NetCredit Personal Loans Reviews

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Bills.com's Review

NetCredit offers a loan product for very specific customer: a borrower with bad credit and a need for cash that is so great that the high costs that NetCredit charges are still worth it to a borrower.

NetCredit's lowest interest rate of 35% APR is not so much higher than the highest rates from many other lenders who offer personal loans. However, they have rates as high as 155% APR. The high average interest rate NetCredit borrowers get is viewable at the NetCredit website. There, you can see the average rate that is broken down by state. In December 2018, the average rate shown for "typical loan" in California is 84%, and in New Mexico 101%.

Instead of comparing NetCredit to other personal loan lenders, it seems reasonable to compare them to payday loan lenders. Both serve borrowers with bad credit and limited options. NetCredit reports borrowers' payments to two of the credit bureaus, so timely payments on the loan will improve the borrower's credit. 

It is possible that a high rate loan could benefit you, but exercise caution. Make sure you can afford the payment and fully understand the costs.

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About NetCredit

NetCredit offers unsecured personal loans They are based in Chicago, Illinois and were founded in 2012. 

As of December 2018, NetCredit offers  personal loans in 14 states in the USA.:

  • Alabama
  • California
  • Delaware
  • Georgia
  • Idaho
  • Illinois
  • Missouri
  • North Dakota
  • New Mexico
  • South Carolina
  • South Dakota
  • Utah
  • Virginia
  • Wisconsin

NetCredit personal loan rates range from 34% to 155% APR. Loan size ranges from $1,000 to $10,00. The loan repayment terms are from 6 months to 60 months.

NetCredit charges a loan origination fee of 0% to 5% of the loan amount.  This fee is taken from the loan funds disbursed to you, at the time of funding.

Late fees are charged to borrowers not paying on time. No pre-payment fees for paying loan off early. 

To qualify, applicants may need to provide proof of:

  • Income, with a $20,000 yearly minimum requirement
  • Active checking account

NetCredit often will get back to you within 48 hours, with an approval or turn down of your application. Loans are  usually funded within 3 business days of approval.

Headquarters
Chicago, Illinois
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