Posted by: Adam McCann

NetCredit Review Summary: NetCredit offers personal loans of $1,000 to $10,000 to people of all credit levels, even those with bad credit. But with their relaxed approval requirements are supported by extremely high APRs: 34% to 155%.

NetCredit’s rates are cheaper than those of so-called “payday lenders” which can charge 400% or more interest. They’re also longer-lasting, as rather than paying out of your next paycheck, you’ll have to pay your loan off within 6 to 60 months. But despite being better than payday lenders, NetCredit is a lot worse than other personal loan providers. In addition, NetCredit only offers loans in 14 states, so most people in the U.S. can’t even apply.

People with fair credit or better should definitely not apply for NetCredit personal loans. And people with bad credit can likely find better deals elsewhere, such as at their local credit unions. Below, you’ll find more information on why NetCredit is not an ideal lending choice.

NetCredit Personal Loan Terms

APR range	34% - 155% (varies by state)
Loan lengths	6 - 60 months (varies by state)
Approval time	24 hours
Funds delivery time	1 - 3 business days
Origination fee	1% - 5% (varies by state)
Fee for early payoff	$0
Late payment fee	$10 - $15 (varies by state)
Credit score required	Not disclosed (accepts bad credit)
Minimum income required	Not disclosed
Additional requirements(all must apply)	18+ years old U.S. citizen or permanent resident SSN
States where NetCredit operates	AL, CA, DE, GA, ID, IL, MO, NM, ND, SC, SD, UT, VA, WI

NetCredit Interest Rates & Fees

NetCredit interest rates can be as low as 34% or as high as 155%. However, the exact rates possible within that range vary by state. No matter where you live, that’s far more costly than a normal personal loan, on which lenders typically don’t charge above 36%. The reason NetCredit’s interest rates are so high is that their loans are targeted to people with bad credit, which is riskier compared to only offering loans to people with higher credit scores. Still, there are other lenders, such as local credit unions and a few major companies like Avant, that will provide loans with much lower rates to people with bad credit. NetCredit has fixed APRs, so the rate won’t vary over time.

NetCredit doesn’t charge a fee for paying a loan off early. So if you take out a loan from them, you should pay in full as soon as possible to avoid as much interest buildup as you can. NetCredit may charge an origination fee, depending on the state where you reside. This fee can be 1% to 5%, and applies only to loans with APRs below 36%. The origination fee will be subtracted from the initial loan amount you receive.

NetCredit will also charge a fee for late payments, but this fee is different for different states. For example, in Alabama it’s a flat $15, while in Wisconsin it’s the lesser of $10 or 5% of the payment amount.

NetCredit Requirements & Application Info

According to NetCredit representatives, there are no minimum credit or income requirements for approval. NetCredit will look at your overall financial picture when making a decision, and they may accept borrowers who have bad credit. Applicants for a NetCredit loan will also need to be at least 18 years old and a U.S. citizen or permanent resident with a Social Security number. And you can only apply if you live in a state where NetCredit operates. Those states are: AL, CA, DE, GA, ID, IL, MO, NM, ND, SC, SD, UT, VA and WI.

You can pre-qualify with NetCredit before submitting an application. This will allow you to see what rates you might get if approved. After that, you’ll have a chance to submit an application, where NetCredit will actually pull your credit. The only way to apply is online, and you can only apply by yourself, not with a co-applicant.

NetCredit Reviews & Transparency

While NetCredit doesn’t have a bad reputation among their customers and rating agencies, they’re still far too expensive to advise borrowing from.

• Better Business Bureau: NetCredit (NC Financial Solutions, LLC), receives a score of A+ but is not accredited. Their parent company, Enova International, Inc., has exactly the same situation.
• Consumer Financial Protection Bureau: Enova International, Inc., the parent company of NetCredit, has 13 personal loan complaints with the CFPB. Many have to do with NetCredit’s extremely high interest rates and high payment amounts. The last complaint was filed in November 2018. Enova International has always responded in a “timely” fashion.
• WalletHub: NetCredit personal loans only get a score of 1/5 from WalletHub’s editors.

NetCredit Personal Loans vs. Popular Competitors

Lender	NetCredit	Avant	FreedomPlus
APR	34% - 155% (varies by state)	9.95% - 35.99%	5.99% - 29.99%
Loan amounts	$1,000 - $10,000	$2,000 - $35,000	$7,500 - $40,000
Loan lengths	6 - 60 months (varies by state)	24 - 60 months	24 - 60 months
Credit score required	Not disclosed (accepts bad credit)	600	620

Methodology

WalletHub’s editors reviewed NetCredit across 23 different factors that fell into 7 broader categories. Read on to see all of the categories and individual metrics.

• Requirements: WalletHub considered what it takes to get a NetCredit loan, including the necessary credit score and income, as well as U.S. citizenship and Social Security number requirements.
• Transparency: We evaluated whether NetCredit is open about how their loans work and how to qualify.
• APR: We looked at the possible interest rates on NetCredit loans, including whether they may change over time or are locked in at the beginning.
• Fees: Our editors researched whether Payoff charges any major fees on their personal loans.
• Loan amounts: We took a look at the amounts NetCredit lends, and the time limit for paying loans back.
• Application process: WalletHub learned all about the application process, including how to apply, how to pre-qualify and if joint applications are allowed. We also learned the amount of time it takes to get approved and funded.
• Customer satisfaction: Our editors measured how satisfied customers are by checking WalletHub reviews, BBB ratings and CFPB complaints.

from Wallet HubWallet Hub


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