NetCredit Reviews
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About NetCredit
NetCredit is an online financial company founded in 2012, specializing in personal loans and lines of credit for up to $10,000. It is not available in every state, and each state has its own terms for rates and how much you can borrow. All personal loans are unsecured and can be used for any purpose. Approved applicants can receive their funds in as little as 24 hours.
- Fast funding
- Flexible credit requirements
- High APRs
- Not available in all states
Helpful Reviews
What is NetCredit?
NetCredit, a subsidiary of Enova (ENVA), offers personal loans and lines of credit together with its lending partners. It is based in Chicago and has been providing fast funding with flexible terms since 2012.
NetCredit is an option for those who need funds quickly but don’t meet the borrowing criteria of other lenders or for financing options like credit cards.
Since NetCredit doesn’t charge a prepayment penalty, borrowers can repay their loans faster to save on interest. For those who do not qualify for a loan or line of credit, consider using a secured loan or finding a co-signer with another lender.
NetCredit loan products
NetCredit loans can be used for any purpose, ranging from a medical emergency to debt consolidation to car repairs. You will need to check the specific details for your state to know how much you can borrow and the rate ranges.
Personal loans
Lines of credit
Lines of credit of up to $4,500 are available in many states. A line of credit works similarly to a credit card because the option to use the money is always there, but you will only repay the line of credit you use, whenever you use it.
For example, you might have a $4,500 credit line with NetCredit, but if you only borrow $400 of it, that is what you will need to repay.
You can request a cash advance from your available credit at any time as long as your account is current. Each request comes with a 10% cash advance fee alongside the set APR.
NetCredit does offer perks to its line of credit customers, including the ability to skip a payment without penalty and an opportunity to save up to 60% on your statement balance fee.
NetCredit loan requirements
NetCredit’s loan requirements are less stringent than other lenders. You must:
- Be at least 18 years old
- Have a valid personal checking account
- Have an active email address
- Have a verifiable source of income
NetCredit does not have a minimum credit score or income level, though. As long as you meet its four stated criteria, there is a good chance you will qualify for a loan.
NetCredit rates
Rates and terms are state-based. For example, as of the time of publishing:
- A California resident can get a personal loan for between $2,500 and $10,000 with an APR between 36% and 40.83%.
- A Delaware or Louisiana resident can get a loan as low as $1,000, but the APR range is wider, from 34% to 99.99%.
NetCredit fees
Both the personal loan and line of credit come with high APRs. Personal loans can also have an origination fee, which will be deducted from the principal amount of the loan, affecting how much you can borrow. Lines of credit come with a 10% cash advance fee for each request, and there may be a statement balance fee based on your cash advance balance at the end of the billing cycle.
How to apply for a NetCredit loan
NetCredit is available in 38 states. It is not an option for those who live in Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New York, North Carolina, Pennsylvania, Vermont, West Virginia or Washington, D.C.
Borrowers need to be at least 18 years old with a valid checking account, email address and source of verifiable income. The whole process takes a few minutes.
- Start by checking your eligibility online
- You should receive your offer shortly after, and you can review it and decide if you want to accept or decline
- Once you accept your offer, your funds should be in your account within 24 hours
NetCredit FAQ
Can I get a NetCredit loan if I have bad credit?
It is possible to get a NetCredit loan if your credit score is less than ideal because it looks at other factors to determine loan eligibility. You can check if you are eligible for a loan without hurting your credit.
Will applying for a NetCredit loan affect my credit score?
Applying for a NetCredit loan will not initially affect your credit score. NetCredit performs a soft credit check during the prequalification period. It does not initiate a hard credit inquiry until you accept the terms and sign a contract. It does report all payments (or non-payments) to the credit bureaus, so it’s important to pay your loan on time to avoid damage to your credit score.
Can I have a co-signer for a NetCredit loan?
No, NetCredit does not allow co-signers.
Where is NetCredit available?
For personal loans, NetCredit is available in:
- Alabama
- Alaska
- Arkansas
- Arizona
- California
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Kansas
- Kentucky
- Louisiana
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Jersey
- New Mexico
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- Washington
- Wisconsin
- Wyoming
Lines of credit are available in all the above-listed states except:
- Alaska
- California
- Georgia
- Illinois
- Missouri
- New Mexico
- North Dakota
- South Dakota
Still have questions?
Is NetCredit legit?
Yes, NetCredit is a legitimate company that has been in business for over nine years. It partners with secure banks, including Republic Bank & Trust Company and Transportation Alliance Bank, to offer its products and services to customers in 38 states. It will provide you with funds quickly, but you should be prepared to pay a high rate. AnnMarie, a reviewer from Rhode Island, received a loan with a 64% interest rate but had her money within 17 hours after applying.
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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
