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Is Elastic (Republic Bank & Trust Company) legal in Michigan?

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I can't seem to get any clear info about this lender and if it is illegal in the State of Michigan. We have been paying them over a year now on a $3.500 "line of credit". We have paid above and beyond principal balance. We have contacted them to have ACH deductions revoked. I'm not sure what our next step with this company is since I'm not sure how they stand legally. Has anyone here dealt with them? Any input would be great. Thanks!

Yes they are!

Sub: #1 posted on Wed, 06/07/2017 - 12:07


My research says that Elastic is a legal payday lender. You have to work out payment plan with them.

Sub: #2 posted on Thu, 06/08/2017 - 02:41

ditchdebt ditchdebt

(Posts: 679 | Credits: )

Elastic is a legal payday lender in Michigan. Did they already revoke your ACH deductions? I would suggest you to consult an attorney regarding this matter asap.

Sub: #3 posted on Thu, 06/08/2017 - 06:53

tiarajoseph11 tiarajoseph11

(Posts: 412 | Credits: )

Do you mean did I revoke ACH deductions to them? The answer is, yes I did and they have stopped charging us. Also, we are working with a credit counseling service and plan on adding them to our plan. We have also provided our bank with a copy of the ACH revocation letter from them.

Sub: #4 posted on Thu, 06/08/2017 - 07:10

jdadscody jdadscody

(Posts: 5 | Credits: )

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