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NetCredit

NetCredit
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Overall Satisfaction Rating 4.06/5
  • 5 stars
    84
  • 4 stars
    8
  • 3 stars
    6
  • 2 stars
    7
  • 1 stars
    13
Based on 118 ratings submitted in the last year

Personal loans up to $10,000 are provided through NetCredit throughout the United States. Credit eligibility should be determined by looking at your broad financial picture - not just your credit score. NetCredit's online application is straightforward and simple, and funding can occur next business or sooner, if approved. In some states, NetCredit has partnered with Republic Bank & Trust Company, Member FDIC to offer personal loans. Please see NetCredit’s Rates & Terms for more information.

Our personal installment loans come with no application or prepayment fees and can be repaid in fixed installments over time - with timely repayments helping to build your credit score. If you need a more personal, personal loan from a company that views you as more than just a credit score, apply through NetCredit today.

BOTTOM LINE

NetCredit is an online loan marketplace that provides unsecured personal loans with no restrictions on how the funds can be used. Find out if you’re eligible for a loan or line of credit on their website.

PROS

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

CONS

  • Not available in every state
  • High interest rates

How does NetCredit work?

Use the My RightFit 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

Unlike some other loan providers, NetCredit reports to all three major credit bureaus. The comprehensive reporting helps you build positive credit history through on-time payments and boost your credit score while paying off your loan. Late payments have the reverse effect and can harm your credit score.

NetCredit loan requirements

Instead of basing your eligibility solely on your credit score, NetCredit weighs all the provided information to determine your creditworthiness. The company also checks your overall debt-to-income ratio and asks for information about any outstanding debt. NetCredit also requires customers to be of legal age to apply and receive loans (18 years old in most states; 19 years old in AL and DE).

While credit score requirements aren’t explicitly outlined, NetCredit typically works with people with scores from 500 to 680. During the My RightFit Tool questionnaire, NetCredit performs 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 and loan refinancing

If you don’t qualify for a personal loan, you still may be eligible for a line of credit with NetCredit, depending on the state you live in. Line of credit amounts range from $500 to $3,500 and give customers ongoing flexibility to take cash advances up to their available limit.

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 online account.

How much does NetCredit cost?

NetCredit loans have 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.

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

NetCredit loan terms range from six to 60 months. The company doesn't charge prepayment penalties, so you can pay back the full amount of your loan at anytime without incurring additional charges. The company charges penalties of $15 or 5% of the amount due that period if you’re 10 or more days late with your payment.

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.
  • Outstanding 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.

Is NetCredit worth it?

If you need funds fast, NetCredit works to get you the funds you need in as little as four days. With customizable loans and lines of credit, NetCredit is an option for anyone searching for a lender with a fast turnaround time.

NetCredit Reviews

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Page 1 Reviews 0 - 10
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Feb. 1, 2020

Was email that I was pre-approved for $5600. I looked over the loan letter and applied to see the cost. All but really needed was $4000. So after I see what it was for the pre-approve amount I applied for the $4000. It came back approved in just a minute or two so I read over everything and signed away. Interest is high but it's a personal loan. They said that is was going through the final review and notify me email if approved.

Hour went by and seen the email saying, "Congrats your bank has been notified about the funds and should be in bank account today." They were right. Just after 1 pm my bank text me about the deposit. Net Credit has been the fastest in getting approval and deposited into the bank same day. I've had a couple of loans like this and they are not near as fast as Net Credit. One more thing is I never had to talk with them about issues with my app. So fill everything out on the app and give them authorization to your checking account so they get proof of income and you will have no problems. I will use Net Credit from now on when need money. #1 in my book.

7 people found this review helpful

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

    Well it was a chilling experience. I would check online as I was told. First I got a letter saying I was denied then about 5 hrs later I was told I was approved then I checked the online info. I was told yes I could get the loan but on the bottom of the page it said I wasn't able to get the loan so whenever I would call they were so very helpful and said yes I was getting the loan. I told them this was so very confusing but yes I got the loan and am very thankful.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 23, 2020

    I just can't say enough how grateful I am that you took a chance on me and I won't let you down. I have been repairing my credit for almost a year with Experian and I'm doing well, but apparently having great credit, at the time it was at 746, and yet that wasn't enough for a personal loan through their partners because my account hasn't been open long enough and I'm a credit risk ???? Thank YOU for taking a chance on me and I'll refer anyone that asks to sign up with you. Thank you so much!

