NetCredit; Insider
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The bottom line: NetCredit personal loans is a decent option for borrowers who don’t have good credit, but you’ll pay much higher rates than with other personal loan lenders. It’s not a good choice if you want to avoid fees, as NetCredit charges late and origination fees that vary depending on your state.
NetCredit personal loans
Pros and cons of NetCredit personal loans
Pros
Low minimum loan amount. You can borrow as little as $500 from NetCredit in some states, which may make it a perfect option if you only need a bit of cash to tide you over. Fast funding. You’ll usually get your money the next business day after your loan is approved. If you send in your documents before 7 am, you may even get your money the same business day.
Cons
Low maximum loan amount. You’re only able to borrow up to $10,000 (or $10,500 in CA) with NetCredit. Other personal loan lenders may offer up to $50,000 or even $100,000 to qualified borrowers. High APR range. NetCredit’s minimum interest rate is at the top of the range for most other personal loan lenders, and its maximum APR far exceeds some of the better alternatives for personal loans. Doesn’t operate in every state. Residents of CO, CT, DC, IA, MA, MD, ME, NV, NH, NY, NC, PA, VT, and WV aren’t eligible for a NetCredit loan. Recent history of customer complaints. Customers have complained NetCredit approved them for loans they didn’t apply for and performed a credit check on them without them applying for a loan. The customers also allege being unable to reach customer service. Late fees. These fees vary by state. Find the late fees for your state. Origination fees. These also vary by state, and in some states NetCredit doesn’t charge an origination fee at all. See if your state charges an origination fee.
Who is NetCredit best for?
NetCredit is best for borrowers who want to get a small amount of money quickly and have poor credit. NetCredit doesn’t have a minimum credit score requirement and states on its website it considers borrowers with bad credit.
Payments on your personal loan will be reported to TransUnion and Experian, which may help you build your credit score if you reliably pay on time.
How NetCredit personal loans compare
NetCredit
Fig Loans
Opploans
Editor’s rating
2
Editor’s rating
2
Editor’s rating
2.75
APR
NetCredit personal loans
APR
Fig personal loans
APR
OppLoans Personal Loans
NetCredit personal loans
Fig personal loans
OppLoans Personal Loans
NetCredit, Fig Loans, and OppLoans are slighly lower-cost alternatives to payday loans, many of which have interest rates around 400%. However, you’ll still pay a much higher interest rate with these three than you would with a traditional personal loan lender.
OppLoans’ terms range from nine months to 24 months, depending on the state you live in. Fig has term lengths ranging from one to six months, depending on where you live. NetCredit has the widest range of loan terms, from six to 60 months.
None of the three companies have a minimum credit score to qualify so they could be a good option for borrowers who have been denied by other companies due to a poor credit history.
Compare personal loan rates
Is NetCredit trustworthy?
NetCredit is not currently rated by the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB evaluates companies by looking at their responses to customer complaints, honesty in advertising, and transparency in business practices.
The BBB is investigating a pattern of complaints before it issues a rating. Customers have complained that the business approved them for loans they didn’t apply for and performed credit checks on them without them applying for loans. The customers also say they’ve been unable to reach customer service.
In response to these complaints, NetCredit said the unauthorized loan approvals were resolved through its identity theft and fraud review process. NetCredit pointed to short staffing as a reason for slow customer support times and said it is engaged in “aggressive recruiting and hiring” to solve the problem.
NetCredit hasn’t been involved in any recent controversies.
You may not feel comfortable borrowing from NetCredit given its history with customer complaints — but make sure to reach out to friends and family who may have borrowed from the lender to get a more complete picture of its services.
Frequently asked questions
Is NetCredit a legitimate business?
Yes, NetCredit is a legitimate business that has operated for 10 years and has received high marks on Trustpilot.
How long does NetCredit take to fund a loan?
NetCredit usually will send you money the next business day after your application is approved. In some instances when you submit your application before 7 p.m. Central Time, the lender will send your cash the day your application is approved.
Does NetCredit do a hard inquiry?
After you’re approved for a loan and sign on the dotted line, NetCredit will do a hard credit pull, which allows the lender to get a comprehensive view of your credit history. This may have a negative impact your credit score initially. But as long as you make on-time, reliable payments, your score should improve in the long term.
How much interest does NetCredit charge?
NetCredit charges between 34% to 155% APR on its loans. Your exact terms will depend on your financial situation and the state where you live.