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NetCredit Personal Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
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Availability
Rating: 4.8 stars out of 5
4.8
Affordability
Rating: 3.2 stars out of 5
3.2
Customer Experience
Rating: 5 stars out of 5
5.0

About Bankrate Score

NetCredit, a subsidiary of Enova International, offers unsecured personal loans ranging from $1,000 to $10,000, although minimums and maximums vary widely by state.

Moneybag
Loan amount $1,000 – $10,000
Rates
APR from 34.00% – 155.00%
Clock Wait
Term lengths 6 to 60 months
This lender is best for people with poor credit.

NetCredit is best for borrowers with bad credit

NetCredit, a subsidiary of Enova International, offers unsecured personal loans ranging from $1,000 to $10,000, although minimums and maximums vary widely by state. Because the Chicago-based online lender focuses on people who are “underserved” by traditional lenders, you may qualify with less-than-stellar credit, and you won’t have to put up collateral to take out a loan.

However, because the lender is taking on more risk, annual percentage rates (APRs) tend to be higher than average. That can make NetCredit loans pricey, but on the upside, NetCredit doesn’t restrict how you can use the loan funds or charge certain fees. The company does report payment history to major credit bureaus, which can help you gradually improve your credit if you consistently make on-time payments.

NetCredit pros and cons

PROS

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    Loans for people with poor credit

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    Flexible loan terms

CONS

  • Close X

    Not available in all states

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    High APRs

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    No co-signers

NetCredit, a subsidiary of Enova International, offers unsecured personal loans ranging from $500 to $20,000, although minimums and maximums vary widely by state. Because the Chicago-based online lender focuses on people who are “underserved” by traditional lenders, you may qualify with less-than-stellar credit, and you won’t have to put up collateral to take out a loan.

However, because the lender is taking on more risk, annual percentage rates (APRs) tend to be higher than average. That can make NetCredit loans pricey, but on the upside, NetCredit doesn’t restrict how you can use the loan funds or charge certain fees. The company does report payment history to major credit bureaus, which can help you gradually improve your credit if you consistently make on-time payments.

Do you qualify?

NetCredit follows state-specific lending laws, which limit interest rates and control origination fees, so its terms and offerings will vary in each state. 

However, there are a few consistent requirements. You must:

  • Be at least 18 years old — 19 in Alabama and Delaware and 21 in Mississippi.
  • Have a consistent source of income.
  • Have a checking account that is verifiable under your name.
  • Have an active email address.

What NetCredit doesn't allow loan funds to be used for

NetCredit does list any spending restrictions for its borrowers. However, as a rule, funds from loans may only be used for legal purchases.

NetCredit: in the details

What we like and what we don’t like

What we like

  • Loans for people with poor credit: NetCredit doesn’t advertise a minimum credit score and is geared toward people who are “underserved” by traditional lenders, so it may be a good option if you’ve had trouble being approved for a loan in the past.
  • Flexible loan terms: While terms vary by state, NetCredit’s personal loans come with repayment terms of anywhere from six to 60 months.
  • Fast funding times: Most borrowers receive their loan proceeds in just one business day, and same-day funding is available in some instances. 

What we don't like

  • Not available in all states: While NetCredit offers personal loans in 36 states, you won’t be eligible for a personal loan if you live outside of its footprint.
  • High APRs: NetCredit’s openness to people with poor credit does mean that it charges higher-than-average APRs, from 34.00 percent to 155.00 percent in some states.
  • No co-signers: If you’re looking to apply for a joint loan, NetCredit is not the right choice for you.

How to contact NetCredit

If you have questions during the loan application process, NetCredit operates a customer support line at 877-392-2014. Business hours are 8 a.m. to 8 p.m. CT Monday through Friday and 9 a.m. to 5:30 p.m. CT Saturday and Sunday.

How to apply for a personal loan with NetCredit

NetCredit offers an online tool that lets you check your eligibility for a loan without creating a hard inquiry on your credit report. To get started:

Features and additional perks

NetCredit also offers a host of financial tools and resources on its website to help maximize your dollars and meet your financial goals faster. And if you opt for a line of credit instead of a personal loan, you can skip a payment without incurring additional fees or interest after making six consecutive monthly payments or 12 consecutive bi-weekly payments. 

Fees and penalties

NetCredit won’t charge a prepayment penalty, which is a fee for paying off your loan early. This allows you to pay off your loan as soon as possible and limits the amount of interest you’ll pay. You also won’t pay any application fees or nonsufficient fund fees. But depending on your state, you may have to pay an origination fee of 5 percent of the loan amount. The money will be taken out of your loan proceeds, which reduces the amount you receive.

Depending on the state, you may also pay a late-payment fee of up to $25 or 5 percent of the unpaid amount.

NetCredit frequently asked questions

How Bankrate rates NetCredit

Overall Score 4.3 Explanation
Availability 4.8 NetCredit offers a low minimum loan amount and has fast funding.
Affordability 3.2 Because NetCredit caters to borrowers with poor credit, its APRs are much higher than those of standard loans.
Customer Experience 5.0 NetCredit operates an entirely online application, with customer representatives available by phone seven days a week.

Methodology

To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.