Repayment is where you control the cost of Elastic lending loans. Payments are timed to your paychecks, you can pay extra at any time and there's never a penalty for paying off early.
Payment schedules and minimum payments
| Schedule | Minimum principal payment | Plus |
|---|---|---|
| Bi-weekly | $50 or 5% of balance, whichever is greater | Carried-balance fee for the cycle |
| Semi-monthly | $50 or 5% of balance, whichever is greater | Carried-balance fee for the cycle |
| Monthly | $100 or 10% of balance, whichever is greater | Carried-balance fee for the cycle |
If your balance is less than the minimum, the full balance is due. Your exact amounts appear on each statement.
Ways to pay
- AutoPay — automatic ACH debit from your checking account on each due date.
- One-time online payment — make an extra or early payment from your account dashboard.
- By mail — personal check, certified check or money order, sent early enough to arrive by the due date.
A counselor's 3-paycheck payoff plan
Here's a practical framework our Accredited Financial Counselor® uses with clients:
- Paycheck 1: Pay the minimum plus one-third of the remaining principal.
- Paycheck 2: Repeat. Your carried-balance fee drops as the balance falls.
- Paycheck 3: Pay the remainder so your balance is $0 before the next due date.
The 10-month cooling-off rule
If you carry a balance for 10 consecutive months, new cash advances pause until your balance has been at or below $0 for 20 consecutive days, or you pay in full. Plan to reach $0 well before that point.
If you're struggling to pay
Contact the lender's customer support before you miss a payment and ask what options exist. A nonprofit credit counselor (look for NFCC member agencies) can also help you build a plan across all your bills at no or low cost.
Repayment FAQ
Can I change my Elastic payment schedule?
Your payment frequency is set to match your pay schedule. If your pay schedule changes, contact customer support to update it.
What happens if I miss a payment?
Contact the lender before your due date if you can't pay. Returned or missed payments can lead to additional costs and may affect your account; your agreement explains the specifics.
Does paying early reduce my cost?
Yes. There's no prepayment penalty, and paying down principal before a due date lowers or eliminates that cycle's carried-balance fee.
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.