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NetCredit Personal Loans: Review For 2025
NetCredit is a legit online lending company with over 16,000 positive reviews on Trustpilot. The service specializes in small loans for bad credit score borrowers. It features potentially fast funding times and has no application or prepayment fees. However, the maximum loan amount you can borrow is limited to $10,000. Additionally, borrowers with low credit scores can face very high interest rates that make up over 50% of their loan principal amount. Therefore, NetCredit loans should only be considered cautiously and used only as a last resort option.
Pros And Cons Of Getting A Personal Loan With NetCredit
Pros
- Money deposits as soon as the next business day;
- Loans that help build credit;
- Convenient minimum loan amounts;
- Flexible repayment terms;
- Available with a bad credit history;
- No application or prepayment penalties.
Cons
- High interest rates;
- You may be charged a late and origination fee;
- Not available in all states.
Full NetCredit Review
NetCredit is a branch of Enova International Inc. based in Chicago. The company issues personal loans in 36 states but also offers lines of credit of up to $4,500 to residents of 29 states. The service is not available in Colorado, Connecticut, D.C., Iowa, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New York, North Carolina, Pennsylvania, Vermont, and West Virginia.
The company offers small personal loans to borrowers who can’t access traditional borrowing options. Loan amounts range from $1,000 to $10,000, and the repayment terms are between 6 and 60 months. However, interest rates can reach 99.99%.
Besides loans and credit lines, the service also provides financial education tools and resources aimed at helping borrowers save money and reach their financial goals. Borrowing from NetCredit can be a reasonable financial solution if you need money fast and have already ruled out all alternatives. However, we recommend avoiding loans with APRs of over 35.99%.
NetCredit Loan Details
Although taking out a loan is always one’s personal decision, it should be approached responsibly. Take a look at the key features of NetCredit loan options to make sure you understand what you’re going into.
The Ability To Get Pre-Qualified Loan Offer
You’re welcome to assess the potential terms of NetCredit personal loans before completing the final application. After you submit a simple form on the website, you get a pre-qualified mail offer. In order to provide you with a proposal, the service performs a soft credit check that doesn’t affect your credit.
If you accept the terms and want to apply, you need to enter your eight-digit offer code from the letter on the offers page and follow the instructions. The final application comes with a hard credit check that will be displayed on your credit report.
Adjustable Payment Date
When you take out a personal loan with NetCredit, you can choose the frequency of payments and the due date. Additionally, you can change the maturity date down the road if you change a job. Just keep in mind that it should be made no later than two days before the current payment deadline.
High APRs
Although NetCredit is not a predatory lender, its APRs are much higher than those offered by other personal loan companies. While conventional loans cost between 5.99% and 35.99% per annum, NetCredit provides options with 34.00% to 99.99% APRs. This way, you can end up paying more than half of your borrowed amount in interest.
Low Loan Maximums
With NetCredit, you can only borrow up to $10,000. Therefore, it can only work for emergencies or some minor events.
Fast Money Deposits
Most borrowers get their loan funds in a bank account as soon as the next business day of approval.
Bad Credit Friendly Loans
At NetCredit, they believe that you’re more than just your credit score and deserve a personalized financing solution. Therefore, the company takes a broader look at your finances with its advanced algorithms to create an offer for your specific situation and needs.
Credit-Building Opportunities
As NetCredit reports your credit activity to major credit bureaus, your on-time payments can contribute to building a strong credit history over your loan lifetime. As a result, you will be able to access loans at more favorable terms in the future. Just keep in mind that late and missed payments will also influence your credit score, making it go down.
Refinancing Options In Some States
If you’re a resident of Alabama, California, Delaware, Georgia, Idaho, Illinois, Louisiana, Missouri, New Mexico, North Dakota, South Dakota, Utah or Wisconsin, you can refinance a loan with the same lender. This option can be advantageous if you manage to build a strong history of positive credit records and can expect to get a lower interest rate over time.
Who NetCredit Loans Are Good For?
