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NetCredit
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NetCredit

 4.8/5 (98 ratings)
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NetCredit

About NetCredit

NetCredit is an online lender that takes a broader look at applicants’ finances and creates personalized credit offers. Depending on your state, your loan may be originated by NetCredit or one of its partner lenders. Borrowers can choose an amount that meets their needs and select from several flexible payment options. NetCredit reports loan information to TransUnion and Experian, two major credit bureaus.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • No prepayment penalties
  • Lower credit scores may be accepted
  • Lines of credit up to $4,500
  • Loans from $1,000 to $10,000

Cons

  • Not available in every state
  • High interest rates

Bottom Line

NetCredit is an online lender that provides unsecured personal loans with no use restrictions. Find out if you’re eligible for a loan or line of credit on the company website without affecting your credit score.

Top NetCredit Reviews

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Rated with 5 stars
Verified

It was very easy to apply and get approved for a loan with NetCredit. They are very professional and funding took just one day. I would definitely use them again for any future lo...

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Rated with 5 stars
Verified

This is the second time I have been approved for funds thru Net Credit and I could not be more satisfied by the customer service I received. ... I look forward to paying this loan...

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What is NetCredit?

NetCredit is an online lender specializing in fast funding for borrowers with less-than-perfect credit. Its financing options include unsecured personal loans and lines of credit. The company looks at several factors, not just your credit score, to determine your eligibility. Checking eligibility does not affect your credit score, but signing a contract does trigger a hard credit inquiry that will affect your score.

Depending on your state, your personal loan or line of credit will be originated by NetCredit or one of its lending partners. Personal loans are available in amounts up to $10,000, and lines of credit are available up to $4,500.

Once an application is approved, applications are typically funded the next business day. Approval is subject to additional verification, and failure to provide additional documentation promptly may delay funding.

How does NetCredit work?

NetCredit offers personal loans and lines of credit. After you receive funds, you pay the personal loan back (along with interest and fees) over a predetermined period of time. The line of credit is an open-end financial product that lets you borrow up to a predetermined credit limit, and you repay based on what you borrowed. Payments are made gradually over scheduled due dates.

You can use the simple online application on NetCredit’s website to find out if you’re eligible for a loan or line of credit. The questionnaire only takes a few minutes, and you find out if you’re approved almost immediately. You need to have certain information on hand, including:

  • Income amount
  • Employment details
  • Social security number and date of birth
  • Length of employment

NetCredit can also help you customize your personal loan or line of credit to suit your needs. Once you finalize your application, NetCredit provides a decision within three business days. Approved applications are typically funded the next business day.

NetCredit reports to two credit bureaus, TransUnion and Experian. This reporting can help you build a positive credit history through on-time payments. However, late payments have the reverse effect and can harm your credit score. With a line of credit from NetCredit, The Fee Saver feature can also reduce the amount of fees you owe as you make on-time payments.

NetCredit loan requirements

Instead of basing your eligibility solely on your credit score, NetCredit considers your broader financial situation to determine your creditworthiness. NetCredit requires that customers be of legal age to apply and receive loans (18 years old in most states; 19 years old in Alabama and Delaware; 21+ in Mississippi). Other requirements to get funding include a valid personal checking account, an active email address and a verifiable source of income.

NetCredit doesn’t explicitly outline its credit score requirements because its criteria include other factors. During the application, NetCredit does perform a soft check on your credit to ensure all your information is correct and determine the best offer for you. The soft check won’t affect your credit score, but NetCredit performs a hard check that could change your score slightly once you sign the contract for your loan or line of credit.

NetCredit lines of credit

Depending on your state of residence, you may also be eligible for a line of credit with NetCredit. Lines of credit range from $500 to $4,500 and give customers ongoing flexibility to take cash advances up to their available limit.

NetCredit loan refinancing

NetCredit has two different options for loan refinancing:

  • You can borrow more money and start a new contract and repayment schedule
  • You can reduce your payment on your current loan with a new contract and repayment schedule

Currently, NetCredit only offers loan refinancing for existing customers. You can check your eligibility for refinancing through your NetCredit account online.

NetCredit interest rates and fees

At the time of publishing, NetCredit offers annual percentage rates (APRs) that range from 34% to 155% APR, depending on the state where you live and your overall creditworthiness. Depending on your state, an origination fee may apply. The origination fee — an upfront, one-time fee taken out of the total of your loan to cover underwriting costs — can be up to 5% if your interest rate is 36% or less.

Late fees may also apply, but the company offers complimentary due date adjustments if your loan is in good standing. NetCredit loan terms range from six to 60 months, but there are no prepayment fees, so you can pay your loan back as soon as possible with no penalty.

 If you open a line of credit with NetCredit, you’ll have to pay two types of fees:

  • Cash Advance Fees are charged when you take out an advance. They’re deducted from the amount of the advance.
  • Statement Balance Fees are charged every billing period. They’re calculated based on the amount of principal you have outstanding at the end of the period, minus any Fee Saver reductions. If your principal balance is under $25, you do not incur a Statement Balance Fee.

