A personal line of credit is a financial account that banks, credit unions, lending companies and online lenders offer to consumers. Once you open a line of credit, you can borrow money (sometimes called a “cash advance”) from the account, use the cash for almost anything(personal, family or household use), and repay the balance over time.
Unlike an installment or payday loan, you can open a line of credit without immediately borrowing money — the line of credit simply gives you the ability to borrow money if you need to. You also generally only pay interest or fees on the amount you borrow, not your entire credit limit.
A line of credit generally has a credit limit, which is the most you can borrow at a time. They are also revolving accounts, and as you pay down your balance, you can borrow against your credit line again without having to reapply for a new account.
If you have received a pre-selected offer for this product, please note “pre-selected” means you have met our initial selection criteria to qualify for this offer of credit. When you respond to this offer of credit, we will confirm that you continue to satisfy the pre-selection criteria, including income requirements. We will also verify your email address and identity, which may include a confirmation of your active Checking Account.
In most cases, you’ll receive your results in a matter of seconds.
Once your line of credit is open, you can access it whenever the need arises. Just request the money you need up to your Credit Limit, and it can go right into your Checking Account. As you pay your Balance, you can access additional money up to your Credit Limit. There’s no need to reapply and no fees to keep your line of credit open.
Your Elastic Account does not have an interest rate like other traditional credit products. Rather, 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.