    2 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 14, 2019

    Twice during the experience it seemed like your right hand didn`t know what the left hand was doing. 1st man told me to get benefits info and bank info, then lady called 15 minutes later said bank info already received. Went to Staples to fax benefits info. Later I was told they needed bank info, so I had to return another day to Staples to fax that info. Then I was told the form I sent concerning benefits was wrong which was the only one I received from the office of personnel management. But after all the confusion, my application was approved and I thank you for that.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 3, 2019

    Getting this loan was a bit of hassle but I’m happy I got it! The only bad part is their customer service. Out of all the times I spoke to someone I only spoke to maybe 3 people who were friendly and super helpful, the other times they all had attitude and wasn’t really listening to what I was saying and I had to keep repeating myself. But with all that said the loan payments and principal is all broken down for me which I love. I know exactly what I’ll be paying each time and what my remaining balance will be! Super easy!

    Be the first one to find this review helpful
    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 9, 2020

    After I was approved I was trying to take a $500 advance. One of the customer service reps told me cash advances were not allowed due to pandemic. When I challenged her she said, "I don't know why that's what we're told. No cash advances!"

    NetCredit response

    Hi Mary,

    We are sorry for the inconvenience you experienced related to your account. Eligible NetCredit Line of Credit customers can now complete an account review that may restore line of credit access, pending review and verification of their current employment and income. Please log in to your account to see if you are eligible for an account review: https://www.netcredit.com/signin

    Be the first one to find this review helpful
    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: July 25, 2020

    I applied and received an email that I needed to fill out the income verification section which I had done. I called immediately and was told it was an automated response and to ignore it. I received another email a few hours later just like the first email. I tried to call multiple times over the weekend and received a message stating that you were closed even though the email said you should have been open. Then I reached someone on Monday who said you needed a bank statement. (Never got an email asking for bank statement. - only knew this because I called). I provided that within the hour, called to verify it had been received. I was told that was all that was needed. Two days later. I get an email that says my application was denied because I didn’t send requested documentation. I sent all that had been asked for. Then I called and was told the application had timed out and to resubmit.

    I was told everything they needed was there and they would review it. I resubmitted. I received the same email about income verification again. I called and was told I needed to submit the online section. I already did. Then I was told that no, that wasn’t it at all, they had been unable to verify my employment verbally. I sent them the direct line to HR on Friday at 6:30 and Human Resources would have been closed. But then I got an email around 8:30 that it had been approved. So, it took 10 days and multiple phone calls - all of which I was told something different. And never received a request for anything by email except the same email four times about income verification even after I had sent it in by email. It was a frustrating experience. I was a return customer but I’m not sure I will be in the future. The customer service reps were pleasant but very inconsistent with information.

    NetCredit response

    Hi Melissa,

    We are sorry to hear about your frustration. Each application goes through a very thorough verification process in order to ensure responsible underwriting and protect borrowers from potential fraud. If you have questions about your specific experience, please feel free to contact us at https://www.netcredit.com/contact-us.

    Be the first one to find this review helpful
    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: July 13, 2020

    Overall, I'm just satisfied with my experience. The problem was that when someone called my employer to verify my employment, they only tried to call once and withdrew my application. There was no way that could have had any trouble getting thru. I had to reapply, which took another couple of days which was not my fault. The verification department should have tried to call my employer again instead of canceling my application, having me to reapply, and dragging the issue for another couple of days. Also, the customer service team sounds like they are working from home with a bad reception like they are in a tunnel. They couldn't just reopen the application to get them to call again. This was a major inconvenience.

    NetCredit response

    Hi Jon,

    We are sorry to hear about your overall experience. Each application goes through a very thorough verification process in order to ensure responsible underwriting and protect borrowers from potential fraud. If you have questions about your specific experience, please feel free to contact us at https://www.netcredit.com/contact-us

    Be the first one to find this review helpful
    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: June 24, 2020

    I am a senior loan specialist for one main financial and we close loans within a hour. I called in several times to see what was needed. No one could speed up the process...you should work on that. Your competition can do a loan in a hour. With funding within two of your call.

    Be the first one to find this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: June 9, 2020

    This I quickly learned was the worst financial decision that can be made. Don't ever do anything with this company since they will charge such high interest rates. Try and do anything you can and reach out to anyone you can before taking a loan here.

    NetCredit response

    Hi Jonathan,

    We appreciate your feedback and understand that not everyone’s financial situation is the same. Our mission is to provide opportunities for consumers to get fast and easy access to the credit they may not find with other lenders.

    Be the first one to find this review helpful
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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
    Phone:
    (877) 392-2014
    Website:
    www.netcredit.com