Editor’s Rating
2.6 / 5
Bottom LineNetCredit personal loans may be a worthy option for people with bad credit, but the high APRs and relatively small loan amounts should make NetCredit loans a last resort. NetCredit offers $1,000 - $10,000, with APRs ranging from 34% - 99.99%.
Pros
Cons
NetCredit Personal Loan Review Summary
NetCredit personal loans typically aren’t worth it unless you have bad credit and can’t qualify for a loan with better terms. NetCredit offers small personal loans of $1,000 - $10,000, with APRs ranging from 34% - 99.99% and repayment terms from 6 - 60 months. Additionally, NetCredit only offers loans in 37 states, so many people in the U.S. can’t even apply.
Despite being a lot better than payday lenders, a NetCredit personal loan still may not be worth getting, especially if you have at least fair credit. Even people with bad credit can likely find better deals elsewhere, such as at their local credit unions. NetCredit does report payment information to major credit bureaus, which can help improve your credit. However, this is common for most personal loan providers, so you can still improve your credit if you go with another option.
Below, you can see how NetCredit ranks in three key categories: Terms, Requirements & Application, and Reviews & Transparency.
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NetCredit Personal Loan Terms
 | |
| APRs | 34% - 99.99% |
| Loan Amount | $1,000 - $10,000 |
| Loan Terms | 6 - 60 months |
| Origination Fee | $0 |
| Prepayment Fee | $0 |
| Late Fee | $10 - $25 |
| Minimum Credit Score | None* |
| Minimum Income | Not disclosed |
| Loan Purpose | Debt Consolidation, Big Purchase, Other |
| Time to Receive Loan Money | As soon as the next business day |
| Other Requirements |
|
*According to multiple third-party sources
NetCredit Interest Rates & Fees
Category Rating: 34% (1.7 out of 5)
- Overall APR range: NetCredit offers fixed-rate personal loans with an APR range of 34% - 99.99%. NetCredit’s interest rates are high compared to those charged by many other lenders, even ones that offer loans to people with bad credit.
- How rates are determined: The exact rate you will get depends on your credit score, income, existing debts, and state of residence, among other factors.
- Origination fee: NetCredit does not currently list origination fees for any states.
- Loan amounts & timelines: NetCredit personal loans range from $1,000 - $10,000, and their repayment terms go from 6 - 60 months.
NetCredit Requirements & Application Info
Category Rating: 76% (3.8 out of 5)
- Minimum credit score: NetCredit does not have a minimum credit score requirement. NetCredit determines borrowers' eligibility by looking at their full financial picture, not just their credit score, so they will consider applicants with bad credit.
- Citizenship: You must be a U.S. citizen or permanent resident.
- Identification: You must have a Social Security number.
- Pre-qualification: NetCredit allows you check your approval odds and potential rates though a soft credit pull. This process will have no impact on your credit score.
- No joint loans: NetCredit does not accept co-applicants.
- Way to apply: If you decide to apply for a NetCredit personal loan, you can do so online.
NetCredit Reviews & Transparency
Category Rating: 86% (4.3 out of 5)
- Better Business Bureau: NetCredit (NC Financial Solutions, LLC), is not rated by the BBB. Their parent company, Enova Financial Holdings, LLC., has an A- rating and is not accredited.
- Consumer Financial Protection Bureau: Enova Financial Holdings, LLC, the parent company of NetCredit, has 523 personal loan complaints with the CFPB. Many have to do with NetCredit’s extremely high interest rates and high payment amounts. Enova Financial Holdings, LLC has a good track record of responding in a “timely” fashion.
- WalletHub: NetCredit has a user score of 3.1/5 from more than 400 reviews.
- Transparency: NetCredit’s website does list their rates and fees, but you must check them on a state-by-state basis. NetCredit could be clearer about the overall ranges. It’s helpful that NetCredit has a pre-qualification tool, but the fact that they’re vague about overall minimum requirements isn’t great.
Summary: NetCredit Scores by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 1.7/5 |
| Requirements & Application Info | 3.5/5 |
| Reviews & Transparency | 4.3/5 |
| OVERALL | 9.5/15 |
Other Key Things to Know
- Age: You must be at least 18 years old.
- Bank Verification: You must have a valid personal checking account.
- Minimum income:NetCredit does not disclose minimum income requirements.
- Residence:You must live in one of the 37 states where NetCredit operates (this excludes CO, CT, IA, ME, MD, MA, NV, NH, NY, NC, PA, VT, WV, and DC).
- Late Fee: NetCredit may charge a $10 - $25 late fee for overdue payments.
- Prepayment Fee: NetCredit does not have any prepayment fee.
NetCredit vs. Popular Competitors
| NetCredit | OppLoans by OppFi | Jora | |
| Reviews | ***** | ***** | ***** |
| APRs | 34% - 99.99% | 160% - 179% | 75% - 349% |
| Loan Amounts | $1,000 - $10,000 | $500 - $4,000 | $500 - $4,000 |
| Loan Terms | 6 - 60 months | 9 - 18 months | Up to 33 months |
| Minimum Credit Score | None* | Not disclosed* | Bad* |
*According to multiple third-party sources
Methodology
In order to provide the most accurate review of NetCredit personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. For NetCredit, that is California.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
NetCredit Personal Loans Review FAQ(49 questions)
Editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Most Popular
2
Upvotes
What's the NetCredit personal loan APR?
