About
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.
Key Features
NetCredit is a financial technology company that provides personal loans to consumers. Some key features of NetCredit include:
- 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.
- Customizable loans: NetCredit offers loans ranging from $1,000 to $10,500, with customizable terms and repayment options. Borrowers can choose the loan amount and repayment term that best fits their needs and budget.
- Fast funding: NetCredit offers fast funding, with funds typically available within one business day of loan approval.
- No prepayment fees: NetCredit does not charge prepayment fees, meaning borrowers can pay off their loans early without incurring any additional costs.
- 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.
- Mobile app: NetCredit has a mobile app that allows borrowers to manage their loans, make payments, and access account information from their smartphone or tablet.
Overall, NetCredit is a flexible and convenient lender that may be a good option for borrowers needing a small to medium-sized personal loan and prefer a fully online loan application process. However, borrowers should carefully review the terms and fees of a NetCredit loan before accepting an offer. They should compare offers from multiple lenders to ensure they are getting the best deal.
Pros and Cons of NetCredit
NetCredit is an online lender with several advantages that distinguish the company from traditional lenders. Among the pros can be noted:
- 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.
However, some people consider NetCredit loans their last option for several reasons. Among the disadvantages can be mentioned:
- 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.
Products
NetCredit offers personal loans to consumers, with loan amounts ranging from $1,000 to $10,500. The loans are unsecured, which means that borrowers do not need to provide collateral to secure the loan.
NetCredit's loans are designed to be flexible, with customizable repayment terms and options. Borrowers can choose the loan amount and repayment term that best fits their needs and budget. Repayment terms range from 6 months to 60 months, depending on the loan amount and other factors.
NetCredit's loans may be used for a variety of purposes, including:
- Debt consolidation
- Home improvements
- Medical expenses
- Moving expenses
- Car repairs or purchases
- Vacations or travel
- Weddings or special events
- Education expenses
- Other personal expenses
NetCredit's loans have high-interest rates ranging from 34% to 155%. The interest rate and loan terms will depend on the borrower's credit score, income, and other financial information. NetCredit does not charge prepayment fees, meaning borrowers can pay off their loans early without incurring any additional costs.
Overall, NetCredit's personal loans may be a good option for borrowers needing small- to medium-sized loans with flexible repayment terms and customizable options. However, borrowers should carefully review the terms and fees of a NetCredit loan before accepting an offer. They should compare offers from multiple lenders to ensure they are getting the best deal.
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.
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.
Funding a Loan
The process of getting a personal loan takes between 1 and 3 days, but it is possible to receive the money the next day if the request was made from Monday to Thursday. You need to provide accurate information by completing the form and submitting the required documents instantly.
Then NetCredit will conduct a soft credit check. This process won't affect the borrower's credit score. The next step after the preapproval is filling out an online application that asks for more details like the loan purpose, address, Social Security number, current income, and employment. The lender does not have any restrictions on how borrowers can use their loan funds. Also, at this step, borrowers should indicate their ideal loan amounts and repayment terms.
If the application for a NetCredit personal loan is approved, the borrower will receive a loan offer with information about the monthly payment amount and terms. If the borrower is unsatisfied with his personal loan, he can submit a request for other loan options, including a higher or lower monthly payment amount or repayment period. Before funding a loan, NetCredit conducts a hard credit check, which can temporarily affect credit score, as the borrower's payment history is reported to major credit bureaus.
NetCredit Conditions
NetCredit personal loans refer to unsecured personal loans, which means no collateral is required. Such loans can be originated in Utah, Idaho, Alabama, Georgia, Illinois, Delaware, Missouri, Virginia, Louisiana, Wisconsin, New Mexico, North Dakota, and South Carolina. Loan terms may significantly differ from one state to another because of the difference between the laws of each state.
For instance, the minimum loan amount in Georgia ($3,100) is three times higher than in Arizona ($1,000). Still, the APR for Georgian NetCredit personal loans is less (34% – 59% compared to 34,99% – 99.99% in Arizona and 34% – 155% in Idaho.
Borrowers can obtain loans ranging from $1,000 to $10,000, with APRs ranging from 34% to 155%. Very few personal lenders offer such high loan amounts. The minimum term is six months, and the maximum duration is 60 months (5 years).
Also, the company offers lines of credit that lets the borrower withdraw as much cash as he needs at any point in time and pay it back on his timeline. Remember that NetCredit interest rates for lines of credit are variable. Floating rates fluctuate depending on a special index or underlying benchmark interest rates.
Additional Services
In addition to personal loans, NetCredit offers several additional services to borrowers, including:
- My CreditBuilder: NetCredit's credit builder program allows borrowers to make small, scheduled payments on their loans to help build their credit score over time.
- Financial education: NetCredit offers a variety of financial education resources and tools to help borrowers improve their financial literacy and make informed decisions about managing their finances.
- Mobile app: NetCredit has a mobile app that allows borrowers to manage their loans, make payments, and access account information from their smartphone or tablet.
