subject: Is Elastic.com The Right Company For You? [print this page] If you are in need of cash in a hurry, there are a number of companies to choose from. However, not all providers offering emergency loans are created equal in terms of the products they offer and the fees they charge.
One of the more popular companies offering emergency loans today is Elastic.com. This company has provided funds to more than one million customers who have found themselves in a potentially serious cash crunch. We have some factors to consider to help you determine whether Elastic is the best company for your needs.
What Type of Loan do You Want?
If you are looking for a traditional loan that provides a single lump sum and monthly payment plan, Elastic.com may not be the best choice for you. This company offers an emergency line of credit to their customers, which provides a more flexible lending and payment policy.
You access funds when you need them for a low flat fee and then pay the money back in either a lump sum or regular payment amounts. If this loan product sounds like the best type of emergency loan for your needs, then perhaps Elastic is the right lending company for you.
How Much do You Want to Pay?
Emergency loans are typically more costly than other types of loans, but the advantage to them is that you can usually get the money you need more quickly. Elastic.com differs from other types of lenders in this category because they charge a flat fee for their loans, rather than an interest rate percentage. This makes it easier for you to know exactly how much your loan costs, without even understanding how an interest rate is calculated.
When you access your line of credit, you pay $2.50 for every $20 you take out. If you pay the amount back in full before your due date, no further charges are assessed on your account. If you are unable to pay the balance in full, you will be assessed another flat fee on your outstanding balance every payment period until the loan is paid in full. The minimum monthly amount consists of 10% of your principle, plus the flat fee finance charge for that period.
How Quickly do You Need the Money?
Most people apply for emergency loans when they find themselves in a cash crunch from which they need immediate relief. If this is your situation, you want a company that can provide you with a fast answer to your loan application and get the approved funds into your account as quickly as possible. With Elastic.com, most customers are approved for their lines of credit almost immediately, and the funds are deposited into their accounts the next business day. You would be hard-pressed to find a company that gets you money much faster than that.
While there are many choices in emergency loan companies today, not all provide access to your funds in just one business day or charge a flat fee instead of a more complex interest rate. If you need cash in a flash, Elastic.com may be your best bet for an emergency loan that is quick, flexible and easy to understand.
