Borrow up to $10,000 and improve your credit score with this lender.
finder.com’s rating: 3.4 / 5.0
You may not have the best credit, but that doesn’t mean you won’t be able to find a loan that fits your needs. An application with NetCredit won’t impact your score, and if approved, you may be able to receive your funds as soon as the next business day.
|Product Name||NetCredit Installment Loan|
|Min Loan Amount||$1,000|
|Max. Loan Amount||$10,000|
|APR||34%–155% (Varies by state)|
|Interest Rate Type||Variable|
|Minimum Loan Term||0.5 year|
|Maximum Loan Term||5 years|
|Requirements||Must be 18+ years old, a legal resident of the US and have a Social Security number. Minimum credit score of 550.|
- Fast turnaround time.
- Flexible repayment options.
- No application, early payment or late fees.
- Maximum loan amount varies by state.
- Loan may not available in all states.
- You may pay late fees.
- Must be 18+ years old
- Must be a legal resident of the US
- Must have a Social Security number
First, do I qualify?
In order to apply to NetCredit, you’ll need to
- Have a credit score of 550
- Have a Social Security number
- Be a US citizen or permanent resident
- Be at least 18 years old
Where is NetCredit available?
- New Mexico
- North Dakota
- South Carolina
- South Dakota
What is NetCredit?
NetCredit is an online lender based in Chicago that provides small, unsecured personal loans with short terms, usually ranging from 6 months to 5 years (varies by state).
When you submit an application, NetCredit looks at your overall financial picture and makes its decision based off a number of factors, but you should expect to pay higher interest rates than you would with a more traditional lender.
How does borrowing from NetCredit work?
The process starts with you checking your eligibility by submitting an online application. NetCredit uses its My Score Saver, which means an inquiry won’t affect your credit score. If you’re approved, NetCredit will offer you loan based on your income, credit history, state and current financial situation.
You can choose to accept the loan amount offered or borrow less, and if you don’t agree with the terms, you’re under no obligation to sign. NetCredit also offers its borrowers a My Choice Guarantee, which allows you to return your loan within one to two business days if you change your mind about borrowing.
There are a number of ways for you to repay your loan, including electronic funds transfer, check, debit card, credit card, money order, MoneyGram or Western Union. All of these have different benefits and drawbacks, so make sure to do your research and choose a payment method that works for your budget. Your payments will be reported to TransUnion and Experian.
How do NetCredit personal loans compare?
What are the benefits of a NetCredit personal loan?
When you take out a loan with NetCredit, you can expect some of these positive features:
- No origination fee. NetCredit doesn’t charge a fee when you borrow.
- Fast turnaround time. NetCredit processes your application quickly, and if you’re approved, you may be able to get your loan funds as soon as the next business day.
- Choice of repayments. You’re able to choose how you repay your loan, giving you more month-to-month flexibility than many other loan options.
- Build your credit history. NetCredit reports your payment activity to TransUnion and Experian. Timely payments will positively impact your credit score.
- Early repayment and refinancing. You can choose to pay your loan off in full ahead of time, make an additional payment or bring a payment forward. You’re also able to refinance to lower your repayments or borrow more money, although this depends on your state of residence.
- Manage your loan online. Update your personal, employment and contact details and check your loan payments through your online account.
- Financial education resources. NetCredit has articles dedicated to helping you tackle your personal finances. You can learn about budgeting, credit scores and developing savings on the NetCredit resources page.
- Apply without impacting your credit. At no cost to you, you can apply online and see if you qualify for a loan.
What to watch out for
- Limited state offerings. NetCredit is only available to residents of 14 states. Make sure you live in an eligible state before applying.
- High interest rates. Most personal loan interest rates stop at 36%, but NetCredit interest can go all the way up to 155%.
- Small loan amounts. NetCredit isn’t much use for financing a wedding or another large expense over $10,000. If you need a large personal loan, there are other loan options for people with bad credit.
- Mixed online reviews. Multiple reviewers complained that NetCredit took out double repayments or otherwise withdrew money without informing them.
- Poor customer service. Representatives themselves are said to be friendly, but getting ahold of one can be difficult.
How much does a NetCredit loan cost?
The total cost of a loan from NetCredit depends on your state of residence, your financial situation, your credit score and how much you want to borrow. For instance, a person borrowing a $10,000 loan at a 155% interest rate for 48 months will have to pay thousands of dollars more in interest than a person borrowing a $1,000 loan at a 36% interest rate for 12 moths.
If you’re approved, your loan amount and total interest payments will be shown to you before you sign the final contract. All potential fees and additional charges should be listed out, and you can choose to accept or deny the loan at this point.
Always be sure you’re able to repay a loan before signing a contract. If you’re late or miss a payment, it will likely add more fees and have a negative impact on your credit score.
What do former customers have to say?
As of July 2018, NetCredit has mixed online reviews. While it gets an A- rating from the Better Business Bureau, ratings are based on factors like advertising practices and transparency. Over 90% of its 12 customer reviews are negative and 40 people have filed complaints against the company.
It’s not all bad though. It previously scored a low 6.5 out of 10 in TrustPilot, but now has a 8.9 out of 10 based on nearly 950 reviews. Many negative reviews were from customers who were upset that they hadn’t been approved. Some also complained that the interest rates were high — to be expected with a lender that accepts poor credit applicants.
Take all reviews with a grain of salt. Most people write when they’re either very happy or very upset, so the reviews left on sites around the Internet may not reflect average loans.
Is it safe to borrow from NetCredit?
Am I eligible?
NetCredit will evaluate your eligibility based on your financial situation. You’ll need to provide some basic personal information to find out if you’re eligible.
- Have a credit score of 550
- Have a steady source of income
- Have an open checking account
- Be a US citizen or permanent resident
- Be at least 18 years old (19 in Alabama)
- Proof of income (pay stubs, SSI benefits, etc.)
- Proof of identity (Social Security number, driver’s license, etc.)
- Proof of residence (paid bills, old mail, etc.)
How to apply
- Click Go to Site on this page. Fill in your desired loan amount and loan purpose before clicking Check your Eligibility. This step will no affect your credit score.
- Begin by creating you NetCredit account by filling in your name and email. Next fill in your personal information such as your phone number and address and click Continue to Step 2.
- Provide NetCredit with your employment information, birthdate, and Social Security Number.
- Carefully read and agree to NetCredit’s consents and consumer notifications before clicking Continue to Step 3.
- See what you qualify for in Step 3 and choose your desired terms.
- Sign your loan contract in Step 4 and receive funds as soon as the next business day, if approved.
Step-by-step application with screenshots
I got a loan from NetCredit. Now what?
To save time and effort, NetCredit recommends that borrowers enroll in electronic fund transfer, which you can set up to ahead of time to withdraw funds from your account when it’s due. In addition, NetCredit offers several other repayment options, including:
- Paper check
- Debit cards
- Money orders
- Western Union
If you have any questions about repaying your loan, reach out to customer service as soon as possible.
If you’re looking for a larger personal loan with flexible repayment features that can help you rebuild your credit, NetCredit is an option for you to consider. Make sure to compare your personal loan options before applying so you get the best loan for your needs.
Frequently asked questions
Personal loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.
Image source: netcredit.com