NetCredit Personal Loans Review
NetCredit is a Chicago-based lender that has been in business since 2012. It specializes in helping people with poor credit, which is reflected in the interest rates that people have to pay on their borrowings from NetCredit.
It prides itself in quickly providing funds to borrowers, usually doing so within 24 hours. This NetCredit review will assess all of the main aspects of borrowing from this lender and whether or not it is going to be a good fit for you.
| Loan types | Personal Loan, Line of Credit |
| Loan amount | $1,000-$10,000 |
| Repayment terms | Up to 60 months |
| APR | 19.9%-155% |
| Minimum credit score | None |
| Lender type | Direct Lender |
Good for
People with poor credit and those who need fast funding
Pros & Cons
Pros
- Caters to people with poor credit
- Easy application process
- Fast time to funding
- Not many fees
Cons
- Not available in every state
- High-interest rates
Application Process
NetCredit allows you to pre-qualify for a loan after spending just two minutes filling out some basic information, such as how much you wish to borrow. There will be no hard credit check imposed at this point. NetCredit does not just base its decision on your credit score, it uses advanced algorithms to get a more expansive look at your current financial situation.
Once you have entered the relevant information, you will be presented with an offer. If you are happy with the terms and size of the offer, then you can proceed with the official application. A hard credit check will then be conducted at this stage and you will usually need to provide a variety of relevant documents.
One of NetCredit’s big commitments is making sure that borrowers get quick access to funds. Therefore, if your application has been approved, you should get access to the money the following business day or even sooner.
Terms & Requirements
No matter what type of personal loan lender you are considering going with, there will be some terms and requirements you should be aware of before going any further. Arming yourself with this knowledge is going to be vital as you try to figure out if NetCredit is worth your time. Here are some of the main terms and requirements you can expect from NetCredit:
Loan Requirements
NetCredit does not offer personal loans to people in every state. You will need to check the list of 35+ states in which you can get a NetCredit personal loan. Credit scores aren’t the be all and end-all with NetCredit. It will take a wide look at your finances rather than just basing its decisions on your eligibility on your credit score.
There are also some basic eligibility requirements that you also need to meet. For most states, you will need to be at least 18 years old and have a valid personal checking account. You also need to have a verifiable source of income and an active email address. Borrowers also need to have a Social Security number.
Loan Terms
NetCredit offers loans sized between $1,000 and $10,000. There will be no application, non-sufficient funds, or prepayment fees in place. There will be certain states in which you will have to pay a fee if you miss payments or make a late payment. There are also certain states in which you will need to pay an origination fee that will get deducted from the sum that you borrow.
Repayment Terms
You will be paying back the personal loan at a fixed rate of interest. NetCredit mainly focuses on people who have relatively poor credit scores, with this being reflected in the interest rates that are charged. You will be looking at fixed rates of interest of 19.9%-155% with NetCredit. The exact rate depends on your specific financial situation.
You will be able to adjust the term length to something that is most suitable to your personal financial situation, with most loans having a term length of up to 60 months.
Privacy & Security
NetCredit makes sure that any personal information that is shared is kept fully protected through the use of bank-level security. NetCredit also will not share any of your information if you haven’t given them the approval to do so.
It has a TrustedSite certification, showcasing NetCredit’s commitment to digital security, as well as deploying 128-bit encryption on the transfer of all data. While NetCredit does not currently have a Better Business Bureau rating, the reviews on Trustpilot are very good and encouraging for anyone who is thinking about working with NetCredit.
Customer Support
There is a solid level of customer support at NetCredit. You even get access to a whole section dedicated to educating borrowers. There are tons of great financial resources for you to take a look at and improve your knowledge about personal loans and other areas of personal finance.
If you wish to get into contact with the support team, there is a phone number you can ring or you can send an email. The lines are open every day of the week, but the times do differ.
Final Thoughts
NetCredit is a good fit for people who might be struggling to get a personal loan elsewhere as a result of their poor credit score. While the interest rates can be high, it is a good option if you’re struggling to get the funds from other avenues.
Address
75 W Jackson Blvd
Suite 1000
Chicago, IL 60604
