NetCredit Personal Loans Review

NetCredit loans probably won’t be the best option for most borrowers due to high interest rates. Those with decent credit may qualify for personal loans with more favorable interest rates. Even borrowers with poor credit may be able to find better options elsewhere, such as at their local credit union. If you’re in a tight financial situation, however, NetCredit remains a viable option as a last resort.

APR Range
Loan Amount
12–60 months
2.3 / 5.0
SimpleScore NetCredit 2.3
Rates 1
Loan Size 2
Customer Satisfaction N/A
Support 3
Fees 3

NetCredit is a financial services provider based in Chicago that offers personal loans for borrowers with less than stellar credit. The company bills itself as an affordable, accessible alternative to predatory lending schemes like payday loans. NetCredit has no application fee or prepayment fee and uses a streamlined online application process that can have the funds you need in your bank account in just a few days.

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In this article

    NetCredit at a glance

    LenderMinimum LoanMaximum LoanAPR RangeTermsKey Benefit

    Lender MinimumLoan MaximumLoan APR RangeTermsKey Benefit
    NetCredit$1,000$10,00034%-155%1-5 yearsAccepts 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.

    Check Your Personal Loan Rates

    Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

    Get Started

    with our trusted partners at



    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

    Questions about our methodology?

    Email Hayley Armstrong at


    We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

    Loan Size

    We awarded higher scores to lenders with more generous loan sizes.

    Customer Satisfaction

    We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)


    We awarded higher scores to lenders with the most channels for customer support.


    We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

    Holly Johnson

    Contributing Writer

    Holly Johnson is a frugality expert and award-winning writer who is obsessed with personal finance and getting the most out of life. A lifelong resident of Indiana, she enjoys gardening, reading, and traveling the world with her husband and two children. In addition to The Simple Dollar, Holly writes for well-known publications such as U.S. News & World Report Travel, PolicyGenius, Travel Pulse, and Frugal Travel Guy. Holly also owns Club Thrifty.

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik

      Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for,, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.