- AutoPay: NetCredit's AutoPay feature allows borrowers to schedule their loan payments to be automatically deducted from their bank account each month, which can help ensure timely payments and avoid late fees.
Overall, NetCredit's additional services are designed to provide borrowers with a more convenient and personalized loan experience. These services may be particularly helpful for borrowers who are looking to improve their credit score, manage their finances more effectively, or simply streamline the loan repayment process.
NetCredit vs. OppLoans
NetCredit and OppLoans are both financial technology companies that provide personal loans to consumers, but there are some key differences between the two lenders:
- Loan amounts: NetCredit offers loans ranging from $1,000 to $10,500, while OppLoans offers loans ranging from $500 to $4,000. NetCredit may be a better option for borrowers who need a larger loan amount, while OppLoans may be a better option for borrowers who need a smaller loan amount.
- Eligibility requirements: NetCredit does not require a minimum credit score for loan approval, while OppLoans does not have a minimum credit score requirement. However, OppLoans may require other qualifications such as income and employment history.
- Interest rates: NetCredit's interest rates are typically higher than OppLoans. NetCredit's interest rates range from 34% to 155% APR, while OppLoans' interest rates range from 59% to 199% APR. Borrowers should carefully consider the interest rate and other fees associated with each loan before making a decision.
- Repayment terms: NetCredit offers repayment terms ranging from 6 months to 60 months, while OppLoans offers repayment terms ranging from 9 months to 18 months.
- Funding time: NetCredit typically funds loans within one business day of loan approval, while OppLoans funds loans within one to two business days.
- Additional services: NetCredit offers a credit builder program and financial education resources, while OppLoans offers financial coaching and credit reporting to the major credit bureaus.
NetCredit may be a better option for borrowers needing a larger loan amount. OppLoans may be a better option for borrowers who need a smaller loan amount and are looking for additional services to improve their financial situation. Borrowers should carefully review the terms and fees of each loan offer before making a decision.
NetCredit vs. Upstart
NetCredit and Upstart are both financial technology companies that provide personal loans to consumers, but there are some key differences between the two lenders:
- Loan amounts: NetCredit offers loans ranging from $1,000 to $10,500, while Upstart offers loans ranging from $1,000 to $50,000. Upstart may be a better option for borrowers who need a larger loan amount.
- Eligibility requirements: NetCredit does not require a minimum credit score for loan approval, while Upstart requires a minimum credit score of 620. Upstart may be a better option for borrowers with higher credit scores.
- Interest rates: Upstart's interest rates may be lower than NetCredit's. Upstart's interest rates range from 6.7% to 35.99% APR, while NetCredit's interest rates range from 34% to 155% APR. However, interest rates and fees may vary based on the borrower's credit score, income, and other factors.
- Repayment terms: NetCredit offers repayment terms ranging from 6 months to 60 months, while Upstart offers repayment terms ranging from 36 months to 60 months.
- Funding time: NetCredit typically funds loans within one business day of loan approval, while Upstart funds loans within one to two business days.
- Application process: NetCredit's loan application process is entirely online, while Upstart requires borrowers to complete a phone interview as part of the application process.
Overall, Upstart may be a better option for borrowers who have a higher credit score and are looking for a larger loan amount, while NetCredit may be a better option for borrowers who need a smaller loan amount and prefer a fully online loan application process. However, borrowers should carefully review the terms and fees of each loan offer before making a decision.
NetCredit vs. OneMain Financial
NetCredit and OneMain Financial are both financial technology companies that provide personal loans to consumers, but there are some key differences between the two lenders:
- Loan amounts: NetCredit offers loans ranging from $1,000 to $10,500, while OneMain Financial offers loans ranging from $1,500 to $20,000. OneMain Financial may be a better option for borrowers who need a larger loan amount.
- Eligibility requirements: NetCredit does not require a minimum credit score for loan approval, while OneMain Financial does not have a minimum credit score requirement. However, OneMain Financial may require other qualifications, such as income and employment history.
- Interest rates: OneMain Financial's interest rates may be higher than NetCredit's. OneMain Financial's interest rates range from 18.00% to 35.99% APR, while NetCredit's interest rates range from 34% to 155% APR. However, interest rates and fees may vary based on the borrower's credit score, income, and other factors.
- Repayment terms: NetCredit offers repayment terms ranging from 6 months to 60 months, while OneMain Financial offers repayment terms ranging from 24 months to 60 months.
- Funding time: NetCredit typically funds loans within one business day of loan approval, while OneMain Financial funds loans within the same day or within a few days of loan approval.
- Additional services: OneMain Financial offers additional services such as credit insurance and debt protection, which may provide added security for borrowers in the event of unforeseen circumstances.
Overall, OneMain Financial may be a better option for borrowers who need a larger loan amount and are looking for additional services. NetCredit may be a better option for borrowers who need a smaller loan amount and prefer a fully online loan application process. However, borrowers should carefully review the terms and fees of each loan offer before making a decision.
