No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
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.
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.
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?
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:
hth
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 .
Hello, did you ever get an answer to as how this company is I got a pre-approval also .
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!