Credit scores and the Nearside line of credit

Is the Nearside line of credit a credit card?

What is a line of credit?

Does Nearside report my credit to any credit bureaus?

Is the Nearside line of credit secured?

Is this a revolving line of credit?

Is The Nearside line of credit a credit card?

The Nearside line of credit is not a “credit card,” but it has the flexibility of one.  Like a business credit card, you can use your Nearside line of credit on business expenses, receive monthly statements, and make repayments conveniently through your Nearside Dashboard.

What is a line of credit?

A line of credit is a preset dollar amount that a bank or a lender has agreed to lend to a consumer or business. Once approved for a line of credit, you can draw from it (in other words, spend it), up to the maximum amount approved.

Does Nearside report my credit to any credit bureaus?

We’re not currently reporting information to credit bureaus. However, we do understand that some business owners want the ability to build their credit score through our products. We are working on additional products to serve this need.

Is the Nearside line of credit secured?

No. The Nearside line of credit is unsecured.

Is this a revolving line of credit?

Yes, this is a revolving line of credit! A revolving line of credit means that once you successfully pay back the amount that you’ve spent, then that amount will be made available to you again. 

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