Plain-English definitions of the credit terms you'll see when using Elastic lending loans.
Available credit
The portion of your credit limit you can still draw: your limit minus your current principal balance.
Carried-balance fee
A recurring Elastic fee charged on each due date while your principal balance exceeds $10; ranges from $5 to $350 per cycle.
Cash advance
A draw of funds from a line of credit, deposited to your bank account.
Cash advance fee
A one-time fee on each Elastic draw, typically 5% or 10% of the amount.
Cooling-off period
A pause on new draws after 10 consecutive months of carrying a balance.
Credit limit
The maximum amount you can owe on a line of credit at one time; $500–$4,500 for Elastic.
Credit report
A record of your credit accounts and payment history kept by Equifax, Experian and TransUnion.
Electronic Fund Transfer Act (EFTA)
Federal law protecting consumers who use electronic payments, including ACH AutoPay.
Installment loan
A loan repaid in fixed, scheduled payments over a set term.
Line of Credit Agreement
The binding contract that sets your limit, fees, payment schedule and rights.
Military Lending Act (MLA)
Federal law limiting the cost of credit to active-duty service members and their dependents.
Minimum payment
The smallest amount you must pay each cycle to keep your account current.
Prepayment penalty
A fee for paying off debt early. Elastic does not charge one.
Principal
The amount you've drawn and still owe, excluding fees.
Revolving credit
Credit you can use, repay and use again up to a limit, like a line of credit or credit card.
Truth in Lending Act (TILA)
Federal law requiring clear disclosure of credit costs and terms.
Underwriting
The process a lender uses to evaluate income, credit and risk before approving credit.
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.