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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.
Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs outdoors.
First, do I qualify?
In order to qualify for a loan with NetCredit, you need to:
Be a US citizen or permanent resident
Be at least 18 years old
Where is NetCredit available?
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. However, because it works with borrowers who may not have the best credit, you should expect to pay higher interest rates than you would with a more traditional lender.
How does borrowing from NetCredit work?
Borrowing from NetCredit works entirely online. You can first check your rate, which won’t affect your credit, and NetCredit may offer you a loan based on your income, credit history, state and current financial situation.
You can choose to accept the loan amount offered or borrow less. 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. If you change your mind about borrowing, NetCredit has a My Choice Guarantee that allows you to return your loan within one to two business days.
NetCredit line of credit
NetCredit unveiled a personal line of credit product in May 2019. It’s currently offered to residents of Alabama, Delaware, Idaho, North Dakota, Utah and Wisconsin with plans to expand to other states.
Credit limits range from $1,100 to $3,500. When you apply you may be offered a line of credit, personal loan or both.
How do NetCredit personal loans compare?
Updated November 16th, 2019
What do customers say about NetCredit?
Customers are mostly pleased with their NetCredit experience, as of November 2019 — though there are some negative reviews. It gets an A+ rating from the Better Business Bureau (BBB) based on factors like time in business and advertising. Around 25 customers gave it an average of just over 1 out of 5 stars, however. It does much better on Trustpilot, scoring a 4.3 out of 5 based on nearly 1,650 reviews.
The fast turnaround time and easy approval were the two man reasons customers were happy with their experiences. However, several complained about inconsistent due dates and high rates — to be expected with a lender that accepts poor credit applicants.
NetCredit’s ratings have improved as more customers write reviews. On TrustPilot, it shot up from the equivalent of a 3.25 out of 5 over a year ago. Its BBB rating also improved from an A- to an A+ — though that rating is not based on customer reviews.
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 minimum credit score requirement. You don’t need to have the best credit to apply for a personal loan from NetCredit.
No origination fee. NetCredit doesn’t charge a fee when you borrow.
Choose how you repay. You’re able to choose how you repay your loan, giving you more month-to-month flexibility than many other loan options.
No prepayment penalties. You can save on that high interest rate by repaying your loan before it’s due or making extra payments.
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.
What to watch out for
High interest rates. Most personal loan interest rates stop at 36%, but NetCredit interest can go all the way up to 155%.
Limited state availability. NetCredit is only available to residents of 15 states. Make sure you live in an eligible state before applying.
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 we had trouble getting in touch.
How much does a loan from NetCredit 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 $1,000 loan at a 155% interest rate for 48 months will have to pay thousands of dollars more in interest than a person borrowing a the same amount 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. Examine these carefully, and don’t forget to look at the any variable fees.
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.
Is NetCredit legit?
Government action against NetCredit
The Virginia Predatory Lending Unit filed a lawsuit against NetCredit in May 2018 over its high interest rates. The lawsuit claims that NetCredit charged Virginia residents rates between 34% and 155%, in violation of the state’s 12% interest rate cap. The attorney general claimed that NetCredit took advantage of a loophole that allowed it to lend to Virginia residents through Utah but didn’t have what it called a “reasonable relationship to Utah.”
It also claimed that the company illegally collected money from borrowers who had filed for bankruptcy. The case is currently still in the courts.
Am I eligible?
Whether you’re eligible for a NetCredit loan depends on your financial situation. You need to provide some basic personal information to find out if you’re eligible.
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 won’t affect your credit score.
Create a 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, date of birth, 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 your funds as soon as the next business day, if approved.
To save time and effort, NetCredit recommends that borrowers enroll in electronic fund transfer, which you can set up to withdraw funds from your account when a payment is due.
NetCredit offers several other repayment options, including:
NetCredit doesn’t charge a prepayment penalty so you can end your loan at any time without any extra costs. If you have any questions about repaying your loan, reach out to customer service as soon as possible.
Can NetCredit improve mu credit?
Yes. Your payments will be reported to TransUnion and Experian. This gives you a chance to build your credit as you pay back your loan. But it can hurt your credit if you miss a repayment.
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. However, NetCredit does have higher interest rates than other personal loan providers out there, including some of its top competitors. Make sure to compare your personal loan options before applying so you get the best loan for your needs.
Frequently asked questions
Yes. NetCredit reports TransUnion and Experian. This can be helpful if you’re trying to increase your score, but if you’re unable to make regular payments, it may have a negative impact.
Not initially. Checking your eligibility starts with only a soft inquiry that will not affect your credit. After a loan offer is extended, NetCredit conducts a hard inquiry which will cause a small temporary impact to your credit score.
Yes. NetCredit doesn’t charge a prepayment fee for early payments.
No, the ClearCost for Me program ensures there will be no additional fees.
If you know you won’t be able to make a scheduled payment, contact NetCredit and try to find a solution. Missed or late payments add up and could result in their collections department contacting you or a negative hit to your credit score.
Yes. You can sign in to the NetCredit website to view your upcoming payments, outstanding balance and your loan terms.
You can log in to your NetCredit account by following these steps:
Go to the NetCredit website.
Clic Sign In in the top navigation bar.
Enter your email and password, then check “I’m not a robot.” Hit Sign In.
If you don’t remember your password, follow the first two steps and select Forgot password? Then enter your email address and click Reset My Password. You should receive an email with a link allowing you to change your password and further instructions.
Personal loan ratings
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★★★★★ — Average
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★★★★★ — Poor
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