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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.2
(12 Ratings)

NetCredit

Advertiser Disclosure

About Lender

NetCredit is a licensed financial company based in Chicago and established in 2012. NetCredit's parent company is Enova International. Republic Bank & Trust Company operates as the company's partner for loan underwriting and approval in some states.

The lender has many options offering personal loans and credit lines online, with a constant interest rate over the loan term and equal monthly installments. NetCredit is known for its mission to make credit accessible to middle and lower-class consumers. NetCredit loans are not exclusive but are available to any applicant with a stable and demonstrable source of income. It is possible to receive a loan on the first business day.

NetCredit offers personal loans that suit most people with bad credit, who have no property which can be used as collateral, and no co-signers. Most of the financial company's customers urgently need funds and are ready to pay higher annual percentage rates.

NetCredit

Key Features

  1. Online Application. NetCredit offers an entirely online loan application process, making it easy and convenient for borrowers to apply for a loan from anywhere with an internet connection.
  2. Customizable Loans. NetCredit offers personal loans ranging from $1,000 to $10,000 and credit lines ranging from $500 to $4,500, with customizable terms and repayment options. Borrowers can choose the loan amount and repayment term that best fits their needs and budget.
  3. Fast Funding. NetCredit offers fast funding, with funds typically available within one business day of loan approval.
  4. No Prepayment Fees. NetCredit does not charge prepayment fees, meaning borrowers can pay off their loans early without incurring any additional costs.
  5. Credit Builder Program. NetCredit offers a credit builder program, which allows borrowers to make small, scheduled payments on their loans to help build their credit score over time.

Pros and Cons

Pros

Availability for Clients with Poor Credit. There is no need to have good credit to pre-qualify for a NetCredit loan. The borrower should only have a minimum credit score of 500, but in some cases, the minimum credit score for personal loans can downsize up to 0. According to the company's principle, people are more than numbers. The company will decide whether to originate the loan under the financial profile.

High Amounts. There is an option to get a huge loan amount of up to $10,000 within a single business day. However, an applicant needs to have a decent source of income to get the highest amount with the lowest interest.

Easy Money. It is possible to receive money the same day you apply for the loan. All you need to do is apply before 7:00 am, accompanied by the required documents.

No Co-Signer or Collateral is Needed. NetCredit personal loans are affordable and unsecured. Only the borrower is responsible for the loan.

Cons

High Annual Percentage Rate (APR). Such personal loans may be unaffordable for some customers. When considering a NetCredit loan, it's important to note that typically, personal loan APRs are between 6% and 36%, and the National Consumer Law Center considers 36% to be the upper limit of an affordable interest rate. NetCredit loan is recognized as a high-cost loan for its high APR of up to 155%.

Loan Terms Vary by State. The other disadvantage of this type of personal loan is its unavailability in most states.

High Origination Fee. Up to 5% if the interest rate is 36% or less.

Late Payment Fee. For a payment delay of 15 days, the company's client can be obliged to pay $25 or 5% of the payment due.

Reliability

NetCredit is a legitimate financial technology company. The company has been in business since 2012 and has served thousands of customers across the United States.

NetCredit is regulated by state and federal laws, and the company is committed to complying with all applicable regulations and laws. NetCredit also employs security measures to protect customers' personal and financial information.

In terms of customer service, NetCredit offers support via phone, email, and online chat and has a dedicated customer service team to assist borrowers with any questions or concerns.

How to Apply for a NetCredit Loan?

Apply For a Loan

To apply for a NetCredit loan, you need to complete an online application on their website. The process is straightforward, and you'll receive an eligibility decision quickly. If eligible, select and sign your agreement. If you received a pre-qualified mail offer, use the eight-digit offer code on their offers page to access a personalized offer, then follow the instructions to complete the application.

NetCredit will conduct a soft credit check. This process won't affect the borrower's credit score. The lender does not have any restrictions on how borrowers can use their loan funds.

