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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.
NetCredit offers unsecured personal loans up to $10,000 with term lengths that range from six months all the way up to 60 months. 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, NetCredit's annual percentage rates (APRs) are high compared to many other personal lenders, which can increase the cost of borrowing immensely. But the lender doesn’t restrict how you can use the loan funds and reports your payment history to major credit bureaus, which can help improve your credit if you consistently make on-time payments.
Loans for people with poor credit.
Flexible loan terms.
Unsecured loans.
Not available in all states.
High APRs.
No co-signers.
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:
NetCredit doesn't list any spending restrictions for its borrowers. However, as a rule of thumb, personal loan funds can only be used for legal purposes. It's best to check with NetCredit before applying to make sure your intended usage is approved, as usage criteria will vary from lender to lender.
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.
You can also contact customer service via email.
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:
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.
NetCredit won’t charge a prepayment penalty, which is a fee for paying off your loan early. The lender also doesn't charge any application or nonsufficient fund fees; however, depending on your state of residence, 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 be charged a late-payment fee of up to $25 or 5 percent of the unpaid amount.
| Overall Score | 4.2 | Explanation |
|---|---|---|
| Availability | 5.0 | NetCredit offers a low minimum loan amount and has fast funding. |
| Affordability | 3.0 | Because NetCredit caters to borrowers with poor credit, its APRs are much higher than those of standard loans. |
| Customer Experience | 4.5 | NetCredit operates an entirely online application, with customer representatives available by phone seven days a week. |
| Transparency | 4.2 | NetCredit outlines some of their rates and fees. |
To select the top personal loan lenders, Bankrate considers 20 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 over 30 lenders and gave each a Bankrate rating, which consists of four categories:
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.
