A cash advance credit line, also known as a personal line of credit, is a financial account that you can apply for and, if approved, request cash advances. You don’t have to borrow from your line of credit, but it’s available when you need extra money for personal, family or household use to cover bills or an emergency.
There are some similarities between cash advance credit lines and using your credit card for a cash advance:
There are also differences to consider:
The fees for a cash advance can vary depending on the financial institution and whether you’re using a line of credit or a credit card.
With Elastic, you pay a Cash Advance Fee of 5% or 10% for every Cash Advance you request, depending on your Billing Cycle. We understand you may need more than one Billing Cycle to pay your Balance. If you choose to pay your Balance over time, you are required to pay a portion of your Balance each Billing Cycle. Additionally, for each Billing Cycle that you have a Carried Balance of over $10, you will be charged a Carried Balance Fee ranging from $5 – $350. Please review the Terms and Conditions for details on the Cash Advance Fee and Carried Balance Fee.
You can quickly apply online for an Elastic line of credit and may be approved for a $500 to $4,500 credit limit.
When you need cash, you can request a cash advance online or using the mobile app and get money in your account within one business day.*
*Cash Advances requested by 5:00 p.m. ET are typically made available to your bank the next Business Day if you elect to receive your Cash Advance by direct deposit, or mailed within 2 Business Days if you elect to receive your Cash Advance by a check in the mail. Consult with your bank for information on when funds will be available.