Conditions and Requirements

Conditions

  1. Eligibility. Based on state of residence and creditworthiness.
  2. Loan Amounts. $1,000 to $10,000 for personal loans; up to $4,500 for lines of credit.
  3. Fees. Vary by state; may include origination fees for personal loans and Cash Advance and Statement Balance Fees for lines of credit.
  4. Repayment. Fixed repayment schedule for personal loans; minimum payments for lines of credit.
  5. Usage. Personal loans for various purposes; lines of credit for ongoing access to funds.

Requirements

  1. Age. Applicants must be 18 years or older.
  2. Checking Account. A valid personal checking account is required.
  3. Email Address. An active email address is necessary.
  4. Income. A verifiable source of income is needed.

Ways to Receive the Money

Upon approval of a loan or line of credit at NetCredit, the funds are typically deposited directly into your bank account. For personal loans, the money can be received as soon as the same business day, or the next business day if approved. For lines of credit, cash advance requests made by 9:30 a.m. CT can be funded the same business day, otherwise, they are typically funded the next business day.

Products

Apply For a Loan

Personal Loan

  • Loan Amount. Loan amounts from $1,000 to $10,000 depending on the state of residence and creditworthiness.
  • Application. Fill out an online application form which takes just a few minutes. If eligible, you can customize the loan amount and repayment schedule before signing.
  • Disbursement. If approved, funds can be in your account the next business day or sooner.
  • Repayment. Payments are reported to major credit bureaus, which can help build credit history with on-time repayments. Early repayment is possible without any penalties.
  • Usage. Personal loans can be used for a variety of personal, family, or household purposes like covering unexpected expenses, paying for large purchases, or debt consolidation.

Line of Credit

  • Credit Limits. Up to $4,500 depending on eligibility.
  • Application. Similar to personal loans, fill out an online application which takes a few minutes. If approved, you can access up to $4,500 as a line of credit.
  • Access to Funds. You can take a Cash Advance from your available credit whenever needed. Funds are typically available the next business day or sooner after a 10% Cash Advance Fee is deducted.
  • Repayment. Minimum payments are required each billing cycle, which include a portion of the Cash Advance Balance plus a Statement Balance Fee. Like personal loans, on-time minimum repayments are reported to major credit bureaus.
  • Rewards. Qualifying account activity can unlock rewards like Skip-a-Pay (skip a regular minimum payment for a specific billing cycle) and Fee Saver (reduces the Statement Balance Fee up to 60% over time with qualifying strings of payments).
  • Usage. The line of credit is a flexible financial product that allows borrowing up to a predetermined limit and repayment based on the amount borrowed.

Other Loans

Reasons for Loan Refusal

The reasons for refusal at CreditNet are usually due to factors such as a low credit score, insufficient income, unstable employment, or other adverse financial circumstances.

How to Repay a NetCredit Loan?

Repay

You can repay your NetCredit loan or line of credit via several methods. They offer a recurring payment option (AutoPay) through Electronic Fund Transfer (EFT), where payments are debited from your bank account on due dates. Other options include one-time payments via debit or prepaid cards, EFT, paper check, money order, MoneyGram, or Western Union. Paper checks or money orders should be sent to their specified address before each due date. You can also change your preferences during the loan term, and for more details, you can contact NetCredit at (877) 392-2014.

Alternatives

OppLoans

Apply For a Loan

OppLoans is a reputable financial service provider offering consumer loans ranging from $500 to $4,000. Their fast funding process ensures that approved applicants receive the funds they need promptly, making it convenient for borrowers facing urgent financial situations. OppLoans provides flexible repayment terms, allowing customers to choose between 9, 12, and 18-month loan durations. This flexibility enables borrowers to select a repayment plan that aligns with their financial capabilities and ensures a smooth and manageable loan experience.

