Think Finance Launches Elastic to Help Employees Manage Financial Emergencies

Emergency Credit Priced at a Quarter of the Cost of Alternatives Benefits Workers and Employers

Business Wire


Think Finance, a leading developer of online financial products that bridge the gap between payday loans and credit cards, today announced the launch of elastic, a line of emergency credit for employers to offer to their employees priced at one-fourth of the cost of a payday loan with a much more flexible repayment period.

Credit options are limited for many Americans today, putting a strain on employees in need of emergency credit and making their financial difficulties a workplace concern. Eighty-three percent of HR professionals said that personal financial problems impact the work performance of employees, according to the Society for Human Resource Management, and according to MetLife’s 9th Annual Study of Employee Benefits Trends, 58 percent of employers said financial ‘illness’ contributes to employee absences. Another 78 percent said employees can be less productive when they are worried about personal financial problems.

Elastic can help ease employees’ financial concerns, increase productivity and provide employers with a valuable tool to build loyalty and prevent loss or theft. Elastic seamlessly integrates with company payroll systems so there is nothing for the employer to manage. With elastic, companies can offer a convenient, secure and responsible way for employees to access a confidential emergency advance line of credit ranging from $200 to $1,000. Elastic is available 24/7 and is deposited directly into the employee’s personal bank account, payroll card or prepaid card as early as the next business day. Employees can choose to pay back the advance in one to five payments, and payments can come directly from the employee’s paycheck, making elastic the most flexible and convenient emergency cash option available.

“At Think Finance, our purpose is to provide relief and help people build a brighter financial future. We strive to develop innovative and affordable options for those who can't access traditional credit,” said Ken Rees, CEO of Think Finance. “Elastic gives employers the opportunity to offer a responsible and speedy solution that is much lower in cost than other emergency cash products. It’s a win-win solution for employees and their employers.”

Employers can offer elastic through their payroll provider at no additional cost. Employees simply sign up for an account online and once approved, requested salary advances are provided within one to two business days. Advances and the associated fees are automatically deducted from the employee’s next eligible paycheck, with the option to pay back the advance in up to five payments. Elastic is much more affordable compared to other forms of emergency credit like payday loans, bank direct deposit advance or even bank overdraft charges. The initial fee for an advance is just five percent of the total loan. If an employee makes all payments on or before the due date, there are no additional fees or charges.

Elastic also offers tools to increase employee financial literacy. To help improve credit scores, Think Finance reports elastic payments to a major credit bureau.

As the technology and marketing provider, Think Finance has partnered with a bank to offer elastic to payroll platform companies. Currently, elastic is integrated with four of the leading payroll software platforms and 35 payroll companies are offering elastic as a benefit to their employer customers. Think Finance debuted elastic today at FinovateFall 2013 in New York City.

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About Think Finance

Think Finance develops online financial products that bridge the gap between payday loans and credit cards. Using our technology and analytics platform, Think Finance and the lenders we work with have provided over $3.5 billion in credit to 1.5 million consumers in the U.S. and abroad and have saved customers over $1 billion compared to payday loans. Think Finance is privately held and is backed by some of Silicon Valley's most respected venture capital firms including Sequoia Capital and Technology Crossover Ventures. The company was recently named No. 2 on Forbes' America's Most Promising Companies list. Learn more at

Think Finance
Kelly Ann Doherty, 817-546-2650
Emily Serafin, 646-277-1245
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