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NetCredit Personal Loans Review
If you ever find yourself needing extra cash, a personal loan can get it to you quickly. But someone with not-so-great credit may have a hard time finding a lender who will approve their application. Fortunately, you can find lenders who specialize in personal loans for people with bad credit — like NetCredit.
In this NetCredit review, we’ll walk through everything you need to know about the lender then score it based on our SimpleScore methodology, which reviews rates, loan amounts, customer satisfaction, customer support and fees.
NetCredit at a glance
|In business since||2012|
|Best for||People with poor credit scores in a tight financial situation|
|Not for||Borrowers with good or average credit looking for the lowest rates|
|Standout features||NetCredit offers a variety of programs meant to educate and help its customers make better financial decisions|
What we like about NetCredit
An alternative to payday lending
NetCredit is a viable alternative to payday loans, which often come with exorbitant interest rates and fees. NetCredit doesn’t require an application fee or prepayment fee and has much lower interest rates than payday loan providers, making it a good option for borrowers in a tight financial situation.
NetCredit’s online application process is quick and simple, providing a straightforward path to get your funding. Borrowers can also take advantage of several programs meant to benefit their financial decision-making process, including EverFi, a free financial education platform that offers courses in budgeting, savings, credit scores, debt consolidation and more.
NetCredit understands its customers often need cash quickly and makes fast funding a priority. After approving your application, the lender will usually deposit funds into your account on the next business day — and sometimes even sooner.
Things to consider
High interest rates
Because NetCredit takes on more risk by catering to people with poor credit, its personal loan interest rates are much higher than many other lenders. However, with APRs ranging from 34.00%–155.00%, it’s still a decent alternative to payday loans.
Poor reviews from customers
NetCredit personal loan reviews on the Better Business Bureau website give the lender one star out of five. Most customers cite poor communication from customer service and extremely high interest rates as the source of their frustrations.
[ More: How to Get a Loan With Bad Credit ]
The lender is not accredited by the BBB and received an A- rating, which does not account for customer reviews. On top of the NetCredit loan reviews, customers have filed 102 complaints with the BBB in the last three years, citing many of the same grievances as in the reviews.
NetCredit vs. the competition
How much does a NetCredit personal loan cost?
NetCredit does not charge an application fee or prepayment penalty, meaning you can pay off your loan earlier and avoid accruing some interest. It also offers a program called MyScoreSaver, which allows you to determine your eligibility for a loan without harming your credit score.
However, NetCredit charges up to a 5% origination fee in some locations to cover administrative costs. Higher interest rates could also put a strain on people living paycheck to paycheck, so NetCredit loans should be considered as a last resort for a quick personal loan.
How to apply for a NetCredit personal loan
To apply for a NetCredit loan, you must be 18 or older and have a valid personal checking account, email address and verifiable source of income.
- Fill out the online application to check your rates. This will not affect your credit score, as NetCredit will simply do a soft credit check to determine your eligibility for a loan. You will need income documents, your Social Security number, drivers license and possibly bank statements.
- After reviewing your application, you’ll know whether or not you’re approved for a NetCredit loan. If the initial rates and terms are favorable to you, continue with the full application. NetCredit will do a hard credit check to determine your final rate, amount and term offer.
- If you approve of the offer, continue with the loan agreement. This includes reading over loan disclosures and signing final documents.
[ Related: How to Break Out of the Overdraft Cycle ]
Cheaper alternatives to NetCredit
Finding an affordable personal loan when you have bad credit can be difficult, but you do have options. Avant offers loans with APRs between 6.99%–24.99% and has no minimum credit score requirement, but it does charge a 4.95% origination fee on all of its loans. Still, even with the fee, Avant is significantly more affordable than NetCredit, so check there first. Read our full review of Avant personal loans to learn more about this cheaper alternative.
NetCredit in the news
- In July 2020, NetCredit’s parent company, Enova, acquired OnDeck for $90 million. OnDeck is an online lender for small businesses. The acquisition expands Enova’s reach from consumer loans into the business lending space.
- Yahoo! Finance reported in July 2020 that the credit rating company Moody’s Investor Services (Moody) is reviewing Enova — NetCredit’s parent company — for a potential rating downgrade. The announcement follows the news of Enova’s acquiring business lending platform OnDeck for $90 million.
In May 2018, the Daily Press reported that the state of Virginia is suing NetCredit for allegedly violating its consumer protection laws. These regulations prevent lenders who are not licensed in Virginia from charging interest rates more than 12% to Virginia residents. The suit claims that NetCredit issued more than $47 million in illegal loans to Virginia residents.
Last updated October, 2020 — Updated SimpleScore data.
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