NetCredit Personal Loans Review

NetCredit operates in 36 states, providing high-interest unsecured personal loans via its lending partners. This company specializes in extending credit to borrowers with poor credit history. Due to the high cost of its loans—with APRs just shy of triple digits—you should only consider NetCredit as a last resort, having exhausted all cheaper options.

Loan Options

• NetCredit offers unsecured personal loans between $1,000 and $10,000, with some state-specific exceptions.

• Loan lengths range from 6 to 60 months (again, some state-specific differences)

• NetCredit does not support joint applications or cosigners.

Interest & Fees

• APR: 34% - 99.99%, though the range that applies to you depends entirely on your state. California and Texas run the full 34.99% to 99.99%, Georgia caps at 59.99%, and in Illinois, New Mexico, North Dakota and South Dakota the range is 34% to 36%. The best rates will be reserved for borrowers with good credit history.

• Origination Fees: Depending on your state of residence, NetCredit may charge an origination fee of up to 5% of the approved loan amount, which they describe as the only fee besides late payment charges.

• Prepayment Penalty: Borrowers do not incur any fees if they wish to pay off their loan early.

• Late Payment: Depending on your state of residence, NetCredit charges either a flat fee ($10-$25) or a percentage-based fee on the unpaid portion of your monthly payment amount (5%).

• Unsuccessful Payment: NetCredit will not impose a penalty for failed or returned checks or ACH payments.

How long to receive funds?

NetCredit state that an eligibility decision comes back in seconds, and that once you select and sign your agreement a final decision usually follows the same day. Applications approved before 1pm CT Monday to Friday, excluding federal holidays, may be funded that same day, while approvals after that are generally funded the next business day. If they need to verify additional information it can take up to three business days, and when the money actually lands depends on your own bank.

Geographical Availability

NetCredit do not currently accept applications from residents of Washington DC or the following states: Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New York, North Carolina, Oregon, Pennsylvania, Vermont, Washington and West Virginia. Loan amounts also vary by state, starting at $3,100 in Georgia and $2,100 in North Dakota against $1,000 in California and Texas.

Loan Eligibility

NetCredit has no minimum credit score requirement and will actively consider alternative non-credit data points, such as employment history, in the qualification process.

Income Requirements

Though their conditions state that applicants must have a verifiable source of income, no information on minimum income thresholds has been publicly disclosed.

Are they legit?

Yes. NetCredit is a subdivision of Enova, which is listed on the New York Stock Exchange under the ticker symbol "ENVA". Depending on the state, NetCredit loans are made by a member of the NetCredit family of companies or by a lending partner bank - currently Quill Bank or Republic Bank & Trust Company, with loans previously issued by TAB Bank still serviced by NetCredit. In all scenarios, NetCredit handles the customer service, application process and loan management.

Reviews & News

At the time of writing, NetCredit had approximately 88% 5-star reviews on Trustpilot from a total of just over 33,000, with an average rating of 4.8/5.

On their unaccredited BBB profile, they have an average customer rating of 4.49/5 from 802 reviews, with 160 complaints closed in the last 12 months and 419 filed over the last three years.

Against that generally positive picture, the negative reviews cluster on the application rather than the loan itself: people describe being approved, submitting documents and then being declined without a clear reason, having taken a hard credit check along the way. A second thread is money that was approved but slow to arrive, or that never did.

Do They Report to the Credit Bureaus?

Yes. NetCredit report monthly snapshots of loan and payment status to the three major credit reporting agencies: Equifax, Experian and Transunion. Regular on-time payments in your credit file will likely increase your credit score and improve your chances of qualifying for credit in the future. However, failure to satisfy your repayment obligations could damage your credit score, making it more difficult to borrow again.

Get in touch

For customer support, you can contact NetCredit at (877) 392-2014, which is available 8AM-8PM Central (Monday-Friday) and 9AM-5.30PM Central (Saturday & Sunday). You can also email them at support@netcredit.com, or use one of the other options on their contact page.

What we like?

Alternative data powered qualification: NetCredit have no minimum credit score requirement and their unique decisioning algorithm incorporates non-credit information like income and employment history, likely benefitting candidates with poor credit or limited credit history who are denied elsewhere.

Fast funding: Approved applications are typically funded the next business day, and applications approved before 1pm CT Monday to Friday may be funded the same day. Exact timing will be determined by your banking institution.

Check your rate: Called My ScoreSaver, borrowers can check their rate on the NetCredit website, without any impact to their credit score. If you choose to process with their offer, a hard credit check will then be performed, which will be recorded on your credit file.

Transparency: With ClearCost for Me, you'll know exactly the total cost of a NetCredit loan. My RightFit Tool allows you to customize the loan amount and repayment period, so you can find a loan that works for you. Finally, NetCredit offer the My Choice Guarantee, meaning approved borrowers have until 6PM ET on the business day after funding to rescind their loan.

What we don't like?

Extremely high APRs: NetCredit rates start at 34% or higher in every state they lend in, and in 31 of the 36 states they serve the range runs all the way to 99.99%. That puts almost every NetCredit loan above the 36% threshold that many consumer advocates consider the upper boundary for affordable lending. Borrowers should carefully evaluate whether they can realistically afford repayment before accepting a loan.

Origination fees: NetCredit will charge an origination fee of up to 5% on the approved loan amount, which is automatically paid at the time of funding. For example, if you are approved for $10,000 loan with a 4% origination fee, you'll only receive $9,600 in your bank account. Many lenders don't charge origination fees, so you may wish to look elsewhere to avoid them.

Limited geographical availability: NetCredit currently offer loans in 36 states. If you live in one of the other 14 states, or in Washington DC, then you'll need to explore other options.

No joint/cosigned loans: NetCredit does not support loans with multiple applicants, either joint or cosigned applications. A cosigner or joint applicant can sometimes increase your chances of approval or give you better terms, so it might be worth checking out alternative lenders that provide this option.

No secured loans: NetCredit does not currently offer collateral backed personal loans. Securing your loan with an asset (e.g. vehicle) is one way to achieve a lower rate, though it puts that asset at risk if you fall behind.

Summary

NetCredit may provide access to funding for borrowers who struggle to qualify elsewhere, particularly those with damaged or limited credit history. However, the combination of near triple-digit APRs and additional fees can make these loans very expensive, especially over longer repayment periods. Borrowers should carefully compare alternatives before proceeding.