Your minimum payment is the smallest amount you need to pay each cycle to keep your Elastic account current. Understanding how it's calculated is one of the most practical things you can do as a borrower using Elastic lending loans — because the minimum is a floor, not a plan.
The minimum payment formula
Published Elastic terms describe the minimum principal payment by payment frequency:
| Payment schedule | Minimum principal payment | Plus |
|---|---|---|
| Bi-weekly | $50 or 5% of your balance, whichever is greater | Carried-balance fee for the cycle |
| Semi-monthly | $50 or 5% of your balance, whichever is greater | Carried-balance fee for the cycle |
| Monthly | $100 or 10% of your balance, whichever is greater | Carried-balance fee for the cycle |
If your balance is less than the minimum, the full remaining balance is due. Your statement always shows the exact amount, and your Line of Credit Agreement is the controlling source.
Where fees fit in
The minimum principal payment reduces what you owe. The carried-balance fee is added on top whenever your balance is above $10 on the due date. So your total payment each cycle is roughly: minimum principal + carried-balance fee. Because Elastic lending loans don't charge interest, there's no interest portion to calculate.
Worked example: $1,500 balance, bi-weekly
| Cycle | Starting balance | Minimum principal (greater of $50 or 5%) | Balance after |
|---|---|---|---|
| 1 | $1,500.00 | $75.00 | $1,425.00 |
| 2 | $1,425.00 | $71.25 | $1,353.75 |
| 3 | $1,353.75 | $67.69 | $1,286.06 |
| 4 | $1,286.06 | $64.30 | $1,221.76 |
Principal only. A carried-balance fee is added each cycle while the balance exceeds $10.
After four bi-weekly cycles — roughly two months — the balance has fallen by less than $280. Each of those cycles also carried a fee.
Why paying only the minimum costs more
- More cycles with a balance. Every additional due date with a balance over $10 means another carried-balance fee.
- Higher fee tiers for longer. A slowly falling balance stays in higher fee tiers longer.
- Cooling-off risk. Carrying a balance for 10 consecutive months pauses new draws — see the cooling-off period explained.
A better approach than minimum-only
- Decide your payoff date first — ideally within one to three months.
- Divide the balance by the number of paychecks until that date. That's your real payment target.
- Keep AutoPay on for the minimum, then add the difference as an extra payment. See our AutoPay guide.
- Avoid new draws until you reach $0.
Example: a $1,500 balance with a six-paycheck target means about $250 of principal per paycheck — more than three times the first minimum, and dramatically fewer carried-balance fees overall.
Key takeaways
- Elastic lending loans set minimum principal payments at $50 or 5% on bi-weekly and semi-monthly schedules, and $100 or 10% on monthly schedules.
- A carried-balance fee is added each cycle the balance is above $10.
- Minimum-only payments stretch payoff across more cycles, which means more fees and a higher cooling-off risk.
- Set a payoff date first, then calculate the payment that gets you there.
One more practical point: because the minimum is calculated as a percentage of a shrinking balance, Elastic lending loans can feel "almost paid off" for many cycles while small fees keep adding up. Locking in a fixed payment amount — the first cycle's minimum or your own higher target — prevents that slowdown. It's the same principle counselors teach for credit cards, and it works just as well here. If you want to model several payment amounts quickly, the estimator on our fees page shows the minimum for any balance, and our bi-weekly vs. monthly guide explains how schedule choice affects your plan. A clear target turns the minimum payment on Elastic lending loans from a trap into a safety floor.
The minimum payment keeps your account in good standing; a payoff plan keeps Elastic lending loans affordable. Learn more on our repayment options page, try the estimator on our fees page, or read 7 ways to pay off Elastic faster.
Frequently asked questions
What is the Elastic minimum payment on a monthly schedule?
Published terms describe it as $100 or 10% of your balance, whichever is greater, plus any carried-balance fee.
Does the minimum payment include fees?
The minimum principal payment is separate; the carried-balance fee for the cycle is added on top.
What if my balance is lower than the minimum?
If your balance is less than the minimum, the full remaining balance is due.
Related guides
- 7 Ways to Pay Off Your Balance Faster
- The Cooling-Off Period: How the 10-Month Rule Works
- AutoPay Guide: Set It Up, Pay Extra and Know Your Rights
- Credit Card Cash Advance Comparison
- Earned Wage Access Compared
- The Complete Guide to Elastic Lending Loans
- Cost & payoff calculator
Last reviewed October 17, 2026. Information reflects published Elastic® line of credit terms at the time of review and may change. Always read the lender's Line of Credit Agreement before you borrow.