, operated by Elastic SPV, LLC, a subsidiary of Enova International, and issued by Republic Bank and Trust Company. Unlike a fixed-term personal loan, a line of credit allows you to draw funds up to your approved limit, repay, and draw again as needed, similar to a credit card but without a physical card.

Elastic serves borrowers who may not qualify for personal loans or credit cards from mainstream lenders. Because it targets higher-risk borrowers and offers flexible access to credit, the cost is significantly higher than conventional lending products. Elastic charges a cash advance fee each time you draw funds from the line, rather than a traditional interest rate. When this fee is expressed as an annual percentage rate, the effective cost can be very high.

Before using Elastic, understand exactly how the fee structure works. Each draw triggers a fee that is calculated as a percentage of the drawn amount. Repaying quickly reduces the total fee cost, while carrying a balance for longer periods increases it. Read the full terms and calculate the total cost of any amount you plan to draw before proceeding.

Alternatives worth exploring include credit unions offering personal loans or credit lines to consumers with fair credit, Community Development Financial Institutions, and nonprofit lenders. These often provide lower-cost credit to consumers who would otherwise rely on high-cost products.

If you do use Elastic, draw only what you need and repay as quickly as possible to minimize fees. Do not use a line of credit as a substitute for emergency savings or as a way to cover ongoing income shortfalls. Republic Bank and Trust Company is FDIC-insured.