Rates and terms
Last updated
Northlight is not a lender. This page sets out the standard a loan has to meet before we will show it or refer anyone to it, and gives examples of what such a loan costs.
The standard
| Maximum APR | 35.99%, with interest and all fees included |
| Shortest repayment period | 3 months |
| Longest repayment period | 36 months |
| Loan amounts | $100 to $5,000 |
| Repayment | Equal monthly payments |
| Fee to use Northlight | None |
We do not work with loans that must be repaid in full within 60 days, including single-payment payday loans, or with loans whose APR is above 35.99%.
Representative examples
Each example uses the maximum APR of 35.99%. A lender may offer a lower rate, never a higher one within this standard.
| Loan | Term | Monthly payment | Total repaid | Cost of credit |
|---|---|---|---|---|
| $500 | 6 months | $92.30 | $553.80 | $53.80 |
| $1,000 | 12 months | $100.46 | $1,205.52 | $205.52 |
| $3,000 | 24 months | $177.13 | $4,251.12 | $1,251.12 |
The calculator prices any amount and term in the range.
What the APR includes
The annual percentage rate is the yearly cost of the loan: interest plus any fee you must pay to get it, such as an origination fee. Because fees are counted, two loans with the same interest rate can have different APRs. Our guide to what APR means shows how to compare them.
Your rate is set by the lender
The APR and the amount you are offered depend on the lender, the law in your state, and your income and credit history. Lenders may check your credit and verify what you tell them. No one can promise approval before an application has been reviewed, and we do not.
If you pay late or miss a payment
Each lender sets its own late fee within the limits of state law, and it must tell you the fee before you sign. A missed payment can also be reported to the credit bureaus and can lower your credit score. If a loan goes unpaid, the lender may send it to a collection agency or take legal action. Contact the lender before a payment is due if you expect to miss it; many will move a date or agree a plan.
Renewals and early repayment
A loan that meets this standard is repaid on a fixed schedule. Ask the lender whether you can repay early without a penalty, and whether refinancing is allowed, before you agree.
Where loans are available
Lending law differs by state, and a lender must be licensed where you live. See the rules in your state.