NetCredit Personal Loans Review

NetCredit operates in 37 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 may allow cosigners on loans, which could improve your chances of approval, as the legal responsibility to repay the loan will be shared by multiple people. You should contact a representative if you wish to add a cosigner to your application.

Interest & Fees

• APR: NetCredit interest rates vary widely by state, but generally fall within the range of 34%-99.99%. 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.

• 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.

Geographical Availability

NetCredit does not currently accept applications from residents of Washington DC and the following states: Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New York, North Carolina, Pennsylvania, Vermont, Washington and West Virginia.

Loan Eligibility

NetCredit has no minimum credit score requirement and will actively consider alternative non-credit data points (e.g. 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 the New York Stock exchange listed company, Enova. Depending on the state, NetCredit loans are offered by a member of the NetCredit family of companies or by a lending partner bank. 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 32,000.

On their unaccredited BBB profile, they have an average rating of 3.34/5, with just over 170 complaints closed in the last year.

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 also email them at support@netcredit.com.

What we like?

Alternative Data: 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. Applicants who submit an application before 7AM CT Monday – Friday may receive their funds the same business 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 loans can carry APRs approaching 100%, far above most mainstream personal lenders. In some states, their rates exceed 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.

Geographical Availability: NetCredit currently offer loans in 37 states. If you live in one of the other 13 states (or 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.

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.