2023 NetCredit Personal Loan Review
NetCredit is an online lender that offers fast funding for small personal loans and lines of credit. Smaller loans with high interest rates are typically more accessible for subprime borrowers.
- Limited geographic availability: NetCredit’s products aren’t necessarily an option for everyone. Borrowers in some states, like New York, won’t be able to get a loan at all. Other states, like California, cap the max APR far below NetCredit’s overall maximum.
- High interest rates: Many lenders keep personal loan rates below 36.00% APR, but several of NetCredit’s loans are higher (potentially much higher) than that. It’s a more expensive form of credit than many alternatives.
- Smaller loan sizes: While the loan minimums and maximums aren’t the same size in every state, NetCredit’s loans are generally smaller than many competitors. They’re designed for short-term cash needs, so you won’t be able to get a bigger loan.
- Clear fees: NetCredit advertises its “ClearCost for Me™” program, stating “you’ll know exactly how any applicable charges, fees and/or interest work” when you sign your contract.
- Quick approval and funding: Since NetCredit loans are often for emergencies, getting your money fast is important. You’ll get a decision on whether you qualify for a loan within minutes; if you sign the loan agreement, you may receive funds the next day.
- Best for bad credit borrowers shopping for a rate: Borrowers with a rocky credit history likely won’t be able to get low rates, but through prequalification, you could find which lender will give you the most favorable terms.
NetCredit pros and cons
Quite simply, NetCredit offers small, accessible loans at a high cost.
Available to some bad credit borrowers
Fast funding timeline after approval
Payments can help build credit
High potential APR
Required documents to apply may vary
Not available in some states
Even before considering a NetCredit loan, you’ll have to find out if the lender offers products in your state. Residents of Colorado, Connecticut, D.C., Iowa, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New York, North Carolina, Pennsylvania, Vermont and West Virginia aren’t able to obtain NetCredit products.
NetCredit loans should only be considered a last resort if you can’t find a lower rate elsewhere. While the accessibility and fast funding are helpful if you run into a financial emergency, you may have to pay very high interest rates. NetCredit’s rates are lower than many payday lenders, but borrowers with better credit histories can find better personal loan rates elsewhere. Depending on your loan terms, you could wind up paying more in interest than the principal value of the loan.
NetCredit doesn’t disclose many specific loan requirements, though the lender states that “your eligibility will be determined by looking at your unique financial picture — not just your credit score.” Your funding amount and interest rates will be affected by your creditworthiness and where you live.
If NetCredit’s loan options won’t work for your borrowing needs, shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a loan with NetCredit
NetCredit allows you to prequalify for a loan to receive conditional terms with a soft credit inquiry. It also sends out prequalified offers through the mail with a code. After applying, NetCredit quickly reviews your information to determine whether you’re eligible.
Once NetCredit offers you loan terms, you can choose whether to accept the loan. This involves a hard credit inquiry, a process that causes a small, temporary drop in your credit score. If you do accept the loan, you’ll likely receive your final decision the same business day and typically receive your money the next day. You’ll need to include some documentation as part of this process, especially for income verification, though the particular documents vary by borrower.
If you’re having a hard time getting approved for a personal loan, follow these steps to improve your chances.
How NetCredit compares to other personal loan companies
Even if you believe NetCredit aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how it stacks up against similar personal loan lenders.
|LendingTree’s rating||2.9/5||2.9/5 (Read review)||3.0/5 (Read review)|
|Minimum credit score||Not specified||Not specified||None|
|APRs||34.00% to 155.00%||59.80% to 299.00%||160.00%|
|Loan amount||$500 to $10,500||$300 to $5,000||$500 to $4,000|
|Repayment term||6 to 60 months||5 to 36 months||9 to 18 months|
|Origination fee||Up to 5% if interest rate is 36% or less||No origination fees||None|
|Funding timeline||Receive funds as soon as the next business day||Receive funds as soon as the next business day||Receive funds as soon as the same business day|
|Bottom line||NetCredit offers bigger loans with longer terms than other installment lenders||Rise has an extremely high potential APR and could be the most expensive||OppLoans only offers shorter loans but doesn’t have an origination fee|
How we rated NetCredit
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls, and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but also competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.