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Business Profile

Consumer Finance Companies

Elastic
BBB accredited business seal
BBB Accredited BusinessA+Rated by BBB

Complaints

This profile includes complaints for Elastic's headquarters and its corporate-owned locations. To view all corporate locations, see

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Elastic has 3 locations, listed below.

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    • Elastic

      4030 Smith Rd Suite 100 Cincinnati, OH 45209-1957

      BBB accredited business seal

    • Elastic

      Cincinnati, OH 45209

      BBB accredited business seal

    • Elastic

      PO BOX 3258 Arlington, VA 22203

    Customer Complaints Summary

    • 31 total complaints in the last 3 years.
    • 14 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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    Complaint type

    • Initial Complaint

      Date:09/21/2022

      Type:Billing Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Elastic gave me a loan that is in violation of ***** ******** cap on interest rates which is 36%. I have been unable to download statements from Elastic. I contacted Elastic directly to get copies of my statements but still have never received. I have also made a complaint with the ****.

      Business Response

      Date: 09/28/2022

      September 28, 2022


      Better Business Bureau
      ATTN: ****** ******
      1 E. 4th, Suite 600
      Cincinnati, OH 45202


      RE: BBB Complaint No. ********; ******** *****


      Dear *** ******,

      We are in receipt of the above-referenced complaint and appreciate the opportunity to respond. In the
      complaint *** ***** believes that her account violates the laws pertaining to interest rates in her home
      state of ***** ******. She also advises that she has been unable to download her statements online, has
      requested them, but has not received them. We have investigated the situations and provide the following
      detail.

      Elastic is a revolving line of credit product offered by ******** **** * ***** ******* (“********
      ****”), a state-chartered bank. When *** ***** initially applied for the Elastic line of credit, she
      acknowledged her agreement to the Elastic Credit Agreement and Terms and Conditions (“Agreement”),
      which was a condition of her opening an account. The Agreement explains that Elastic line of credit
      accounts do not accrue interest and includes Federal Truth-in-Lending Disclosures which describe the two
      types of fees associated with an Elastic account, a Cash Advance Fee is charged as a percentage of each
      advance, and the Carried Balance Fee (Finance Charge) accrues to the account balance at each billing
      cycle for which a balance is carried over.

      The referenced Agreement also includes a choice of law provision for ****. Federal law (Section 27 of
      the Federal Deposit Insurance Act and 12 U.S.C. 1831d) permits FDIC-insured, state-chartered
      institutions to charge interest and/or fees at the highest rate allowed by the laws of the state where the
      institution is located. Since ******** Bank is located in ****, federal law permits it to export interest
      rates and/or fees that comply with **** law. We can assure *** ***** that ******** Bank and the Elastic
      product comply with all applicable state and federal laws.

      We reviewed our records and found that on 5/05/2022 *** ***** requested a copy of all of her statements,
      but that they were not sent. Instead, our representatives attempted to call her twice (once on 5/05/2022
      and once on 5/06/2022) to troubleshoot the issue preventing her from downloading the statements from
      the website. We were unable to reach her each time, so a voicemail was left each time asking that she call
      us back. We have not heard from *** ***** since then.

      On 9/27/2022 an email was sent to *** ***** with all of the statements attached. We apologize that these
      statements were not sent when originally requested. We trust that this addresses all of *** *******
      concerns. We would like to help resolve her difficulty with downloading statements and encourage her to
      contact our Customer Support team by phone at ###-###-#### for troubleshooting assistance.

      Please let us know if you need anything else as you review this matter

      Sincerely,

      Compliance Department
      ******** **** *** ***** *******

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