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 Personal Loan|
|Min. Loan Amount||$1,000|
|Max. Loan Amount||$10,000|
|APR||34% to 155% (Varies by state)|
|Interest Rate Type||Fixed|
|Minimum Loan Term||0.5 years|
|Maximum Loan Term||5 years|
|Requirements||Varies depending on your state of residence.|
- You must be over the age of 18.
- Be legal resident(s) of the United States.
- Have a social security number.
First, do I qualify?
In order to qualify for a loan with NetCredit, you need to:
- Have a credit score of 550
- 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. 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.
Your payments will be reported to TransUnion and Experian. This gives you a chance to build your credit as you pay back your loan. And if you have the money to pay off your loan early? NetCredit doesn’t charge a prepayment penalty so you can end your loan at any time without any extra costs.
NetCredit line of credit
NetCredit unveiled a personal line of credit product in May 2019. It’s currently offered to residents of North Dakota, but the provider plans to expand to other states.
In North Dakota, the line of credit amounts 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?
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.
- 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.
- Build your credit history. NetCredit reports your payment activity to TransUnion and Experian. By making regular payments, you can make a positive impact on your credit.
- 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.
- 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
- 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 actually finding one can be difficult.
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.
What do former customers have to say?
NetCredit has mixed online reviews as of December 2018. While it gets an A- rating from the Better Business Bureau, that rating is based on multiple factors like advertising practices and transparency. Over 90% of its 15 customer reviews are negative and over 45 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 8.6 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 NetCredit legit?
In May 2018, the Virginia attorney general filed a lawsuit against NetCredit, mainly for allegedly lending to Virginia residents without a license and charging above the state maximum rate of 12%. 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.”
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 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 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.
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 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
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. 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
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
★★★★★ — 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