Annual Percentage Rate (APR)

What is the Annual Percentage Rate for the Nearside line of credit?

What is the difference between an interest rate and an Annual Percentage Rate?

What is the Annual Percentage Rate for the Nearside line of credit?

We believe in keeping things simple. Our Annual Percentage Rate (APR) is 18-24%, depending on your state, with no additional fees or penalties (yes, really!). If you've already applied for our line of credit, check your approval email or your Nearside Dashboard for your exact terms. 

The Minimum Payment due is the greater of $10 or the amount required to fully repay the new balance plus interest in equal monthly payments over 60 months.  For example, if you have a 24% Annual Percentage Rate (APR) on your line of credit and $1,000 balance, the monthly minimum payment due will be $28.77.

What is the difference between an interest rate and an Annual Percentage Rate?

"Interest rate" refers to the annual cost of a loan to a borrower and is expressed as a percentage. "Annual Percentage Rate", or APR, is the annual cost of a loan to a borrower, including fees. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees. Since we don't charge any fees or expenses, the interest rate is the same as our APR.

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