NetCredit Personal Loans Review

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.

However, with relatively high interest rates, NetCredit loans probably won’t be the best option for most borrowers. 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.

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NetCredit at a glance

LenderMinimum LoanMaximum LoanAPR RangeTermsKey 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.

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The bottom line

For borrowers with bad credit who need cash fast, NetCredit offers a viable last resort when it comes to financing emergency expenses. The application process is simple and easy to understand, and the lender offers flexible loan amounts and repayment terms depending on your particular situation.

While NetCredit is fast, convenient, and user-friendly, it’s still probably not the most affordable option for most borrowers. Although it offers a more reasonable alternative to predatory lenders and payday loans, it still offers high interest rates that can make paying off the loan difficult for borrowers who are already struggling financially. If you have fair or good credit and/or don’t need the money immediately, there are likely better personal loans out there. Even borrowers with poor credit who find themselves in a pinch should be sure to explore all alternatives before resorting to a high-interest personal loan. However, NetCredit remains a viable solution for borrowers without better options.

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Holly Johnson
Contributing editor

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 serving as Contributing Editor for 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.