OppLoans

Rise Credit

Apply For a Loan

RISE Credit is a trusted online lender offering loans of up to $5,000. Their application process is quick and simple, enabling borrowers to receive funds in their accounts as soon as the next business day. With the ability to borrow on their own terms, customers can select a payment schedule that aligns with their financial preferences, though state restrictions may apply to some options. RISE Credit also stands out with its 5-Day Risk-Free Guarantee, allowing borrowers to rescind their loan and repay the principal without any fees or interest if they change their minds within the specified timeframe. Moreover, Rise Credit provides customers with free access to their credit score and credit monitoring alerts through Credit Score Plus, empowering them with valuable financial insights.

Rise Credit

OneMain Financial

Apply For a Loan

OneMain Financial is a reputable and longstanding lender offering personal loans ranging from $1,500 to $20,000. With a century of experience in the financial industry, they have earned the trust of countless customers. Their loans come with fixed rates and fixed payments, providing borrowers with predictable and manageable repayment plans. One Main Financial takes pride in delivering personalized service, ensuring each customer's unique needs are met. With an extensive network of around 1,400 locations, they offer accessibility and convenience for individuals seeking financial assistance.

OneMain Financial

Editorial Opinion

NetCredit emerges as a viable lifeline for individuals with less-than-stellar credit seeking financial reprieve. The entirely online application process, coupled with the promise of fast funding, addresses the urgency often associated with borrowing, making NetCredit a convenient choice. Its willingness to extend credit to those with poor credit scores underscores a level of inclusivity rare in the stringent world of lending. However, this accessibility comes at a cost. The high annual percentage rates (APRs) and origination fees could potentially ensnare unsuspecting borrowers in a cycle of debt. While the high cost of borrowing is laid bare, the allure of quick cash might overshadow the financial ramifications, making the path to financial solvency a steep uphill climb for some borrowers.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

Sources

FAQ

How Do you Qualify For a NetCredit Loan?

To qualify for a personal loan from NetCredit, borrowers generally need to meet the following eligibility requirements:

  1. Age. Borrowers must be at least 18 years old.
  2. Residency. Borrowers must be legal residents of the United States with a valid Social Security number.
  3. Income. Borrowers must have a verifiable source of income, which can include employment income, Social Security income, disability income, or other forms of income.
  4. Credit Score. NetCredit does not require a minimum credit score for loan approval.
  5. Bank Account. Borrowers must have an open and active checking account in their name.

      In addition to these eligibility requirements, NetCredit will also consider other factors when evaluating a loan application, such as the borrower's debt-to-income ratio, employment history, and other financial information.

      It's important to note that meeting these eligibility requirements does not guarantee loan approval, and the terms of the loan, including the loan amount, interest rate, and repayment term, will depend on the borrower's creditworthiness and other factors. Additionally, applying for a loan can result in a hard inquiry on the borrower's credit report, which may temporarily lower their credit score.

      How Much Can You Borrow From NetCredit?

      NetCredit offers personal loans ranging from $1,000 to $10,000 and lines of credit ranging from $500 to $4,500. The loan amount offered to a borrower will depend on several factors, including income, employment history, and other financial information.

      Borrowers should carefully consider their financial situation and budget when deciding how much to borrow. It's generally recommended to borrow only what is necessary to cover expenses and choose a loan repayment term for manageable monthly payments.

      It's important to note that taking out a personal loan can result in interest charges and fees, which can increase the total cost of the loan. Borrowers should carefully review the terms and fees of a NetCredit loan offer before accepting it. They should compare offers from multiple lenders to ensure they are getting the best deal.

      Does NetCredit Approve Everyone?

      No, NetCredit does not approve everyone for a personal loan. While NetCredit does not have a strict minimum credit score requirement, it may analyze your credit profile. In addition to credit score, NetCredit will also consider other factors such as income, employment history, and debt-to-income ratio when evaluating a loan application.

      Even if a borrower meets these eligibility requirements, loan approval is not guaranteed. The terms of the loan, including the loan amount, interest rate, and repayment term, will depend on the borrower's creditworthiness and other factors.

