NetCredit

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NetCredit
AUTHORIZED PARTNER

NetCredit

 4.8/5 (63 ratings)
  • 5 stars
    53
  • 4 stars
    2
  • 3 stars
    3
  • 2 stars
    2
  • 1 stars
    3
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NetCredit

About NetCredit

NetCredit is an online lender that takes a broader look at applicants’ finances and creates personalized loan offers. 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
    53
  • 4 stars
    2
  • 3 stars
    3
  • 2 stars
    2
  • 1 stars
    3

Pros

  • No prepayment penalties
  • Lower credit scores may be accepted
  • Get funds quickly
  • Loans from $1,000 to $10,000

Cons

  • Not available in every state
  • High interest rates

Bottom Line

NetCredit is an online loan marketplace 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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  • 3,148,905 reviews on ConsumerAffairs are verified.
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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...

Read full review

What is NetCredit?

NetCredit is an online lender specializing in fast funding for borrowers with less-than-perfect credit. Its financing options include online loans, quick loans, personal loans and no-credit-check loans. The company’s My ScoreSaver tool 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.

NetCredit partners with lending institutions to provide personal loans and lines of credit. Personal loans are available in amounts up to $10,000. Lines of credit go up to $4,500. Once an application is approved, NetCredit may deposit funds as soon as the same day, depending on the type of financing in question.

How does NetCredit work?

NetCredit offers personal loans and lines of credit that you can use to pay for whatever you want. After you receive funds, you pay the loan back (along with interest and fees) over a predetermined period of time.

You can use the My ScoreSaver tool 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:

  • Your credit score
  • Income amount
  • Rent or mortgage payment amount
  • Length of employment

NetCredit’s My RightFit Tool can also help you customize your loan or line of credit to suit your needs. Once you finalize your application, NetCredit provides a decision within three business days, but the process is usually done on the same day. Funding is often done by the next business day, depending on when you apply.

NetCredit reports to two credit bureaus, TransUnion and Experian. This reporting can help you build a positive credit history through on-time payments and boost your credit score while paying off your loan. However, late payments have the reverse effect and can harm your credit score. With a line of credit from NetCredit, The Fee Saver feature also reduces 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. The company also checks your overall debt-to-income ratio and asks for information about any outstanding debt. 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 My RightFit Tool questionnaire, NetCredit does perform a soft check on your credit to ensure all your information is correct. The soft check won’t affect your credit score, but NetCredit performs a hard check that could change your score slightly once you agree to the loan or line of credit terms and conditions.

NetCredit lines of credit

If you don’t qualify for a personal loan, you may be eligible for a line of credit with NetCredit depending on the state you live in. 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 interest rates that range from 34% to 155% APR, depending on the state where you live and your overall creditworthiness. 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 charges 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 finalizes most loan decisions on the same business day. However, it may take up to three days if the company needs to verify additional information.
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 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?
  • 3,148,905 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 - 10
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 8, 2021

Was so pleased with how easy and fast was approved I am so happy???? You were able to help me. Have been turn down so many time was ready to just give up. And then was watching the TV when your Ad came across. I said I will try and see what ha6 and was so happy when got call to tell me I was approved. You really made my day. To help pay .y bills.m

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 23, 2020

    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. A quick reply and easy way to submit documents and information. This loan came at the perfect time to pay off a credit card that would not work with me and was charging me constant late payments. I look forward to paying this loan off and maybe taking another to work paying off all my credit cards quickly and efficiently! Thank You Net Credit!! You're the best!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 28, 2020

    This is 4th time funding loans through NetCredit. Every single time it’s been quick and easy. It was expensive at first but it gets cheaper the more you pay off and get another one. Assuming you make your payments. I was able to make bigger payments and pay off in the 1/5 of the time. It’s been easier for me paying off multiple debts and consolidating them into this one loan. Since I had a few things going on and pilling up at the same time, this was the perfect option for me. This should be my last time, and I will be officially out of debt! Thank you NetCredit!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 27, 2020

    Once I found your offer through Lending Tree I filled out my application. There were a couple of times that I forgot to put in some information but you called me right away. The gentleman I spoke to that night helped me so much getting my bank information sent to you. I was told I would know something by Friday, 27 November and I got up this morning and looked at my bank account and the money was there. Thank you so much for your help.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 5, 2020

    You all are at the top for reliable lending services on a national level! The refinance option could be a little more lenient, but maybe that's a good thing. Once you're paid off, you can start a new loan so that's a plus... well as long as you have a current job status to vouch for you again! All in all... always a positive experience for me!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 8, 2021

    The process was quick and easy. The customer service agents were helpful and informative and did not treat me differently. I think that is important when dealing with people looking for loans during this difficult time. You don't want to feel like you are begging for help. Net Credit was something I needed to do to for a temporary moment.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 7, 2021

    Excellent and expeditious loan service. If all your documents are in line the loan they fund quickly! This is the 2nd time I have loaned from this agency. Customer service is excellent and everyone is friendly and knowledgeable. Thank you.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 28, 2021

    The funding hit my account so fast! I was completely amazed! Thank you! I was in desperate need for extra money and really didn’t want to get a loan because of the longevity of the payback but once I thought how I could focus on repaying early, I was okay.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 16, 2021

    I submitted my information online late Wednesday afternoon and the money was in our account Friday morning! The process was very easy, efficient, and fast - thank you for your service! I would definitely use NetCredit again in the future and highly recommend them to others.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 1, 2021

    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 loan needs and recommend them to my friends.

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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