NetCredit Personal Loans Review
NetCredit at a glance
LenderMinimum LoanMaximum LoanAPR RangeTermsKey Benefit
|Lender Minimum||Loan Maximum||Loan APR Range||Terms||Key Benefit|
|NetCredit||$1,000||$10,000||34%-155%||1-5 years||Accepts borrowers with poor credit|
What we like about it
If you’re looking for a personal loan with a poor credit score, you likely don’t have a lot of options. In many cases, lenders charge exorbitant fees and high-interest rates to profit off of people in desperate situations. Predatory lenders and issuers of payday loans exacerbate the financial troubles of people living from paycheck to paycheck, and can often make a bad financial situation worse as borrowers struggle to pay off an ever-increasing balances.
NetCredit also has a variety of programs in place designed to benefit and educate its customers. These include MyScoreSaver, which lets borrowers check their eligibility without affecting their credit score, ClearCost for Me, which guarantees that customers are presented with clear, easy-to-understand information about charges, fees and interest rates, and My CreditBuilder, which allows borrowers to build credit with on-time payments. These programs are designed to ensure that borrowers have all the knowledge they need to make informed financial decisions.
NetCredit offers loans to borrowers with bad credit at much lower rates than predatory lenders, offering them a decent alternative to a payday loan. Applying for a loan won’t hurt your credit score, and there aren’t any hidden application or prepayment fees. The online application process is relatively painless, and borrowers typically receive funds within a few business days. For borrows with poor credit facing a financial emergency, NetCredit can be one of the best options available.
Things to consider
The main downside to personal loans from NetCredit is the high interest rate. With an APR of 34% to 155%, borrowers who are already having a tough time financially may struggle to pay back these loans with interest. For people living paycheck to paycheck, an additional monthly expense may not be worth the one-time relief of an expensive personal loan.
NetCredit also charges an origination fee of up to 5% depending on the location, and is only available in 14 states, making it a less-than-accessible option for many borrowers. Overall, while NetCredit may be the best option available in a pinch, it’s a good idea to seek out options with lower rates and better terms to avoid paying more than you have to on a personal loan.
What you need to know about NetCredit
NetCredit issues personal loans ranging from $1,000 to $10,000, with an APR of 34% to 155% and a term length of up to 5 years. There’s a quick and easy online application process where borrowers can adjust the loan amount and repayment schedule that best suits their needs. NetCredit also offers a customer support system to help potential borrowers with any questions or concerns that might arise during the application process. Applicants are notified immediately if they’re eligible for a loan and can receive funds into their bank account in as soon as one to three business days.
NetCredit fees and penalties
The rates and fees associated with a personal loan from NetCredit vary depending on your location, income and credit score. NetCredit doesn’t charge an application fee, and applying for a personal loan won’t trigger a hard inquiry on your credit score, making it a customer-friendly application process. NetCredit also doesn’t charge a prepayment penalty, so you have the option of paying off your loan early to avoid accumulating additional interest.
NetCredit does charge an origination fee of up to 5% depending on your location, which is an additional fee charged to cover the administrative costs of processing your loan. Personal loans from NetCredit also come with relatively high rates of interest, making them a less affordable option for borrowers who may be able to secure loans with more favorable terms.
NetCredit collateral and criteria
To qualify for a personal loan from NetCredit, borrowers must be over the age of 18 and have a valid personal checking account, an active email address and a verifiable source of income. NetCredit offers unsecured loans and doesn’t require security in the form of collateral. Borrowers may be able to qualify for better interest rates depending on their credit score and income.