NetCredit Personal Loans Review: 2019

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NetCredit is an online financial services provider, serving those who have been rejected for a personal loan by traditional brick-and-mortar banks. Offering primarily personal loans and lines of credit, NetCredit currently only serves 14 states.

NetCredit Personal Loan Facts

  • APR: 34% to 155%
  • Loan Amount: $1,000 to $10,000
  • Loan Term: 6 to 60 months
  • Minimum Credit Score: 550
  • Co-Signer: Not available

  • Origination Fees: None
  • Time to Funding: One business day
  • Hard Credit Check: Yes
  • BBB Rating: A+
  • Trustpilot Rating: 4.8 stars

Pros & Cons

Pros

  • Reports to major credit bureaus (TransUnion and Experian)
  • Soft credit pull to determine eligibility
  • No prepayment or origination fees
  • Financial tools to help build your credit score

Cons

  • Extremely high-interest rates 
  • Not available in every state
  • Small loan amounts
  • Mixed customer reviews

Here you’ll learn:

What types of loans does NetCredit offer?

Despite NetCredit adding lines of credit as an available product in 2019, personal loans are still the most sought after product. 

Personal Loans

NetCredit personal loans are this lender’s flagship product. The unsecured, fixed-rate personal loans NetCredit offers give borrowers few limitations on how to use their funds. To call attention to the various purposes NetCredit loans can be used for, they refer to the loans they offer as:

  • Personal Loans
  • Online Loans
  • Installment Loans
  • Private Loans
  • Auto Repair Loans

As with most personal loan customers in a financial bind, NetCredit’s customers usually opt to borrow smaller amounts. However, the personal loans offered are available in amounts up to $10,000 ($10,500 in Arizona). 

If you have had credit trouble in the past or been turned down by other lenders for a personal loan, NetCredit offers to review your situation without dinging your credit score. Furthermore, NetCredit prides itself on the flexibility of its product, making customizable loan amounts and durations available. 

Lines of Credit

If you’re planning on financing any type of home renovation, NetCredit’s lines of credit may be ideal. Because repayment is based on what you borrow from a predetermined credit amount, this open-ended financial product can prove beneficial in many situations. 

Lines of credit from NetCredit range in amount from $500 to $3,500. The online application process is similar to that of the personal loans, and NetCredit claims to consider more than just your credit score for eligibility.

A newly added product, NetCredit only offers lines of credit in four states. According to the website, the lender plans to expand that reach to other states. 

NetCredit Personal Loans: Rates and Terms

Using the custom My RightFit tool, NetCredit claims to help borrowers choose the flexible option that works best with their financial situations. 

Terms

Varying by state, NetCredit personal loans offers term lengths from 6 to 60 months. You can later further customize the agreed-upon loan duration to fit your needs by shortening or extending the term length.

Keep in mind that when you first use the My RightFit tool to determine eligibility, NetCredit will make an opening offer. Borrowers are not obligated to take this initial offer and may still adjust the loan terms to better meet their needs. 

NetCredit’s My Choice Guarantee feature gives you the chance to return the loan if you change your mind. Borrowers who take this option must do so by 6:00 P.M. (CT) on the next business day after accepting the loan. 

Refinancing

NetCredit provides two ways to refinance existing loans: borrowing more money or lowering payments. 

To check eligibility, simply login to your account and look for the “I Want to Borrow More Money” or “I Want to Lower My Payments” buttons. Buttons only appear on your account dashboard if you have been determined eligible for refinancing.

NetCredit encourages customers to keep checking back for the opportunity to refinance with a new loan contract. Refinancing typically also means borrowers will pay a lower installment amount.

Borrowing Additional Funds

When you’ve either paid off a significant percentage of your current loan or you requested less money than what NetCredit initially offered, you may qualify to borrow more money in addition to lowering your payments. 

As during refinancing, a new loan contract will be drawn up when you borrow additional funds. The only states where residents can borrow more money or refinance personal loans are Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, South Dakota, Utah, and Virginia.

Rates

Depending on how creditworthy NetCredit finds you, your annual percentage rate (APR) could range from 34% to 155%. Although relatively steep compared to traditional lenders, these APRs are much lower than the national average interest rate for payday loans, which frequently cap 322%.

Fees

Because of possible state-specific fees, NetCredit advises customers to consider all fees when requesting a loan.

Personal Loans

NetCredit doesn’t charge any application, origination, or non-sufficient fees for personal loans. However, in some states, you may face a fee for late or missed payments. Late payment fees are usually $15 or 5% of the remaining balance, whichever is greater. Dependant on your resident state, you may be charged a one-time, non-refundable origination fee that is deducted from your loan. 

Lines of Credit

Only cash advance fees and outstanding balance fees are charged on lines of credit. When you take a cash advance from your line of credit, NetCredit will deduct the fee from the amount of the advance. An outstanding balance fee is calculated according to the loan principal and charged every billing period. 

Loan Amounts

NetCredit personal loans offer loan amounts ranging from $1,000 to $10,000. Lines of credit are much less, ranging from $500 to $3,500.

