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.
How much will this loan cost me?
NetCredit personal loans come with APRs that range from 34% to 155% — though they vary by state. There are no fees to apply, but NetCredit typically charges a late fee of $15 if you’re more than 10 days late on a repayment.
You can borrow between $1,000 and $10,500 and repay it over 6 months to 5 years — though this also depends on where you live. Use the calculator below to find out how much a NetCredit personal loan might cost you.
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|Loan terms (in years)|
How it works
NetCredit offers different ranges of loan amounts, terms and rates depending on which state you live in. The most common loan runs from $1,000 to $10,500 with a 34% to 155% APR. But in some states, that can start as high as 36% — and cap out as low as 36.6%.
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?
NetCredit doesn’t offer loans in the following states
- New Hampshire
- New York
- North Carolina
- West Virginia
What information 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
Pros and cons
NetCredit can be helpful if you struggle to qualify for a loan elsewhere. But with such high rates, you could find better options elsewhere.
- No minimum credit score required
- No origination fees or prepayment penalties
- On-time repayments can help build your credit
- Also offers lines of credit
- High rates up to 155%
- Loans max out at $10,500
- 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, Louisiana, 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.
See other personal loan options
Is NetCredit legit?
But its rates are high enough to fall into a legal gray area for many states — most cap personal loan rates at 36%.
Government action against NetCredit
The Virginia Predatory Lending Unit filed a lawsuit against NetCredit in May 2018 over its high interest rates. NetCredit charges Virginia residents rates between 34% and 155%, which violates 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.
NetCredit reviews and complaints
|BBB customer reviews||1.03 out of 5 stars, based on 30 customer reviews|
|Trustpilot Score||4.4 out of 5 stars, based on 2,298 customer reviews|
|Customer reviews verified as of||16 October 2020|
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.
How do I apply?
For loans over $10,000, you’ll need to call 877-392-2014 and talk to a NetCredit representative. To apply online, follow these steps:
- Go to the NetCredit website and click Check your eligibility.
- Fill in your desired loan amount and loan purpose before clicking Let’s get started.
- Enter your ZIP code, date of birth and address and click Continue. This step won’t affect your credit score.
- Create a NetCredit account by filling in your name and email. Then select Continue.
- 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 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
Does NetCredit report to the major credit bureaus?
Yes. NetCredit reports repayments to TransUnion and Experian. This can help improve your credit score if you make on-time repayments. But if you’re late or default, it will lower your score.
Will my credit score be affected by applying?
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.
Are there any hidden fees?
No, the ClearCost for Me program ensures there will be no additional fees.
Personal loan ratings
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.
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 $10,500 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 states it operates 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? Take your time and compare your other options with our table.