NetCredit personal loans review June 2018| Rates and requirements

NetCredit personal loans review

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Borrow up to $10,000 and improve your credit score with NetCredit.

You don’t need the best credit to qualify for a loan from NetCredit. The application won’t impact your credit score, and if you’re approved, you’ll receive your funds as soon as the next business day.

Read on to find out more about the benefits of a personal loan from NetCredit.

Product NameNetCredit Installment Loan
Min Loan Amount$1,000
Max. Loan Amount$10,000
APRVaries by state
Interest Rate TypeVariable
Minimum Loan Term0.5 year
Maximum Loan Term5 years
RequirementsMust 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

  • Be at least 18 years old
  • Be a legal residents of the US
  • Have a Social Security number

Where is NetCredit available?

  • Alabama
  • California
  • Delaware
  • Georgia
  • Idaho
  • Illinois
  • Missouri
  • New Mexico
  • North Dakota
  • South Carolina
  • South Dakota
  • Utah
  • Virginia
  • Wisconsin

Find more lenders with our installment loans guide

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). You may qualify even if your credit history isn’t stellar. 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.

NetCredit 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.

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 what you can afford, your credit history, your state and your 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.

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 finances.

Your payment history will be reported to Trans Union and Experian, which can help you build your credit score, but you should be aware that this may also have a negative impact on your credit if you miss a payment. Always be sure you can pay back what you borrow and budget for your loan accordingly.

What are the benefits of a NetCredit personal loan?

NetCredit offers a number of valuable features, including:

  • 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–all without penalty. 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.
  • Check your eligibility without affecting your FICO score. At no cost to you, you can apply online and see if you qualify for a loan.

What to watch out for

You might want to consider these drawbacks before applying for a loan with NetCredit:

  • 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 do NetCredit personal loans compare?

Rates last updated June 24th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Minimum Credit Score Max. Loan Amount APR
Best Egg Personal Loans
A prime lender with multiple repayment methods.
5.99%–29.99% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
5.96%–35.97% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
15.49%–34.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
4.99%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
6.199%-15.365% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
3.09%–35.99% (fixed)
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
6.95%–35.99% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
5.5%–11.74% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
4.99%–29.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
5.98%–35.89% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
2.99%–36% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
34%–155% (fixed)

Compare up to 4 providers

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 June 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 11 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, which has has increased to 8.9 out of 10. 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.

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 TrustPilot may not reflect average loans.

Is it safe to borrow from NetCredit?

Yes. NetCredit has a strict privacy policy in place in order to keep your personal information safe. They are protected by McAfee and Norton antiviral services, and their loan products are backed by Republic Bank & Trust Company, NetCredit itself or NC Financial Solutions of California.

Find out NetCredit’s safety protocols to protect borrowers

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.

Eligibility criteria:

  • Be a US citizen
  • Be at least 18 years old (19 in Alabama)
  • Have a steady source of income
  • Have an active, open checking account

Required information:

  • 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

  1. 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.
  2. 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.
  3. Provide NetCredit with your employment information, birthdate, and Social Security Number.
  4. Carefully read and agree to NetCredit’s consents and consumer notifications before clicking Continue to Step 3.
  5. See what you qualify for in Step 3 and choose your desired terms.
  6. 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?

You’re on the hook for paying back your NetCredit loan. NetCredit offers several different repayment options including:

  • Electronic Fund Transfer (ACH debits)
  • Paper check
  • Debit cards
  • Money orders
  • MoneyGram
  • Western Union

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. If you have any questions about repaying your loan, reach out to customer service as soon as possible.

Bottom line

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

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12 Responses

  1. Default Gravatar
    MikeFebruary 1, 2018

    How long after initial loan do you have to wait to refinance?

    • finder Customer Care
      JoanneFebruary 19, 2018Staff

      Hi Mike,

      Thank you for visiting finder, we are a financial comparison website and general information service.

      There is no waiting period needed for net credit. NetCredit offers two refinance options that will be made available to eligible current customers. If eligible, customers may pick one of the following refinance options:

      1. “Lower My Payment”
      This refinance option offers customers the ability to reduce their contractual payment amounts by refinancing their existing loan balance into a brand new loan with a new contract and repayment schedule. Customers eligible for this option may be able to lower their payment by at least 15%!

      Eligible customers in the following states may be able to Lower Their Payment: Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, South Dakota, Utah, and Virginia.

      2. “Borrow More Money”
      Customers who borrow less than their full approved amount or who have paid off a significant portion of their current loan may be eligible to top off their current loan amount with an additional disbursement amount. The existing loan balance along with the new disbursement will be refinanced into a brand new loan with a new contact and repayment schedule.

      Eligible customers in the following states may be able to Borrow More Money: Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, South Dakota, Utah, and Virginia.

      You may reach out to NetCredit directly for you to check if you are eligible for refinancing.


  2. Default Gravatar
    CarolynOctober 9, 2017

    What is the difference of Installment Loan and Personal Loan? I would be interested in Installment one.

    • finder Customer Care
      ArnoldOctober 11, 2017Staff

      Hi Carolyn,

      Thanks for your inquiry

      An installment loan is a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of loan may be as little as a few months and as long as 30 years. A personal loan on the other hand is money borrowed over 1 to 3 years, and can be repaid in small instalments. A personal loan can be used to buy a car, travel overseas, or consolidate debt. MoneyMe offers online personal loans up to $10,000. The repayment terms are flexible and there are no early repayment fees.

      If you want to proceed with an installment loan, you may read our guide about it here.

      Hope this information helps


  3. Default Gravatar
    PeggyJuly 20, 2017

    Because of large family member medical expenses, my credit rating is below 500. Is it possible to get a secured personal loan ($7500.) using my federal employees retirement funds as collateral?

    • finder Customer Care
      HaroldJuly 20, 2017Staff

      Hi Peggy,

      Thank you for your inquiry.

      With NetCredit personal loans you can have up to maximum loan amount of $10,000. You may be eligible as long as oyu can meet the following criteria.
      – U.S. citizenship
      – At least 18 years of age
      – A steady source of income
      – An active, open bank account

      On the other hand, if you are looking for a lenders that offers secured loan. You may want to check the options here.

      I hope this information has helped.


  4. Default Gravatar
    JohnJuly 18, 2017

    Does NetCredit provide loans in New York state?

    • finder Customer Care
      HaroldJuly 18, 2017Staff

      Hi John,

      Thank you for your inquiry.

      Should you need an option for personal loan in New York. You may want to consider the list of lenders here.

      I hope this information has helped.


  5. Default Gravatar
    DominicJuly 12, 2017

    whats the monthly pay back on 1500.00 for 12 months? state is deleware.

    • finder Customer Care
      AnndyJuly 13, 2017Staff

      Hi Dominic,

      Thanks for your question.

      For Delaware, the available loan amounts are between $1,000 and $10,000 with a loan term ranging from 6 to 60 months.

      You may want to directly contact the lender to get a quote for your particular situation.


  6. Default Gravatar
    ThaboJune 14, 2017

    I use greendot for direct deposit would this work to obtain a loan

    • finder Customer Care
      MayJune 15, 2017Staff

      Hi Thabo,

      Thanks for your question.

      If you meet the criteria and are approved for a loan with NetCredit, they will deposit your personal loan to your bank account. If you have a direct deposit account, please inform them of your account number. To apply for a loan with NetCredit, please click on the ‘Go to site’ button above, but be sure to review the criteria before submitting your application.


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