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NetCredit Review

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Konstantin Tochonyi - CEO Finanso®
Konstantin Tochonyi - CEO Finanso®

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Konstantin Tochonyi - CEO Finanso®
Konstantin Tochonyi - CEO Finanso®

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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 review

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 Personal 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.

Loans like NetCredit

OppLoans

Apply for a Loan

OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.

Opploans

Rise Credit

Apply for a Loan

RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.

Rise Credit

OneMain Financial

Apply for a Loan

OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.

OneMain Financial

Universal Credit

Apply for a Loan

Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.

Universal Credit

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.

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.
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      NetCredit reviews 2024
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      18.01.2024 at 21:05
      4.8
      Pros
      My initial loan experience was seamless, featuring efficient processes and excellent customer service. I was genuinely pleased and taken aback by this company's professionalism.
      0 comments
      Complain
      15.01.2024 at 18:40
      2.2
      Cons
      I was initially approved for a $1,650 line of credit with NetCredit. As part of the verification process, I submitted my two latest paystubs and bank statements as requested. Surprisingly, I received an email claiming they were "unable to verify income". Despite re-applying thrice and providing even more documentation, I continually received the same message. Furthermore, I got no response even after emailing them. Despite my employer using ADP, a leading payroll management company, they still couldn't verify my income. I'm beginning to question whether they are either inept at their lending processes or just gathering personal data. Moreover, this procedure resulted in a hard inquiry on my credit. I'll be contesting this and cautioning others to think twice before considering NetCredit, given my experience of not receiving the promised funds.
      0 comments
      Complain
      11.01.2024 at 11:25
      1.4
      Cons
      I've had a challenging experience with this company. Firstly, I've been grappling with a fraud case for three years, having provided them with information from the CFPB, a police report, and bank statements. Secondly, I've spent hours trying to reach a manager, only to be told I'll be contacted within "48 hours". Yet, I always find myself initiating the follow-up, re-explaining my situation each time. Their main concern seems to be money, not customer assistance. Lastly, I'd advise caution when dealing with this company based on my experience; it feels they prioritize their interests over professional service or trustworthiness.
      0 comments
      Complain
      05.01.2024 at 17:05
      1.8
      Cons
      This was my second attempt with this company. I only requested $500, but they approved me for $2,500 and directed me to view the contract at the bottom of the page. To my surprise, the process reset when I tried. After reaching out to them, they declined my application without a clear reason. I've documented this with screenshots. I won't be trying with them again.
      0 comments
      Complain
      02.01.2024 at 08:55
      1.8
      Cons
      Be cautious with this option. On a $1650 loan, I incurred $555 in fees within just 3 months. If you're only making the minimum payments, which are not insubstantial at $150+, the fees are nearly half the payment amount. It can be financially detrimental in the long term.
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      26.12.2023 at 21:30
      4.4
      Pros
      NetCredit has been fantastic to work with. I hope to refinance and obtain another loan through them in the future. They genuinely make every client feel valued. Many thanks!
      0 comments
      Complain
      25.12.2023 at 01:30
      2
      Cons
      Beware of their exorbitant rates and fees. Despite having repaid almost the full amount borrowed, my remaining balance is still 2-3 times the initial amount. It feels like a predatory lending practice.
      0 comments
      Complain
      20.12.2023 at 21:40
      1.4
      Cons
      I received pre-qualification for a loan on NetCredit and subsequently applied and got accepted. However, shortly after setting up my line of credit, it was unexpectedly closed, and I was informed that I had been denied.
      0 comments
      Complain
      13.12.2023 at 11:08
      2.4
      Cons
      I decided to cancel my application before its completion due to some inconsistencies I observed. Their customer service line was peculiar; it gave limited options and often led to long hold times. The representatives I spoke with seemed unprofessional or perhaps not genuine. I proceeded with providing some of the requested information, but when they called back and asked for my full social security number, I opted to discontinue the process. Additionally, the application presented bi-weekly payment options when I had initially chosen monthly. The overall terms and conditions seemed excessive and added to my reservations.
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      Complain
      07.12.2023 at 21:20
      2.2
      Cons
      Be cautious. They assured me that checking eligibility wouldn't impact my credit. However, after providing all my details, they did a hard credit pull and subsequently declined my application. It's concerning when there's a discrepancy between what's promised and the actual actions taken. If they weren't going to approve, why perform a hard pull after stating otherwise?

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      Company rating
      2.9
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      25 reviews
      Application
      3.0
      Support service
      2.8
      Mobile App
      3.0
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      3.0
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      2.9
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