topic Re: Has anyone gotten an offer from "elastic" (Republic Bank) in General Credit Topics

Has anyone gotten an offer from "elastic" (Republic Bank)

Anonymous — Fri, 23 Jan 2015 13:32:00 GMT

Wow, I have not read this board for a long time - looks like maybe over a year. Apologies to the 2 or 3 people who had sent me mail, unread until now, from late 2013.

I got an offer in the mail from "elastic" (issued by Republic Bank) which is not a credit card, but a line of credit on a Payday-Loan-type account (although, as they point out, the terms are about 1/4 as bad as traditional payday loans.)

I took them up on the offer and opened up an account with a $2,500 credit line. I did not take out a loan at the time of application (which was instantly approved as the letter promised, once I logged on and filled it out.)

Has this already been talked about here? I searched and didn't find any conversation about it. If I got a mailer, and so did my husband, I assume many people will be getting it,so I thought I'd start the mammoth "elastic" thread.

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

Anonymous — Sat, 24 Jan 2015 03:03:38 GMT

Yep, I got one in the mail today. Opened it, read it, recognized it for what it was, tore it in half, threw it in the recycle bin. Done and done.

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

Anonymous — Tue, 23 Jun 2015 19:18:36 GMT

Hello. I received the same offer from Elastic a few days ago. Normally, I would immediately shred it. But I am in a financial bind right now and am seriously considering it. I am wondering, have you used your line of credit yet? If so, have you had a positive experience with this company? How well are you treated?

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

Anonymous — Wed, 24 Jun 2015 04:54:24 GMT

Yep, I got one too, looks like a check for 2500 but it isnt of course.

I got a different mailer last month too.

It does state on the first letter that it is 'an expensive form of credit'. I didnt read the second one.

I started a thread on it in the rebuilding forum last month but it was pretty short:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Elastic-LLC-Line-of-Credit-worthwhile/td-p/4015522

hth

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

Anonymous — Thu, 23 Jul 2015 02:29:37 GMT

Elastic offer pre-approval can someone tell me if this is a scam or how do they operate??? I have been trying to get some honest reviews on this I do need it in a month or so but would like to get more information on it . What has been some of the issues anyone has ran into .

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

Anonymous — Thu, 23 Jul 2015 02:33:36 GMT

Hello, did you ever get an answer to as how this company is I got a pre-approval also .

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

Anonymous — Thu, 23 Jul 2015 15:03:49 GMT

After doing my best to research this offer, I did not find anything that would suggest it is a scam. The terms are not the most favorable, but the company seems to be upfront about them. I did apply for the line of credit, but my application was denied because my debt-to-income ratio is way too high. Thanks, law school. Anyway, this would have helped me out of one bind, but it had the potential to create another one. So the denial was probably for the best. I found another way to cover my shortage this month--eBay. I am now trying to find a second job.

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

Anonymous — Mon, 17 Aug 2015 04:20:13 GMT

I just wanted to, add a comment for the elastic line of credit. I received this offer in the mail and was very hesitant at first because all the scams out there. I went online and entered all the pertinent info and was given a credit line of $2500. I transferred $1500 to my account and it was confirmed 2 days later. Elastic was there for me when I needed them. I used the money as a down payment on a newer truck and I am very thankful to elastic for approving me. This is not a scam. The terms are agreeable. Only bad thing about it is that they take money every week from your account. Some people will unfortunately go into the red and get bank overdrafts because they couldn't cover the weekly payments. So my advice is this. Don't take out more than you can pay back. They provide an easy to understand repayment plan, it will show you in advance what you have to pay every week. Oh and one more thing. Once you except the loan you will have 2 weeks before you have to make your first payment. My first payment on a 1500 advance is only 78.00. So if you need money in a hurry and you can afford to pay it back I say give elastic a shot. I didn't expect to get approved but I did.

