Searching for the right personal loan is not an easy endeavor. There are many different loans and financial products, interest rates, fees, and varying terms. It takes a lot of hard work to ensure that the loan you’re considering is the right one for your situation. Some folks in this situation turn to loans like Elastic. Read on to learn more about who they are, what they offer, and whether it’s the right choice for you.
Elastic is a registered trademark of Financial Services by Elastic Financial, LLC.
Finding The Right Personal Loan
Personal loans come in many different shapes and sizes. There’s unsecured vs. secured loans, short-term or long-term loans, installment loans, and loans due back in one lump-sum payment. It can be challenging to sort through all of this to find what you need.
If you’re one of the many Americans struggling with debt and a low credit score, the search becomes even more difficult.
Having a lot of outstanding debt can lead to a low overall credit score. And having a poor credit score will make it difficult to get reasonable interest rates, decent loans, and other financial products. A bad credit score tells lenders that you may not have the best money habits. Thus, they may not want to lend to you until you improve your score.
If this sounds like your situation, there are still options for getting the quick cash loan you need.
Loans Like Elastic: What You Need To Know
Elastic may be one of the options you have as a borrower with bad credit. But what is it? How does it work? And is it the right choice for you? There are a lot of online loans for borrowers with bad credit. Make sure you do your homework.
Elastic is an online lender that offers a small-to-medium line of credit product. According to their website, you can get an online line of credit between $500 and $4,500. There are set fees associated with this product, and they state that those fees will come out of the line of credit before you receive it.
This product comes with a cash advance fee and a carried balance fee. While the cash advance fee seems to be an unavoidable cost of borrowing, the carried balance fee applies when you still have a balance at the end of a payment period.
The cash advance fee will either be 5% or 10% of your line of credit total, depending on your billing cycle. Your billing cycle can be bi-monthly/semi-monthly, or monthly. For each billing cycle with a balance over $10, you’ll be charged a fee ranging from $5–$350.
How Do Elastic Loans Work?
This line of credit product works similarly to many other online loans. If you live in a state that qualifies, you can apply online.
Here’s a typical process for receiving an Elastic line of credit:
- Once you finish your application, they will review your financial information.
- If you qualify, based on several factors, they may offer you a line of credit.
- You will have a chance to review the terms, conditions, fees, and amount they’re offering. Review this information carefully.
- If you want to accept the offer, you will sign for it.
- Your money can be deposited into your checking account or sent via check.
- If you pay off a portion of the line of credit, that amount becomes available to you again.
- Once you pay it off entirely, the agreement is complete.
Who Are Elastic Loans For?
These credit products are usually meant for borrowers struggling with bad credit. Many of these borrowers cannot get loans or products from traditional banks or credit unions. These borrowers often turn to personal installment loan direct lenders.
There are several requirements that you would need to meet to receive a product from Elastic:
- You need to be at least 18 years old
- You’ll need to live in a state where they offer them
- You cannot be covered under the Military Lending Act when applying
- You’ll need a regular source of income
- You need to have a checking account
CreditNinja: How Does It Compare?
If you’re in the market for a personal loan, you may have also heard of CreditNinja. We are a superior online lender offering personal installment loans to help borrowers in need. At CreditNinja, you won’t need to have a perfect credit score to be considered for one of our loans.
While Elastic only offers a line of credit product, CreditNinja offers personal installment loans and lines of credit. With CreditNinja, you may be approved for a loan up to $5,000, depending on the state you live in and your specific financial information.
CreditNinja’s Installment Loans
A personal installment loan from CreditNinja may be the solution you need if you have a low credit score. While you may have difficulty being approved for a loan from a bank or credit union, CreditNinja’s mission is to help borrowers with less-than-average credit scores.
With CreditNinja, you can get a larger loan than you would from a payday lender on average. You’ll also have more time to repay it and more flexible terms and conditions to meet your specific needs.
How Does CreditNinja Stand Out?
CreditNinja has been helping customers for years. We’re dedicated to helping you solve your financial problems and get back on track.
CreditNinja stands out for a variety of reasons, including:
- A fully online application process. Apply in minutes, get a decision right away!
- If approved, your funds will be deposited directly into your bank account.
- You may still receive funding even if your credit score is less than perfect.
- Flexible and manageable repayment periods make it easier to repay your loan on your terms.
- An unmatched customer service team is ready to answer any questions you have.
Who Should Pick CreditNinja?
CreditNinja loans are designed for borrowers who have difficulty making ends meet. If you’re currently struggling financially and unsure where to turn, a CreditNinja personal installment loan may be the solution.
Frequently, borrowers use a CreditNinja loan to pay off vehicle repair costs, medical bills, rent or bill payments, or other unexpected expenses that pile up.
If you have a lower-than-average credit score and need a cash infusion to get back on track, CreditNinja is here to help. And if you’re looking for some good old-fashioned financial tips, then check out the rest of the CreditNinja blog today!