      It's also important to note that applying for a loan can result in a hard inquiry on the borrower's credit report, which may temporarily lower their credit score. Borrowers should carefully review the terms and fees of a NetCredit loan offer before accepting it. They should compare offers from multiple lenders to ensure they are getting the best deal.

      Is NetCredit a Legitimate Company?

      Yes, NetCredit is a legitimate financial technology company that has been in business since 2012 and has served thousands of customers across the United States.

      NetCredit is regulated by state and federal laws, and the company is committed to complying with all applicable regulations and laws. NetCredit also employs security measures to protect customers' personal and financial information.

      In terms of customer service, NetCredit offers support via phone, email, and online chat and has a dedicated customer service team to assist borrowers with any questions or concerns.

      Overall, NetCredit is a reliable and reputable lender in the personal loan industry. However, as with any financial decision, it's important to carefully review the terms and fees of a loan before accepting an offer and to compare offers from multiple lenders to ensure you are getting the best deal.

      Is NetCredit a Good Lender?

      Whether NetCredit is a good lender for a particular borrower depends on their individual needs and financial situation. Here are some factors to consider when evaluating NetCredit as a lender:

      1. Loan amounts. NetCredit offers loans ranging from $1,000 to $10,000, which may be suitable for borrowers who need a small to medium-sized loan.
      2. Interest rates. NetCredit's interest rates range from 34% to 155% APR, which are higher than some other lenders in the personal loan industry. Borrowers should carefully review the interest rates and fees associated with a NetCredit loan before accepting an offer.
      3. Repayment terms. NetCredit offers flexible repayment terms ranging from 6 months to 60 months, which may be helpful for borrowers who need a longer repayment period or smaller monthly payments.
      4. Eligibility requirements. NetCredit requires a minimum credit score of 550 for loan approval, which may make it more difficult for some borrowers to qualify.
      5. Customer service. NetCredit offers customer support via phone, email, and online chat and has a dedicated customer service team to assist borrowers with any questions or concerns.

      Company documents

      Privacy Policy
      Terms of use
      Rates and Terms

      Our brilliant, focused and, dare we say, personal team is passionate about helping hardworking people like you get access to fast, trustworthy credit. So you can stop worrying about your finances — and get back to what matters most.

      © NetCredit
      NetCredit service available in US States
      • Idaho
      • Iowa
      • Alabama
      • Alaska
      • Arizona
      • Arkansas
      • Wyoming
      • Washington
      • Vermont
      • Virginia
      • Wisconsin
      • Hawaii
      • Delaware
      • Georgia
      • West Virginia
      • Illinois
      • Indiana
      • California
      • Kansas
      • Kentucky
      • Colorado
      • Connecticut
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      • Oregon
      • Pennsylvania
      • Rhode Island
      • North Dakota
      • North Carolina
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      • Texas
      • Florida
      • South Dakota
      • South Carolina
      • Utah
      NetCredit service available in US States
      Financial products
      NetCredit
      Personal loan
      Rating by Finanso®
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      The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

      2.302
      Recommended FinScore™
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      300
      650
      1000
      $1,000-$10,000
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      i

