NetCredit Review 2022: Is It Good?

GOBankingRates Score

4.1
Quick Take: NetCredit provides personal loans and lines of credit to those who do not have a high enough credit score to qualify for financing from other lenders. In fact, NetCredit does not have a credit score requirement listed on its site. Because of the risk it assumes to offer these products, NetCredit borrowers typically pay very high APRs, which may be unaffordable for some.
  • Availability
    4.5
  • Affordability
    3.0
  • Customer Service
    4.5
  • Features
    4.3
How did we calculate this?

Pros

  • Pre-qualification with no impact on credit score
  • No prepayment penalty
  • Potentially fast funding

Cons

  • Not available in all states
  • High APRs
  • Origination fees for some borrowers

NetCredit Overview

NetCredit offers unsecured and often high-interest personal loans and lines of credit to those whose credit score prevents them from qualifying for a loan from other lenders. Even if a borrower’s credit is poor, they may qualify for a loan through NetCredit without putting up their car, home or another asset to secure the loan.

Borrowers may qualify for a NetCredit secured loan ranging from $1,000 to $10,000 or a line of credit from $500 to $4,500. Loan limits are determined by the borrower’s credit history and the state in which the borrower lives.

Since lending requirements and loan terms vary so widely by state, interested borrowers can use the rate lookup tool to determine if NetCredit serves their state and what APRs and repayment terms might look like.

Key Features

GOBankingRates gave NetCredit a 4.1 overall score for the following features. 

Availability

NetCredit does not provide loans to borrowers in all states. For states in which it does lend, qualified applicants typically must be at least 18 years old, have a valid email address and a verifiable bank account and source of income, although requirements may vary by state. 

NetCredit does not list credit score or income requirements on its site because these factors vary widely by state. While NetCredit does serve those with poor credit, applicants have to meet additional requirements — determined by the state in which they live — to qualify. 

Affordability

A NetCredit loan is an expensive way to borrow and may be unaffordable for some. APRs for many states start around 34.99%, and some borrowers may have an APR that reaches up to 155%. With such high APRs, some people could potentially pay as much in interest as the amount borrowed, if not more. The one upside to the cost of a NetCredit personal loan is that there are no prepayment penalties.

Some states may charge an origination fee for personal loans, which is deducted from the loan amount before disbursement. 

Borrowers who receive a NetCredit line of credit pay a 10% cash advance fee every time they draw from the account and a statement balance fee every billing cycle based on the cash advance balance. The statement balance fee takes the place of an APR.

Customer Service

Applicants and borrowers can receive customer service in the following ways:

Borrowers also have online account access on the NetCredit website, where they can update their account profile settings as necessary. Those with a line of credit can also request a cash advance through their online account. 

Borrowers in need of assistance with other issues will need to reach out to support via email or by phone.

Features

NetCredit offers the following features to applicants:

  • Choice of personal loans or personal line of credit
  • No application fees on personal loan
  • Pre-approval that won’t affect credit score
  • Possible same-day loan approval
  • Next-day funding
  • No prepayment fees
  • Reduced statement balance fees for eligible line of credit borrowers

How NetCredit Stands Out

NetCredit is a unique lending platform that serves those with bad credit whom other lenders typically turn down. It provides options for both personal loans and lines of credit, a product not always available on similar lending platforms.

Comparable NetCredit Options

Personal loans can be an expensive way to borrow for those with poor credit, and consumers should carefully compare options before applying. Here are two other lending platforms that may provide personal loans with better terms than NetCredit for low-credit borrowers.

Upstart

Upstart offers APRs from 5.40% to 35.99% to consumers with a credit score as low as 300 and those with insufficient credit. Borrowers may need to meet other qualifications for loan approval. Upstart applicants may qualify for as much as $50,000.

OneMain Financial

Like NetCredit, OneMain Financial has no minimum credit score requirements. Those with a lower credit score typically have a higher interest rate. However, OneMain Financial APRs range from 18.00% to 35.99%, much better than NetCredit APRs in some states. Some borrowers may pay up to a 10% origination fee with OneMain.

How To Apply

Applicants can apply for a NetCredit personal loan or line of credit on the NetCredit site. The online application only takes a few minutes to fill out, and applicants usually receive an immediate decision on eligibility. 

Eligible applicants must choose a loan offer and sign their loan agreement to receive a final decision. This often happens within the same business day. If additional information or documentation is required to approve the loan, it could take up to three business days.

Approved applications may be funded as soon as the next business day or even the same business day.

Who NetCredit Is Best For

NetCredit is best for those with poor credit who need emergency funds that they cannot get from any other source. A NetCredit line of credit could enable those in need of emergency cash to borrow as they need it and minimize the cost of borrowing.

Final Take

While those with poor credit may qualify for a NetCredit loan, the cost of the loan could worsen a bad financial situation. NetCredit should be a last resort for borrowers with no other option, and borrowers should pay off loans as quickly as possible.

Using lenders like OneMain Financial or Upstart can still be an expensive way to borrow but might be more affordable than NetCredit. Those with fair credit and good debt-to-income ratios should look for other lending options that can offer better APRs.

NetCredit FAQ

Here are answers to some of the more commonly asked questions about NetCredit.
  • Is NetCredit real?
    • With so many financial platforms popping up online, users should always consider the legitimacy of a site before applying. So is NetCredit legitimate? NetCredit is a legitimate lending platform and is licensed in some states. Many of its loans are underwritten by Republic Bank & Trust Company, Member FDIC or Transportation Alliance Bank, Inc. Borrowers should be aware that NetCredit loans may come with high APRs, but this follows the lending guidelines for the state in which the borrower lives.
  • Is NetCredit a payday loan?
    • NetCredit provides personal loans and personal lines of credit. It does not offer payday loans.
  • Does NetCredit verify income?
    • While income requirements for a NetCredit loan vary by the state where an applicant lives, NetCredit does require a verifiable source of income for loan approval.
  • Can you pay off NetCredit early?
      • NetCredit does not charge prepayment penalties for prepaying or paying off a loan early.

    Information is accurate as of July 5, 2022.

    Editorial Note: This content is not provided by NetCredit. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by NetCredit.

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    About the Author

    Andrea Norris has been in the web publishing business for the past 15 years both as a content contributor and a copy editor specializing in personal finance, frugal living, home and auto topics. She writes both short and long-form content and is well-practiced in SEO keyword research and writing.

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