NetCredit Personal Loans: Review for 2024

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, loan maximums are only up 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 as a last resort option.

Pros and Cons of Getting a Personal Loan with NetCredit

Full NetCredit Review

NetCredit is a branch of Enova International Inc. based in Chicago. The company issues personal loans in 37 states but also offers lines of credit of up to $4,500 to residents of 28 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. Summing up, 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 loan payments 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:

• Be at least 18 years old;
• Live in the qualifying area;
• Have a valid personal checking account in your name;
• Provide income confirmation;
• Have a valid cell phone number and email address.

If you match these basics, feel free to start an application procedure. The process typically consists of the following simple steps:

1. Check your eligibility. Click on the appropriate button and enter some basic information to complete a pre-qualification form. During the filling process, the service will also ask you to create a personal account using your email and password.
2. 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.
3. 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.
4. Receive the loan funds. The money will be deposited into your bank account within one or several business days of approval.

Alternatives to NetCredit Loans

Weigh your options before settling on NetCredit loans. Here are a few alternatives available:

Lending circles: With a lending circle, all the participants borrow money from each other without accruing interest.

Assistance from local nonprofit organizations: Check out whether there are some charities in your area that help people handle financial hardships.

Government assistance: If you need help with housing or groceries, there are various government-backed options available to eligible individuals and households.

Payday alternative loans: Credit union members can get reasonable alternatives to payday loans with more extended loan terms and interest rate caps.

Loan apps: Loan apps usually offer small amounts of up to $200 or $500 but are often interest-free. However, some membership fees may be applied.

Buy now, pay later: If you’re going to buy something, consider taking out a loan from a retail store. This option allows you to split the cost of your purchase into several equal payments, with the first payment made upfront.

Secured personal loans: Borrowers with bad credit looking for reasonable loan terms can also provide collateral to access better loan offers.

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.

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