NetCredit

NetCredit

 4.8/5 (174 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

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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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How do I know I can trust these reviews about NetCredit?
  • 4,187,669 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.

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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Sept. 8, 2022

I am leaving a highly positive review. The application process was very easy and there were no hoops to jump through. It was very straightforward and quick. I got funded in 3 days after getting approved immediately. I can't thank you enough for how much it helped me get ahead on my finances. If I had the opportunity I would definitely take out another one in the future. I shared your company on with my friends as well. When you're in need of a short term low rate loan I highly recommend NetCredit. Thank you again. Have a great day.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 17, 2022

    My funding experience was great. I was approved for the loan, and the money was in my account the next day. I did get conflicting information at first. When I submitted my banking info, the website said it wasn't successful. I couldn't submit the info again. Then, I clicked my account button, and the website said I was approved and had a funding date. Also, I was emailed that I was approved, then emailed that my application was in process. I went back to the website, and it still said I was approved. The conflicting information left me unsure, but the money came to account the next day.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: May 27, 2022

    Love everything. There’s no red tape. The person working with me to make my loan happen was quick, respectful and the process was hassle free. The best, quickest service I have ever gotten anywhere. There’s no gimmicks and my loan was available to me within 24hours. Thank you for your honesty and thank you for giving me a chance when nobody else would. Thank you and I will highly recommend you to all friends and family. 10 stars and two thumbs up.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 17, 2022

    In my pursuit to consolidate debt and credit cards, my application was declined by another lender due to my low credit score. NetCredit was listed as a potential lender. At risk of having another hard inquiry on my credit record, I applied. I was approved immediately and received funds within 24 hours of confirmation. I contacted their helpful and efficient - customer support service number when I had a question about funding. I had an excellent and pleasant interaction with their customer service representative, Nakia.

    The interest rate was a little higher than I wanted, but that is why I got this loan. To fix this for my future and improve my credit - overall. I also don't like the twice-a-month payments. Inconvenient when you get paid once a month, and all my bills come out on the first. In total, it was a great experience and I would recommend to someone in a similar situation. Over-extended, too many credit cards, doctor bills, interest, etc.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 9, 2022

    I normally do not offer reviews, because everyone has a different opinion. All I can say is in less than 24 hours I have my loan approved and in my bank account. It was not a large loan, however it helped me out tremendously. I recommend this type of loan for people that have nowhere to turn. Net Credit really came through. Just be aware of the interest rate going in. I was willing to pay the interest because of my situation. Bottom line is I would recommend net credit.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 24, 2023

    I would like to say how grateful I am for being approved. I was in a tough position with fair credit. They approved me instantly, quick funding and great customer service. They keep you updated the entire time. The website tracks the entire process for you. Also, if you call the representative will update you on the process. When I say quick funding. I mean next-day funds.

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    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Jan. 24, 2023

    I inquired about products from NetCredit (pre-approval) soft credit pull on Sunday 1-22/23. I was approved for a line of credit 2600 or personal loan 4300. I chose credit line of 2600 and at one point chose 600 of my 2600 credit line. It gave me the rates, and terms and asked for my signature. I signed documents it then did a hard pull and said application was being REVIEWED not approved. Very devious practices if you ask me! My income was verified per the SPP. Here we are 48 hours since I applied and no real answer and no funds. Stay away.

    NetCredit response

    Hi Aimee,

    Please contact our customer service team for help with your questions: https://www.netcredit.com/contact-us

    Also,

    We understand how important a healthy credit score is to our customers! Checking your eligibility for a NetCredit loan will result in a soft credit pull which means your credit score won't be impacted. If you're approved for funds and sign your contract, NetCredit will perform a hard credit pull, which will be recorded on your credit report.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 22, 2023

    I had a great experience. Excellent customer service. All staff was very helpful. Net credit is organized. The search engine was easy to handle. Searching the account was easy. Very quick responses. All customer service personnel were professional and helpful.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 21, 2023

    When my bank verification would not work I uploaded the documents requested and had an approval within 24 hours and money within 72 hours! Fast. Efficient and will work with Netcredit again! Customer service was friendly as well when I contacted company!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 21, 2023

    I opted for a loan, simply to work on my credit. It was a easy enough process. So far so good. I was preapproved. I applied. I received approval. Went through with a small loan just as I said to work on my credit. Will pay that down and have access to funds in case I should need them.

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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