Reply
2
Rick Bormin, Personal Loans Moderator
@rhandoo2020
The NetCredit personal loan APR is 34% - 99.99%. The NetCredit personal loan APR range is quite high compared to that of a lot of other personal loan providers, and that's because NetCredit focuses primarily on borrowers with bad credit. If you have fair to excellent credit, you can probably find better rates elsewhere (and you might still find better deals with other lenders even with bad credit).
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1
Upvote
Does NetCredit hurt your credit?
Reply
1
Grace Enfield, Content Writer
@grace_enfield
A loan from NetCredit will temporarily hurt your credit score because the company will perform a hard pull of your credit history when you officially apply, which will drop your score by about 5 to 10 points. The new loan will also add to your overall debt load, which hurts your credit score.
However, you can avoid risking credit score damage for no reason by pre-qualifying first. NetCredit only uses a soft pull of your credit, which does not...
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1
Upvote
Is NetCredit hard to get approved for?
Reply
1
Grace Enfield, Content Writer
@grace_enfield
It is not hard to get approved for a personal loan from NetCredit if you live in one of the states where NetCredit operates and you have enough income to afford the loan. NetCredit does not have a minimum credit score requirement. You will just have to meet basic requirements, like being at least 18 years old and being a U.S. citizen or permanent resident, in addition to showing that you can afford the loan.
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17
Upvotes
How long does it take to get money from a NetCredit personal loan?
Reply
17
Rick Bormin, Personal Loans Moderator
@rhandoo2020
It takes 1 business day to get money from a NetCredit personal loan after your application is approved, in most cases. Borrowers who submit an application before 7:00 a.m. CT on a business day have a chance to receive the money the same day they apply.
How to Get Money From NetCredit as Fast as Possible
- Fill out the application carefully. You should make sure that all information you enter on the...
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17
Upvotes
What kind of loan is NetCredit?
Reply
17
Grace Enfield, Content Writer
@grace_enfield
NetCredit is a personal loan provider that offers $1,000 - $10,000 in funding, APRs of 34% - 99.99% (depending on your creditworthiness), and repayment periods of 6 - 60 months. NetCredit does not require you to have a credit score to qualify.
Key Facts About NetCredit Loans
- Loan Amounts: $1,000 - $10,000
- APRs: 34% - 99.99%
- Repayment Periods: 6 - 60 months
- Funding Timeline: 1 - 3 business days after approval
- Origination Fee: $0
- Late Fee...
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17
Upvotes
How can I pay my NetCredit loan?
Reply
17
Lisa Cahill, Credit Cards Moderator
@lisacahill
You can pay your NetCredit loan with an electronic fund transfer from a bank account, a debit card, a prepaid card, a check or a money order. You can also pay through Western Union or MoneyGram.
If you transfer funds from a bank account through your online NetCredit account, you must set up the transfer before 1 p.m. ET the day before your due date. If you pay with a debit or prepaid card,...
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2
17
Upvotes
What credit score is needed for a NetCredit personal loan?
Reply
17
Rick Bormin, Personal Loans Moderator
@rhandoo2020
The credit score needed for a NetCredit personal loan is not disclosed. However, NetCredit states that it will consider applicants who have bad credit, so people with credit scores below 640 may have a shot at approval. NetCredit personal loans are quite expensive, so they are not a good option for anyone with fair credit or better.
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16
Upvotes
How can I apply for a NetCredit loan?
Reply
16
Kendall Morris, Credit Cards Moderator
@kendallmorris
To apply for a NetCredit loan, visit NetCredit's website and then click the blue "Check Your Eligibility" button. This will let you pre-qualify for a loan to see your approval odds and potential rates. Then, based on that, you will have the option to fill out an application form. You'll have to enter your personal and financial information and give NetCredit permission to do a hard pull of your credit.
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17
Upvotes
Can I be denied for a NetCredit personal loan?
Reply
17
Sydney Garth, Credit Cards Moderator
@sydneygarth
Yes, you can be denied for a NetCredit personal loan. While NetCredit personal loans are targeted toward people who have bad credit, approval is not guaranteed. NetCredit will look at your credit score and income, among other factors, when deciding whether to approve you. The good news is that you can get pre-qualified to see your approval odds before you apply.
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17
Upvotes
How do I know if NetCredit approved me?
Reply
17
Gino Rodriguez, Writer
@gino_rodriguez
You will know if NetCredit approved you for a personal loan because you will receive an application decision via email. NetCredit may approve you as soon as the same day you apply, or 1 business day, and you can check your loan status online in the meantime.
If you get approved, you should receive the funds 1 business day. Just keep in mind that approval for a NetCredit loan is never guaranteed.
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