Instead of charging compound interest, NetCredit personal loans charge simple interest, which is calculated off the remaining principal balance of the loan and usually less expensive than compound interest.

NetCredit FAQ

How long does NetCredit take to approve an application?
NetCredit offers eligibility decisions in seconds. If eligible, once you select and sign your agreement, you'll typically receive a final decision within the same business day. Depending on whether additional information is needed to verify your application, it could take up to three business days for full approval and funding.
Does NetCredit verify income?
Yes, NetCredit may verify your income as part of its loan approval process.
Does NetCredit do a hard inquiry?
Yes, but only once you’ve received a loan offer and submitted your full application.
Does NetCredit report to credit bureaus?
Yes, NetCredit reports to TransUnion and Experian.

Is NetCredit legit?

Yes. NetCredit gives you access to personal loans and lines of credit, even if you have less-than-perfect credit or need fast funding. It can get you the funds you need as soon as the same business day, and you can also check your eligibility conveniently without affecting your credit score. Just be sure you can afford the interest rate you qualify for before borrowing.

NetCredit Reviews

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2 featured reviews
How do I know I can trust these reviews about NetCredit?
How do I know I can trust these reviews about NetCredit?
  • 3,528,120 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Dec. 11, 2021

This was the easiest process, I enjoyed the experience. I would recommend this to friends and family. The only thing I would change is more communication on the phone. It took me days to get to talk to a live person. After talking thing went smoothly. I also like the email communication. It made it easy to what was needed. The only change would be more detail into what you where looking for. And when I did send email never got a response back.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 14, 2021

    Recently, I found that my family and I needed some extra cash to pay some unforeseen expenses. I received a pre-approval letter in the mail from NetCredit, so I took a chance and applied. I was approved within minutes, and my funds were available the next business day. The automated process was very easy and convenient. And, being a past customer, I also know that you can get great customer service by phone. I would definitely recommend NetCredit to my friends and family.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 5, 2021

    Overall it was a good experience. There were some "hiccups" with getting some documents to them, and multiple emails indicating that the requested documents had not been received. This was not correct, and I made three calls to get the problem fixed. I found all CSRs I spoke with to be professional, helpful and personable, and they did help resolve the issues. I was informed that I had made a new application, and was quite surprised to find an email later that afternoon telling that my initial application was accepted and that the funds were to be deposited the next day, which they were. So in spite of the "hiccups" mentioned above, the overall experience was good.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 14, 2021

    For the most part your service is very good. I just wish my percentage rate wasn't 35%. Since this is my second loan with you I was hoping it would be lower. I didn't receive my confirmation email though because it went to my spam folder. I just try to use your call back service and it called me back but I was still on hold for 20 minutes and no one ever answered so that was the only negative I guess. Thank you!

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: June 21, 2021

    Initially was confused regarding what documents were needed. Attempted to call service #. Responses were really not clear as I still did not get clarity. I finally faxed a group of documents before the deadline. On follow up had a hard time again to clarify if received by your company. The last associate made sure he got me an answer. Received on fax list, but no notation entered on my application. He advised me if loan was denied secondary to no income records recorded, I should reapply the next day, as records would already been entered after initial denial. I was denied. I waited a day and reapplied, and received approval. Grateful for loan, but I had to work to get it, and thankful for last associate I spoke to regarding reapplying. I forget his name, but he was on his game.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 15, 2022

    I was very satisfied with my experience with NetCredit. Easy application, very patient and kind associates, and so easy to get your money. I will recommend to friends. This is my second loan with Net Credit. I accidentally hit thumbs down first time. I hope this corrects it. Thank you, Thank you!!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 14, 2022

    This loan was fast and easy. Got money within days and was deposited into my account. These guys are awesome. If you need a loan and are not sure whether you can get it go to these people and they will help you out. I would recommend them to everyone.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 14, 2022

    Excellent experience with loan processing overall. I’d recommend a friend. The online application was easily navigable and short and to the point. The decision process was quick, and the funds were made available asap. It helped to solve my immediate need and allows the opportunity to quickly repay the loan without penalty.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 14, 2022

    Extremely satisfied with my experience. I saw NetCredit advertised on TV and decided to give it a try. The application process was easy and had a response within two days!! Would definitely recommend! Thank you NetCredit! You guys are awesome!!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 14, 2022

    It's easy to use. And super helpful in getting you the funds you need. Don't get penalties for paying early. They take off interest on what you owe when you payoff the loan faster. It's kept at the same amount every month.

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    NetCredit Company Information

    Social media:
    Company Name:
    NetCredit
    Year Founded:
    2012
    Address:
    175 W. Jackson Blvd., Suite 1000
    City:
    Chicago
    State/Province:
    IL
    Postal Code:
    60604
    Country:
    United States
    Website:
    www.netcredit.com