NetCredit personal loans review
Improve your credit score — but watch out for extremely high rates.
finder.com’s rating: 3.2 / 5.0
- Best for borrowers with poor credit looking for larger loan amounts and longer terms than short-term lenders offer.
- Pick something else if you have good credit — you can find better rates elsewhere.
Max. Loan Amount
36% to 38% (Varies by state)
Min. Credit Score
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
NetCredit is ideal for borrowers with less-than-perfect credit who need to take out a larger loan than typical short-term lenders offer. You can borrow up to $10,000 with terms up to five years. And while its rates are high compared to traditional personal loan providers, they aren’t nearly as high as many short-term loan providers out there.
But you’ll need to live in one of the 15 states it lends in to qualify. And it has mixed online reviews from former borrowers. You can also find better rates elsewhere if you have good to excellent credit.
Not sure about NetCredit? Compare your other options below.
First, am I eligible?
To qualify for a loan with NetCredit, you need to meet a few basic requirements:
- You must be over the age of 18.
- Be legal resident(s) of the United States.
- Have a social security number.
Where is NetCredit available?
- District of Columbia
- New Mexico
- New Jersey
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- No minimum credit score required
- No origination fees or prepayment penalties
- On-time repayments can help build your credit
- Line of credit available
- High rates up to 155%
- Loans max out at $10,000
- Limited state availability
- Mixed online reviews
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.
Compare other personal loan providers
What do customers say about NetCredit?
|BBB customer reviews||1 out of 5 stars, based on 24 customer reviews|
|Trustpilot score||4.4 out of 5 stars, based on 1,775 customer reviews|
|Customer reviews verified as of||20 December 2019|
Fast turnaround time and easy approval are the two main reasons customers are happy with their experiences. However, several complain of inconsistent due dates and high rates — to be expected with a lender that accepts applicants of all credit types.
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.
How do I 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 info, date of birth and Social Security number.
- Carefully read and agree to NetCredit’s consents and consumer notifications before clicking Continue to Step 3.
What documents do I need to apply?
Before you start the application, have the following documents on hand:
- Proof of income
- Proof of identity
- Proof of residence
Step-by-step application with screenshots
What happens after I apply?
NetCredit will let you know how much you qualify for in Step 3. From there, you can choose your desired term. If approved, you can sign your loan contract. NetCredit will finalize your loan, and funds may be available in your account as soon as the next business day.
How do repayments work with NetCredit?
To save time and effort, NetCredit recommends that borrowers enroll in electronic funds transfer, which you can set up to withdraw funds from your account when a payment is due.
NetCredit offers several other repayment options, including:
- Paper check
- Debit cards
- Money orders
- Western Union
NetCredit doesn’t charge a prepayment penalty, so you can end your loan at any time without any extra costs. 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.
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