Elastic Payday Loan Reviews

Elastic Payday Loan ReviewsElastic Payday Loan is now Mobiloans, but it’s interesting to see what they used to offer, and to see what is different now that they’ve either merged or were taken over by another lender. This often happens when a company starts to get popular, and Elastic was shaking up the status quo and doing things a little differently.

They referred to their loan as a line of credit, and issued out a prepaid debit card so that you could easily access the funds. This seems to have appealed to many people, and it took a lot of the problems away from the lending process. For example, if your checking account is a mess, you really don’t want to have funds deposited into it if you need to make other payments first. With the debit card you could pay bills, buy things online, and even take out cash at an ATM, effectively bypassing your bank account.

This service really tried to carve out a new niche, allowing you to have more flexibility and pay a lower price to help make ends meet. It’s a shame they don’t offer it any more, and it would be interesting to see if the business model just wasn’t viable, or if Mobiloans offers the same sort of set up. So many people say that there needs to be payday loan reform, so this would be an example of a lender trying to offer something that isn’t quite a payday loan, and is more like a regular loan that you could get with good credit.

Elastic Payday Loan Reviews

All signs point to Elastic Payday Loan being bought out or changing its name to Mobiloans. This often happens in this industry, either a lender will rebrand itself, or they will buy out a smaller company, or merge two companies together. Just like the banks do, they’re always trying to grow and expand and absorb the competition. What’s unclear is what exactly happened, but a trip to the old Elastic.com web address takes you to Mobiloans new website, so it’s safe to say that one of these events occurred.

We’ve already done a full review of Mobiloans, so you can check that out if you want to see if they’re a good lender to go with or not. What’s interesting to note is that the forensic evidence exists that shows that Elastic was doing a pretty good job offering payday loans to people. They have good ratings, which is a rarity in this market, with most people already disgruntled enough for being in a spot that requires them to take out a payday loan. You usually end up with people giving negative reviews to lenders.

Compared to Mobiloans
They use a lot of the same terminology at Mobiloans, saying that they let you stretch your paycheck, but they’re offering up to $1000 instead of the former $500, so perhaps it is essentially the same concept, but just with larger amounts available to get you out of the bigger jams. Where Elastic was more about trying to replace your bank account, Mobiloans seems more poised to replace payday loans. They still stick to the line of credit verbiage, so they’re trying to separate themselves from the loan industry, and making it seem a little more classy.

What They Were Known For
Elastic Payday Loan got its name by being flexible, allowing you to have more control over how you took out the loan. They focused on smaller loan amounts, only giving out up to $500 so they weren’t really an option if you needed something like $2500 to $5000 like some online lenders offer. So either they got too big too quick and needed to change up their business model, or they weren’t making enough money with this set up and sold their assets to Mobiloans.

Whatever the case, they’re now effectively a defunct company, and no longer issuing out lines of credit or loans. If you still have an account with them you can access it through their site, but you won’t be able to take out any more money from it, or get a debit card from them. Check out Mobiloans to see if they are able to help you out.

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