Elastic
Reviews and Complaints

I opened an account with Elastic Loans/Republic Bank & Trust Company years ago and have borrowed funds over the course of the years. All of these loans were paid by being debited from my checking account every two weeks. I have always paid on time because it was autopay debited and always had funds in the account. I recently received a call from a collection agency informing me that i owed the very last payment in the amount of $140. After paying over 90 payments, the last payment was not processed. The account rep informed me because it was the last payment and the amount was lower than all the others that they didn't auto draft it. Instead of contacting me or drafting the money like we had agreed they Sold my account, information and history to a collection agency for the last payment of $140. I called in and paid this amount on 5/27 as soon as I found out it had happened, although now this has been reported to my credit report and my information and account info sold.

I've been using elastic over 5 years and recently when through a stronf finanical hardship. I had to take out all the money to pay my bills. I didn't want to because I know elastic charges high rates and the payments are nearly $300 every two weeks. I wrote about 4 letters to elastic about my situation and hoping they could help me get on a payment plan to pay the full balance back. It would be nice if i could get a respone. its been over 2 weeks and i haven't heard back from them at all about my letters that I wrote. All I ask for elastic is to get a respone and some type of solution to help me. Hopefully this goes to high management and they would be able to help me. I dont understand how I send 4 letters and not have gotten a respone back yet.

Two separate amounts were withdrawn from my account and deposited into an account that doesn't belong to me. It shouldn't be that difficult to figure out that the account the money was deposited in is not mine. The Elastic fraud dept. Said they just need to do a 3 way call with the bank and me and they would get back to me but this has gone on for weeks and I've been on the phone with them several times and there's always been a reason they can't do the call at the time and they would call me back. Now I'm getting calls from their collection department

I have payments due every 2 weeks and I have the option to have it automatically pulled from my bank or to pay by phone. I knew that my bank would be overdrafted if I let it autopay so i went ahead and called where i was allowed to pay by debit card. After I paid by debit card I was told by the automated system and by the website ( *** The Elastic line of credit is offered by Republic Bank & Trust Company, member FDIC. ) that my account was now up to date and i owed $0.00.. It has now been 2 day as now im finding out that they not only took my money by the phone, but they also charged my auto payment. They charged me twice within 24 hours for the exact payment. I contacted them and they insisted that its my fault that I was charged twice, and that because i was being proactive, my first payment didnt count and would just go toward my existing balance. I asked them if they would push my next payment back since i have now payed 2 payments within 24 hours.

My problem is with the company has close my account without allowing me to pay them off and is charging me interest for a year now and has some malpractice issues

I wrote a Dispute letter as per the FDCPA Rules and regulations to get confirmation of this account. The letter is dated 9/5, and I have confirmation they received it. I am attaching the letter as proof. They had 30 days to respond to my Dispute letter, and provide me with the information requested. They failed to respond to the letter. Also, in the letter, I stated as per the FDCPA rules and regulations, they could not contact me by phone, mail, my friends, and that they could only contact me by email. On Tues December 15, they violated the Dispute validation letter, and they called my home. This account is disputed, and validation is demanded AGAIN.

Elastic changes its terms and conditions and legalities in my state of IL. The point of a contract is agreeing to those terms and conditions, I no longer want to be viable for this debt. They changed the terms for my state which no longer works with them and how much can be borrowed. They can change terms to anything they want anytime but that's illegal. I am voiding this contract ATTENTION: Due to a pending change in *** law, access to additional Cash Advances on your Elastic Account will be suspended beginning March 15. During such suspension period, we will determine whether to reinstate your access to additional Cash Advances or to close your Elastic Account pursuant to Section C, Paragraph 6 of your Elastic Terms and Conditions. We will notify you of that determination, but you may call if you have additional questions. Your Elastic Team

I have been notified of *** law changes for this loan, and the interest rate is not supposed to be higher than 36%. This company makes it hard to even figure the interest rate they are charging but I suspect its alot higher than the law allows at this point. The carried balance fee each month is outrageous. I paid it because I was in need of the funds at the time due to a drop in income since my home daycare had to reduce capacity due to Covid. I emailed them and have not gotten a response as to how I can stop all of these montly fees. They have restricted my account so they should also be ending the addtional fees so this loan can be paid in a timely fashion.