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

7777777d — Tue, 15 Sep 2015 02:20:44 GMT

What was your interest rate

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

Anonymous — Fri, 30 Oct 2015 20:05:47 GMT

Yes! I actually borrowed $2600 from them. i was in a crunch and needed money after losing my job. i found another job but went through my savings and needed help to pay my bills. The money came pretty quickly and was deposited in my bank account with no hassles. Its actually a short term line of credit (6 months) that you can keep paying off and re-using over and over similar to a credit card. Getting more money when you need it is super quick too. I just go to the elastic site, log in, and click on the amount I want to get from my available credit line. It shows up in my bank account the next business day if I do the request before 3PM. To pay them back you have to let them auto debit your bank account twice a month. Say you took $500... to pay it back you have to first pay a small cash advance fee off the top.... then they debit your account twice a month based on the total amount you have outstanding. im currently owing $1900 and Im paying $170 twice a month or about $350/mo but that amount decreases as the amount owing gets smaller. The principal I owe gets paid off at the rate of $100 for every payment I make so the balance goes down to zero in only 6 months. Its a good source of quick cash when you need it and it can help with your credit rating if you pay back on time. Good luck!

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

Anonymous — Thu, 14 Jul 2016 17:13:27 GMT

Hi there, just like everyone else I am in a temporary bind. Do you have to pay back weekly, or do they go by your payday? I am paid biweekly but the application asks for my specific pay date. And also, I am wondering do they make it easy enough to pay off the loaner early? Thanks in advance! This site has been wonderful!

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

RonM21 — Fri, 15 Jul 2016 21:26:24 GMT

@Anonymous wrote:
Hi there, just like everyone else I am in a temporary bind. Do you have to pay back weekly, or do they go by your payday? I am paid biweekly but the application asks for my specific pay date. And also, I am wondering do they make it easy enough to pay off the loaner early? Thanks in advance! This site has been wonderful!

Welcome to the forums!!! I personally do not know about this, but if you haven't already try searching the threads, or maybe PM one of the posters in this thread about your question.

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

MACFRME — Sun, 17 Jul 2016 06:24:56 GMT

I receieved an offer and accepted it a couple of months ago due to a rough situation as well. They offered $3,500, and I ended up borrowing all of it for an emergency (work didn't pay a bonus they owe me, and I needed it for bills). This is a somewhat cheaper option than a payday loan. They charge you 5% of the amount you take out right away. You have a certain amount of time to pay it back before they charge you interest (either 2 weeks or 1 month depending on how often your pay them/you pay days). After that, the interest is something like 78% annually. For example, when I borrowed the $3,500(ish), they charged me a 5% fee upfront and added it onto the balance. The amount was deposited into my bank the next day. The first payment was due in two weeks (I get paid bi-weekly). The minimum amount due was $259.00, which all went to principal. The next payment was also $259.19, but this time, they charged me $113.00 in interest. So this is obviously an expensive option for short term cash needs. I used to have a PLOC, but I closed it and didn't want to take cash from a credit card (and couldn't for this amount). Some additional info: they don't report to the credit bureaus, they didn't do any sort of verification (for me at least), and you have to pay your balance off within 10 months of borrowing it, or they will freeze your account until the entire balance is paid off. They will also allow you to make an additional payment at any time and allow you to see some sort of free FAKO score. I wouldn't call this a scam, but it is an expensive option directed at people who have cash flow issues. If you can, try for a PLOC at your local CU before heading this route. If you can't qualify for one (like me), then this maybe a good option for a short-term (1 month or less) loan.

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

Anonymous — Sun, 07 Aug 2016 03:36:19 GMT

I'm considering doing this loan. My question is what if I take out a $3500 loan and make the monthly payments, the minimum amount they charge is $270. Does any of that go towards the principal?

Re: Has anyone gotten an offer from "elastic" (Republic Bank)

IantoJones — Thu, 13 Oct 2016 03:11:00 GMT

@Anonymous wrote:
I'm considering doing this loan. My question is what if I take out a $3500 loan and make the monthly payments, the minimum amount they charge is $270. Does any of that go towards the principal?

In researching this after receiving my own letter, I found a link with (possibly outdated) information about how much is allotted to principal for this loan:

http://banktalk.org/content/republic-bank-kentucky-offers-elastic-line-credit

Maybe this has the answer to your question?