      Effective interest rate on the product

      up to 155%
      Term
      i

      Loan term for the financial product

      up to 60 months
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      to 9.12 %
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      30 months – 60 months
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      NetCredit calculator
      Interest rates are given in accordance with the rates of the NetCredit of 30.11.2023
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      All NetCredit’s reviews by november 2023
      Leave feedback
      11 reviews
      Personal loan
      1.6
      Disadvantages
      I was initially given partial approval. However, upon attempting to accept the contract, I was denied because of "Bank Activity". When I called for clarification, I was advised to switch accounts. Despite doing so, I faced another denial.
      Complain
      8 reviews
      Personal loan
      1.8
      Disadvantages
      They seem to have discrepancies in reporting payments to the credit bureau. Coupled with notably high interest rates, their services might not be ideal for short-term needs. Their customer service is passable, but I'd advise caution.
      Complain
      10 reviews
      Personal loan
      4.8
      Advantages
      I've consistently experienced outstanding customer service with NetCredit. Every interaction over the phone has been helpful. I'd highly recommend this company to others.
      Complain
      8 reviews
      Personal loan
      1.6
      Disadvantages
      While repaying my loan, I set up a payment plan and was told that if I missed a payment, the plan would be canceled. Four months after missing a payment, an unexpected deduction was made from my account. When I inquired, I was told no one was actively monitoring the account, which felt contradictory. Despite recording the conversation, there was no clarity offered by the representative, nor was I informed earlier to notify them in case of a missed payment. The conversation with the representatives felt circular and somewhat judgmental. It's essential that borrowers receive accurate information to avoid misunderstandings. Based on this experience, I wouldn't recommend them.
      Complain
      6 reviews
      Personal loan
      4.2
      Advantages
      Like all payday loans, interest can accrue quickly if not paid off promptly. I've borrowed from NetCredit thrice and had positive experiences every time because I ensure timely repayment. It's essential to be cautious with such loans; if you use the entire repayment term, you might repay almost twice the borrowed amount. However, they can be beneficial for unexpected financial hiccups. Their customer service stands out compared to other lenders. They're genuine, and as long as you repay on time, they maintain a good rapport with customers.
      Complain
      11 reviews
      Personal loan
      2.2
      Disadvantages
      Disappointed with the process. I was initially informed that I was approved, but after providing all my personal details on their website, I was met with a decline. Not only was it a time-consuming experience, but it also resulted in a hard inquiry on my credit report.
      Complain
      8 reviews
      Personal loan
      2.2
      Disadvantages
      Dealing with this company was quite challenging. After indicating that I was approved and requesting my bank statements, as well as asking to link to my bank account, I was disappointed to receive an email 1-2 weeks later stating that my application was withdrawn without clear explanation. It raises concerns about the security and use of one's personal information when the process ends in such an unexpected manner.
      Complain
      1 reviews
      5
      Advantages
      When I applied for a serious loan amount for a period of 5 years instead of the standard days of consideration, it turned out as much as three days, but the main thing is that I managed to get money at an adequate percentage, and all due to the fact that I provided all the information that was required of me, including additional ones. I have used NetCredit services before this big loan, so I know what to expect from them. Everything is written in the contract according to the points, there are no pitfalls that would seem doubtful to me. Now, as soon as I pay, I will share a new review, but for now I recommend the company
      Disadvantages
      no disadvantages
      Complain
      1 reviews
      5
      Advantages
      I use the services of this lender and receive money if necessary. It is convenient that there is a button on the site by which you can check the availability of credit, so I got my first loan from them at the time) A lot of information is required when making an application, it's good that you don't need to take the documents anywhere and pull up the guarantors too, all online without visiting bank branches. The conditions are individual for everyone, there is even a difference in which state you apply for, so you need to take all this into account, and not judge the same as the others. I have a positive opinion about the company, if necessary, I will contact them again
      Disadvantages
      No
      Complain
      1 reviews
      5
      Advantages
      The company is loyal to customers, offers adequate conditions for obtaining a loan for personal purposes, the amount and term may vary depending on your requests and requirements, but you need to understand that the lender may not give as much as you deemed necessary based on the level of your salary and credit history. It is not difficult to make out, the first thing you do is create a personal account, and through it you will submit an application, which is considered during the day, only after the money is transferred if approved, but even this requires a preliminary call from an employee of the company. In general, it is not difficult to get money with them
      Disadvantages
      No
      Complain
      aggregation.company.allReviews
      Overall company rating
      3.2
      / 5
      12 reviews
      Execution of an application
      3.3
      Support service
      3.1
      Mobile app
      3.3
      Service quality
      3.2
      Your satisfaction level
      3.1
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