NetCredit Personal Loans Review

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Borrowing money when you have poor credit isn’t always easy, nor is it always affordable. Many lenders who offer personal loans have a minimum credit score requirement for eligibility, and those that do offer personal loans for bad credit tend to charge sky-high interest rates.

NetCredit steps in to offer somewhat affordable loan options for consumers who can’t qualify for a personal loan elsewhere. Loans offered on the platform come with simple interest charges that are accrued on a daily basis along with no application, prepayment, or insufficient funds fees. NetCredit personal loans may also come without an origination fee, depending on the state you live in.

If your credit isn’t that great but you still need a personal loan, NetCredit may be worth checking out. Keep reading to learn more about the personal loans they offer, average cost and loan limits, and how you can find out if you’re eligible.

NetCredit Personal Loans: Key Takeaways

  • Borrow between $1,000 and $10,000 depending on your creditworthiness and state of residence
  • No prepayment fees, application fees, or insufficient funds fees
  • Check for eligibility with only a soft pull on your credit report
  • Loans offered for up to 60 months
  • Fixed APRs range from 34% to 155%

NetCredit Review: Personal Loans for People with Bad Credit

Borrowing money may seem impossible if you have a thin credit profile or a poor credit score based on mistakes you made in the past. Fortunately, a handful of lenders promise to loan money to individuals regardless of their credit scores or credit history.

NetCredit is one such lender. This online loan company steps in to offer personal loans to individuals based on a wide range of criteria in addition to their credit score. The company’s personal loans also come with no hidden fees or costs you can’t anticipate. There are no prepayment penalties if you pay off your loan early, no application fees, and no fees charged if your payment doesn’t post due to insufficient funds.

You may or may not be charged an origination fee depending on where you live. However, NetCredit does offer example origination fee figures based on the state you live in. Here’s one typical loan example, including fees, for a $5,450 personal loan for a consumer in the state of Georgia.

Since NetCredit focuses most of its loan products on individuals with poor credit, they go the extra mile to provide tools consumers can use to improve their credit scores and ensure they have the right loan for their needs. Online resources offered by NetCredit include:

  • My ScoreSaver™: An online loan preapproval tool that lets you check eligibility for a NetCredit loan without a hard inquiry on your credit report
  • My RightFit Tool™: An online loan tools that allows you to customize your loan amount, monthly payment, and repayment term to your individual needs
  • The ClearCost for Me™ Promise: NetCredit’s pledge to offer loans without any hidden fees or blurry loan terms
  • My CreditBuilder: NetCredit personal loans report to all three credit reporting agencies, providing you with an opportunity to build your credit over time
  • My Choice Guarantee™: NetCredit allows you to return a loan that isn’t right for your needs if you do so by 6:00 p.m. Central time the day after your loan funds

NetCredit offers personal loans up to $10,000 and repayment terms that last up to 60 months. They also offer a quick online loan application process and the ability to check eligibility for a loan without a hard pull on your credit report.

Finally, NetCredit allows you to sign all the paperwork for your loan online and from the comfort of your home. If you’re approved for a loan, you can receive your funds as soon as the next business day. When it comes to repaying your loan, you can choose to pay via automatic bill pay, debit, or paper check.

NetCredit Personal Loans: What to Watch Out For

One of the biggest downsides of NetCredit personal loans is their extremely high interest rates. While rates can vary depending on your state, how much you borrow, and your creditworthiness, NetCredit advertises rates from 34% to 155%. No, that is not a typo.

Obviously, paying rates this high will have a marked impact on how long it takes you to repay your loan. High rates also drive up your monthly payment, which could make affordability an issue as well.

Another downside of using NetCredit personal loans is the fact that they’re only available in 14 states as of this writing. If you live in Indiana, Connecticut, Minnesota, and many other states, you won’t be able to qualify for a NetCredit personal loan regardless of your personal circumstances.

Finally, NetCredit may charge an origination fee of 5% or more on your personal loan depending on where you live. Since many lenders don’t charge origination fees or any other fees, NetCredit may be considerably more expensive to use for your personal loan needs.

Who NetCredit Personal Loans are Best for:

  • Anyone who can’t qualify for a personal loan with a different lender
  • People with poor credit who need to borrow money in an emergency situation
  • Anyone who is looking for a smart alternative to payday loans

How We Rate NetCredit Personal Loans

At Money360, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how NetCredit stacks up:

NetCredit at a Glance
Overall Rating
🌕🌕🌕🌑🌑
Affordability (interest rates, fees, and terms) 🌕🌑🌑🌑🌑
Availability (credit requirements, geographic reach) 🌕🌕🌕🌑🌑
Ease of Use 🌕🌕🌕🌕🌑
Transparency 🌕🌕🌕🌕🌑

How to Apply for a Personal Loan with NetCredit

One of the big advantages NetCredit has to offer is the fact they let you check whether you’re eligible for a loan without a hard inquiry on your credit report. Simply head to their business page and click on “check your eligibility” anywhere on their website. From there, you’ll be prompted to share some basic personal information to see if you’re eligible for a loan.

If you’re pre-qualified based on your state and other details, you’ll need to share more information on your loan application, such as:

  • The purpose of the loan
  • Employment and income details
  • Full address as well as previous addresses
  • Social Security number
  • Ideal loan amount and repayment term

If NetCredit deems you eligible for the loan you want, you can sign all the required paperwork for your loan online. Depending on when you apply, you may also qualify to receive your funds as soon as the next business day.

The Bottom Line

If you are struggling with poor credit but need to borrow money, there are few lenders to choose from. NetCredit does charge extremely high interest rates, but they may be willing to consider your application when other lenders are not. Also note that, because this lender doesn’t charge any prepayment penalties, you may be able to save on interest by paying your loan off early.

Still, we suggest comparing loan offers with several lenders before you apply for a personal loan. By seeing how several stack up based on their interest rates, fees, and other terms, you can wind up with the best and most affordable loan available based on your income and creditworthiness.

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