Called and let Elastic know that I was about to be laid off from my job due to everything going on in the world (result of COVID-19). Long story short, had a payment due April 10. Called on April 6 to move payment to April 24. Rep completed transaction and said I would not need to make a payment until April 24 but if I needed I could call by April 22 if I needed to extend more. I received a call on or about the 13 stating I was past due. Told them I made arrangements and after being on hold for some indefinite amount of time I'm told that there was a mistake on their part (the account was flagged wrong) and that I would NOT be called any more and this would take 1-2 days to update (in case I got another call). I have received to additional calls since that time...each process being the same...long hold, apology and I "will get corrected". I asked to speak to a supervisor the last time and got Seth in Account Management (on 4/20). He gives me the same spill and assures this will be taken care of. I ask him for a corporate number, as I explained, I wanted to past due amount to be corrected and resolved. He tells me over and over that though the account shows "past due" the notes reflect its an issue on their end and it's not being reported. Tells me I am flagged as "do not call"(which is their doing) and he gives me number...tells me THIS is the number to Executive Management and they are there 9am-7pm EST. I called this number today (4/22) and to speak to someone on the Executive Management (EM) team. Again, after verification I am greeted with the standard collection script of "this is an attempt to collect a debt...". I once again explain the issue and the lady pulls up my account. She says she sees the notes, apologizes fr the error and tries to find a member of the EM team. After holding (call was made at 1:39 for a total of 8 minutes) she states that all of EM was about to go into a meeting and someone would call me back. Said if nothing else she would call back to update me on their status. I receive a call at 4:23 (thank goodness for iPhones and their time stamps) and held for 6 minutes as hold music played. After 6 minutes the call automatically disconnected. I called back at 4:32. I was greeted by another woman, who verified me and hit me with the "collection line", then asking how much I can pay today. Told her what was going on and asked why I was being called before. She looks, reads notes and states that the call at 4:23 was my requested call back. i explain call disconnected after I was holding and she says she will get someone from the EM team on the line. I HELD FOR CLOSE TO 25 MINUTES (NOTE: she checked in twice during that time and the call was 45 minutes in duration) and she finally connects me with am manager...from Account Management. The manager comes on and introduces himself as Seth, the same one I spoke w/on 4/20. I ask him why we are speaking and why I cant reach a EM. He proceeds to tell me that I can leave a message for an EM to call me back as the number I dialed (the number HE gave me to speak to an EM) was not a direct number. Now I'm pissed. He then tells me that he did NOT give me that number for the Executive Management team and challenges me on the information he gave me. He then proceeds to say that I "heard the information wrong" and says he can go over transcript of our conversation on 4/20. I ask him if he has a recording and he says he does. I them ask hime to play it for both of us to hear and he says he doesn't have the ability to do so and would need to put me on hold (though he never gets around to it). I ask to speak to someone else and he tells me he can try to work out 1 of 2 possible solutions for me, one of them being me paying approximately 1/3 of the amount showing "past due" today. At this point I am furious and have a few "choice words" for Seth. I also asked him about CLOSING my account all together, in which he says a form needs to be filled out to get that done...then tells me that the only way an EM will call me back is if he transfers me to a mailbox and leave a message. I let him know what my plans are at this point including THIS ComplaintsBoard.com complaint, and let him know exactly what to "kiss". Though I lost my cool, bottom line is this company seems to be filled with idiotic people who aren't interested in resolving their own mistakes, which seems very simple. They are content with with calling (and hitting me with a fees along the way). I have NEVER been late with this company and am livid how they handled this situation, especially with the incompetence of Seth in Account Management. This company has turned out to be the worst.

Elastic / Republic Bank has consistently failed and refused to correct by bank account automatic withdrawal set up. They have received all documentation needed and have confirmed in writing that they have set up my banking account auto withdrawal. This was not true. They did not withdraw payment and allowed my account to go past due and then assess me fees. This is either complete incompetence or intentional fraud against myself as a Customer. I have written proof that I can provide. What is more, when I called them about the issue, they were not helpful and they refused to connect me with a manager because the manager was quote, "busy in a meeting" and will "get back to me if I leave my number."

I keep getting calls from this company for collection on a debt from my sister who passed away almost 2 months ago. I have her old phone and number and have told them repeatedly that she is no longer with us. They harass me on a daily basis ( 5 to 10 times per day). They want me to send a death certificate to verify this and I absolutely will not do this. I do not have access to this information at this time and this is not appropriate business behavior. We are in the middle of a pandemic and also still grieving the loss of her. They will never be able to collect on this debt unless they go to heaven to do so! This is ridiculous. I will go to the news next if this doesn't stop. Please help.

I called in on 11/30 and 12/2 about paying off my loan with this company. I cancelled a payment that was scheduled for 11/30 and was advised by the agent if the payment was made on 12/1 I would not incur a fee. I paid the funds on 12/1 and they were drafted from my account on 12/1. I have a zero balance and they still assessed a 40.00 fee for a balance that is not on the account. I asked for the fee to be waived as they can see where the payment was made and credited on 12/1. The customer service agent and manager was extremely rude and said this is not an option. I have been a client for several years, never missed a payment and was slapped a fee that I should have never been charged. I have EXCELLENT payment history. My experience with this company has been cold/harsh. I have never encountered a company that charges fees for balances that do not exist. I asked to speak with the office of the president and was transferred to a random voice mail.

I asked Elastic to work with me with new payments due to the coronavirus and the refused...claiming that I did not pay before the Coronavirus academic,,, it is a lie... I paid all the payments on time . I am late on the last payment on April 8.only.