NetCredit loans are mostly designed for borrowers with credit issues who don’t want to deal with payday lenders and can’t rely on traditional financial institutions. They can also work for people who want to build credit from scratch without providing collateral or a security deposit. Before applying, ensure you live in a qualifying area and have no reasonable alternatives to turn to.
How To Get A NetCredit Personal Loan?
Before you apply for a NetCredit personal loan, make sure to meet the platform’s eligibility requirements:
If you match these basics, feel free to start an application procedure. The process typically consists of the following simple steps:
- Check your eligibility. Click on the appropriate button and enter some basic information to complete a pre-qualification form. During this process, the service will also ask you to create a personal account using your email and password.
- Review your offers. After you complete the pre-qualification form, the platform will provide offers that you’re eligible for. Then, you can review your potential loan terms and decide whether you’re fine with them.
- Complete the application process. Visit the NetCredit offers page, enter your eight-digit offer code in the field, and follow the further instructions. You may be asked to provide some documentation and also confirm your income. Please note that the final approval requires you to undergo a hard credit check.
- Receive the loan funds. The money will be deposited into your bank account within one or several business days of approval.
NetCredit Loans vs. Other Options
Weigh your options before settling on NetCredit loans. Here are a few alternatives available:
| Net Credit | Rise Credit | OneMain Financial | OppLoans | |
|---|---|---|---|---|
| Our Rating | 4.8 | 4.0 | 4.5 | 4.0 |
| APRs | 34.00% – 99.99% | 58.90% – 299.00% | 18% – 35.99% | 160% – 195% |
| Fees | Origination fees: 1% to 5%, depending on your stateCash advance fees: 10%Late payment fees: vary by state | No fees for loan processing, late payments, and early repayment | Origination fees of 1% to 10% | No origination, late, or prepayment feesNSF fees may vary by state |
| Minimum Credit Score | None | None | None | None |
| Loan Amounts | $1,000 – $10,000 | $300 – $5,000 | $1,500 – $20,000 | $500 – $4,000 |
| Repayment Terms | 6 to 60 months | 7 to 36 months | 24 to 60 months | 9 to 18 months |
| Funding Times | One business day | Next business day | Within 1 business day of approval via a direct deposit or within several hours for transfers to a debit card | 1 business day |
| Who It Suits for? | Borrowers with bad credit in need of fast cash | Poor credit borrowers who can’t qualify for traditional personal loans and want to improve their credit | Borrowers with credit issues who want to avoid predatory lenders | Bad credit borrowers looking for last-resort financing options |
Methodology: How We Made NetCredit Personal Loans Review
When reviewing NetCredit, BadCredify pays attention to the following parameters:
- Loans cost;
- Accessibility and eligibility;
- Repayment terms;
- Customer experience;
- Application process;
- Funding times.
We conducted a thorough website research and contacted NetCredit’s representatives to make sure the information provided on the website was accurate. We also checked out how its customer service works. Our team went through a pre-qualification process to get a better understanding of estimated loan terms and APRs. Based on the data received, we’ve made the final rating with a five-star maximum.
FAQ
Is NetCredit Legit?
NetCredit is a legit company that operates under US federal law regulations.
How much can I borrow from NetCredit?
NetCredit offers personal loans between $1,000 and $10,000. Lines of credit can be up to $4,500.
Where does NetCredit operate?
NetCredit operates in 36 states (29 states for credit lines). The service is not available in Colorado, Connecticut, D.C., Iowa, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New York, North Carolina, Pennsylvania, Vermont, and West Virginia.
What minimum credit score should I have to get a NetCredit personal loan?
NetCredit doesn’t disclose its minimum credit score requirements and accepts borrowers with bad and poor credit. It uses advanced algorithms to take a broader look at your finances without being tied to your credit score only.
How can I use a NetCredit personal loan?
A NetCredit personal loan can be used for various personal needs, such as home improvements, medical expenses, vacation costs, and much more. There’s no list of specific restrictions.
