NetCredit Reviews

5
82%
4
9%
3
2%
2
2%
1
6%

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NetCredit Reviews

4.8(1,386)

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Edited by

Updated: 11/10/2023

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Overall Rating4.8 out of 5

5
82%
4
9%
3
2%
2
2%
1
6%

See all 1,386 reviews

About NetCredit

NetCredit is an online financial company specializing in personal loans and lines of credit for up to $10,000. It is not available in every state, and each state has its own terms for rates and how much you can borrow. All personal loans are unsecured and can be used for any purpose. Approved applicants can receive their funds within 24 hours.

Pros & Cons

Pros

Fast funding
Flexible credit requirements

Cons

High APRs
Not available in all states

Bottom Line

NetCredit offers flexible borrower requirements, and you can see if you are eligible for a loan or line of credit without hurting your credit score.

Featured Reviews

Verified

Margarita

Miami, FL

It was very easy to apply and get approved for a loan with NetCredit. They are very professional and funding took just one day. I would definitely use them again for any future lo...

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Karry

Tracy, CA

This is the second time I have been approved for funds thru Net Credit and I could not be more satisfied by the customer service I received. ... I look forward to paying this loan...

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Our editor’s take on NetCredit

NetCredit is an option for those who need funds quickly but don’t meet the borrowing criteria of other lenders or for financing options like credit cards. NetCredit’s annual percentage rates (APRs) are quite high, so borrowers need to be aware of the total cost of the loan.

Since NetCredit doesn’t charge a prepayment penalty, borrowers can repay their loans faster to save on interest. For those who do not qualify for a loan or line of credit, consider using a secured loan or finding a co-signer with another lender.

NetCredit loan products

NetCredit loans can be used for any purpose, ranging from a medical emergency to debt consolidation to car repairs. You will need to check the specific details for your state to know how much you can borrow and the rate ranges.

Personal loans

Depending on your eligibility and the regulations in your area, you can obtain a personal loan of up to $10,000 through NetCredit's platform. Most loan terms range between six months and five years, but you might need to choose a shorter loan term if you borrow less money.

Lines of credit

Lines of credit of up to $4,500 are available in many states. A line of credit works similarly to a credit card because the option to use the money is always there, but you will only repay the line of credit you use, whenever you use it. For example, you might have a $4,500 credit line with NetCredit, but if you only borrow $400 of it, that is what you will need to repay.

You can request a cash advance from your available credit at any time as long as your account is current. Each request comes with a 10% cash advance fee alongside the set APR.

NetCredit does offer perks to its line of credit customers, including the ability to skip a payment without penalty and an opportunity to save up to 60% on your statement balance fee.

NetCredit loan requirements

NetCredit’s loan requirements are less stringent than other lenders. You must:

Be at least 18 years old
Have a valid personal checking account
Have an active email address
Have a verifiable source of income

NetCredit does not have a minimum credit score or income level, though. As long as you meet the company’s four stated criteria, there is a good chance you will qualify for a loan.

NetCredit rates

Rates and terms are state-based. For example, as of the time of publishing:

A California resident can get a personal loan for between $2,500 and $10,000 with an APR between 36% and 41.07%.
A Delaware or Louisiana resident can get a loan as low as $1,000, but the APR range is wider, from 34% to 155%

NetCredit fees

Both the personal loan and line of credit come with high APRs. Personal loans can also have an origination fee, which will be deducted from the principal amount of the loan, affecting how much you can borrow. Lines of credit come with a 10% cash advance fee for each request, and there may be a statement balance fee based on your cash advance balance at the end of the billing cycle.

NetCredit also charges late fees, which vary by state.

How to apply for a NetCredit loan

NetCredit is available in 37 states. It is not an option for those who live in Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New York, North Carolina, Pennsylvania, Vermont, West Virginia or Washington, D.C.

Borrowers need to be at least 18 years old with a valid checking account, email address and source of verifiable income. The whole process takes a few minutes, starting with you checking your eligibility online. You should receive your offer shortly after, and you can review it and decide if you want to accept or decline. Once you accept your offer, your funds should be in your account within 24 hours.

How does NetCredit compare?

NetCredit is not the lowest-cost loan on the market, and a loan calculator should be used to best understand how much interest a NetCredit personal loan charges compared with its competitors. For example, Best Egg personal loan rates range from 8.99% to 35.99% at the time of publishing, whereas NetCredit’s rates start at 34% and can go up to 155%, depending on location.

Here’s how much a $10,000 loan for five years from each company can cost you:

If you get a 25% APR from Best Egg, you would pay $293.51 per month and $7,610.79 interest over the life of the loan.
If you get a 55% interest rate from NetCredit, you would pay $491.75 per month and $19,505.16 in interest over the five years.

Even though NetCredit loans may cost you more than a competitor’s, it doesn’t have a minimum credit score, which can be helpful for borrowers with no to low credit scores. Best Egg, on the other hand, requires borrowers to have at least a 640 credit score, though for the best rates, borrowers should have at least a 700 credit score and $100,000 income.

NetCredit FAQ

What is NetCredit?

NetCredit, a subsidiary of Enova, offers personal loans and lines of credit together with its lending partners. It is based in Chicago and has been providing fast funding with flexible terms for over nine years.

Can I get a NetCredit loan if I have bad credit?

It is possible to get a NetCredit loan if your credit score is less than ideal because the company looks at other factors to determine loan eligibility. You can check if you are eligible for a loan without hurting your credit.

Where is NetCredit available?

For personal loans, NetCredit is available in Alabama, Alaska, Arkansas, Arizona, California, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.

Lines of credit are available in Alabama, Arkansas, Arizona, Delaware, Florida, Hawaii, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Montana, Nebraska, New Jersey, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.

Can I have a co-signer for a NetCredit loan?

No, NetCredit does not allow co-signers.

Is NetCredit legit?

NetCredit is a legitimate company that has been in business for over nine years. It partners with secure banks, including Republic Bank & Trust Company and Transportation Alliance Bank, to offer its products and services to customers in 37 states. It will provide you with funds quickly, but you should be prepared to pay a high rate. AnnMarie, a reviewer from Rhode Island, received a loan with a 64% interest rate but had her money within 17 hours after applying.