Time to Funding

According to NetCredit, lines of credit and personal loan applications that are approved after 10:30 a.m. (CT) are usually funded the next business day. If your application is approved before then, you may receive your money that same day. Borrowers approved over the weekend must wait until Monday to see any money.

NetCredit Personal Loan Requirements

NetCredit doesn’t take the traditional approach for loan approval. Rather than solely relying on your credit score to determine financial risk, this lender looks at a broader financial picture including your debt-to-income ratio and current income level.

Although NetCredit doesn’t dictate loan requirements state-by-state, there are a few standard criteria.

Qualifying

NetCredit doesn’t serve all 50 states. To qualify for a personal loan, you must be a resident of Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, North Dakota, South Carolina, South Dakota, Utah, Virginia, or Wisconsin. 

To apply for a line of credit, you must live in Delaware, Idaho, North Dakota, or Utah.

Varying by state, there are some essential qualifications:

  • You must be at least 18 years old (19 in Alabama and Delaware).
  • You must have a personal checking account.
  • You must have an active email address.
  • You must have a verifiable source of income.
  • You must reside in a state that NetCredit serves.

Typical Credit Scores

Since NetCredit gears its products toward people with poor credit, 550 is one of the lower credit scores the company is willing to work with. Again, this lender reviews a broader financial picture, so your FICO score isn’t the deciding factor in whether or not you’ll be approved for a personal loan or line of credit. 

Soft Credit Check: Pre-Application

To determine eligibility and offer you an initial amount, NetCredit will pull your credit report but not your full history. This soft credit check doesn’t affect your credit score since third parties can’t see it. 

Hard Credit Check: Formal Application

Once you accept NetCredit’s offer and submit a contract, they will pull a hard credit report. Third parties can see this hard credit check for up to two years, possibly impacting your credit score for some time. 

Repayment

NetCredit offers several different repayment methods with month-to-month flexibility. 

Electronic Funds Transfer (ACH debit)

To avoid due date mishaps, electronic debits are the most popular method of payment for many customers. The ACH debit will coincide with your due date, going through within two business days of that date.

Debit Cards

Accepted as one-time payments, debit cards are a less popular option. They are credited and processed the same day, but only if you submit the payment during business hours.

Paper Check

Before each due date, you can send a paper check with your account number and customer name to:

NetCredit

P.O. Box 206766

Dallas, TX 75320-6766

Other Repayment Methods

Throughout the life of the loan, you can change your repayment method. Other acceptable options include mailing a money order or sending a MoneyGram or Western Union Payment.

The NetCredit Customer Experience

Financial Tools

NetCredit provides an array of tools to customers in order to help borrowers decide which combination of personal loan details will work best, including:

  • My ScoreSaver – Checks your eligibility without affecting your credit score
  • My RightFit Tool – Find the loan or line of credit that fits you best
  • ClearCost for Me – Outlines how charges, fees, and interest work
  • My CreditBuilder – Builds positive credit history for borrowers, reporting to major credit bureaus
  • My Choice Guarantee – Gives borrowers until 6:00 P.M. on the next business day to rescind a loan

Based on these tools, NetCredit takes pride in providing a personalized customer service experience. Unlike many online lenders whose resources are often neglected, utilizing these tools is a must when checking eligibility with NetCredit. 

Customer Support

Hours

Monday – Friday: 8 am – 8 pm (CT)

Saturday – Sunday: 9 am – 5:30 pm (CT)

Phone Numbers

Customer Support: (877) 392-2014

Loan Processing: (877) 392-2015

Collections: (877) 392-2016

Email

General Comments: feedback@netcredit.com

Customer Support: support@netcredit.com

Collections: collections@netcredit.com

For answers to commonly asked questions, refer to NetCredit’s FAQ page.

Customer Feedback and Reports

NetCredit has been in business for 7 years but is not accredited by the Better Business Bureau (BBB). Although reviews are mixed, NC Financial Solutions, LLC, as the company is listed, has received an A+ rating.

With a TrustScore of 8.5 out of 10 on Trustpilot, NetCredit received 4 stars out of 5. More than 1,400 customer reviews are listed, and 75% of customers gave NetCredit with an  “Excellent” rating.

Reviews of NetCredit on Trustpilot say:

  • The process was very secure but easy
  • Very courteous customer service
  • It was an easy and honest process

Some less favorable reviews express concerns with the banking verification process as well as the customer service hold time. 

Summary 

Although similar lenders exist, NetCredit stands out because of their focus on borrowers’ broader financial picture. This lender could be a viable option for those struggling with their credit score and in need of a small personal loan.

About the Company 

Founded in 2012 with headquarters in the heart of downtown Chicago, NetCredit is a subsidiary of Enova International, Inc. As an NYSE listed company (ENVA), Enova’s expertise enhances the service level at NetCredit and allows room for a wider variety of offerings in terms of rates and other details.

With a fully Chicago-based team, NetCredit markets itself as a smaller and more personalized loan provider, serving only a handful of states. The lender tends to be a popular option for borrowers in search of small loans.

Similar to many online lenders, NetCredit personal loans aren’t FDIC insured. However, they take a different approach to determining loan eligibility aside from the standard credit score assessment. 


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