NetCredit Personal Loan Review 2021

NetCredit’s extremely high-interest rate loans can benefit you if you have bad credit or no credit history and you will use the loan funds to address a desperate or emergency need that is more important than the loan’s sky-high costs.

Best for last-resort loan

net credit logo
Overall rating:
3.3
Bills.com rating
Fixed APR34 - 155%
Loan Amounts$1,000 - $10,000
Repayment6 to 60 months
FeesOrigination fee up to 5% and late fees
Time to fundOne day after approval
Min. Credit ScoreNone
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Pros:
  • No minimum credit score needed.
  • Makes unsecured loans to many borrowers other lenders turn down.
  • Quick application and funding.
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Cons:
  • Rates range from high to make your head spin high.
  • Origination fee up to 5%.
  • No loans over $10,500
Compare to leading lenders
net credit logo
3.3
Bills.com rating
Fixed APR34 - 155%
Loan Term6 to 60 months
Loan Amount$1,000 - $10,000
Min. Credit ScoreNone
avant
4.3
Bills.com rating
Fixed APR9.95 - 35.99%
Loan Term24 to 60 months
Loan Amount$2,000 - $35,000
Min. Credit ScoreNone
onemain financial logo
3.7
Bills.com rating
Fixed APR18% - 35.99%
Loan Term24 to 48 months
Loan Amount$1,500 - $20,000
Min. Credit ScoreNone

NetCredit: Top loan features

A NetCredit personal loan is an option if you have a strong, immediate need for money and determine that less expensive lenders will not work with you. Their rates are high even compared to other bad-credit lenders, but they are an option to consider over payday loans. 

Short repayment term: Loans are repayable from 6 months to 60 months. A six-month repayment term is unusual for a personal loan and will have a high monthly payment.

Low Loan limits: Loans from NetCredit range from $1,000 to $10,000. These are low minimum and maximum amounts.

High rates: Interest rates on NetCredit loans range from 34% to 155%. NetCredit offers high-rate loans to credit comprised borrowers. Interest rates range from 34% to 155%. These rates are a last-resort option for borrowers who can't get loans elsewhere. The laws and regulations of the state in which you live are very important as they can limit the maximum rate NetCredit can charge.

High fees: There is a 5% origination fee taken out of your loan funds before receiving them.

No co-signer: LendingPoint doesn’t accept joint applications or co-signers.

Fast Funding: NetCredit delivers funds to you the day after approval and sometimes on the same day.

Limited availability: NetCredit loans are available in 37 states. The 13 states in which you can’t get a NetCredit loan are Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New York, North Carolina, Pennsylvania, Vermont, West Virginia.

Don't report to all credit bureaus: Your loan payments are reported to two of the three main credit bureaus, Experian and TransUnion, but don’t report Equifax. If you make your payments on time, this will boost your credit score. They don’t report to Experian. NetCredit’s home page doesn’t make that very clear. In an area about “ Credit Growth,” they say, “ your account activity is reported to credit bureaus…” It is only in an FAQ section they make it clear that they report to 2 of 3 major bureaus.

Qualifying for a NetCredit loan

NetCredit will pull your credit report as part of their assessment, but they have no minimum credit score and offer many bad credit borrowers loans. NetCredit looks at your history of missed payments. If you have a low credit score, they are likelier to make a loan to you if your delinquencies are from a couple of years back with on-time payments thereafter than if you have fewer but more recent delinquencies

They don’t apply a strict debt-to-income ratio but look at your income and expenses to judge if you can afford to pay back your unsecured loan

How to apply for a NetCredit loan

NetCredit has a two-part application process. It starts with determining your eligibility. To be eligible, you must:

  • Be 18 or older (19+ in AL and DE, 21+ in MS.).
  • Have a valid personal checking account.
  • Have an active email address.
  • Have a verifiable source of income.

If you are eligible, NetCredit presents an offer to you. You can apply for the offer they present or take advantage of a unique feature where you can customize your loan amount and repayment options and apply for terms that work best for you.

When you submit your formal application, NetCredit does a hard pull of your credit report.

Loan approval and getting money from NetCredit

NetCredit gives its lending decisions quickly. They often can approve your loan the same day you apply.

Loans are funded, typically, the same day as the approval or the next day, with the money deposited into a bank account you designate.

NetCredit: Customer service and customer satisfaction

You can reach NetCredit customer support staff 7 days a week by phone.

NetCredit supports its customers, improving their finances with tools and advice you can find in their “Financial Resources” section on their website. They partner with EverFi to provide tools for budgeting and emergency savings, and educational modules on understanding credit and credit reports, building savings, the costs of an overdraft, and emergency savings.

NetCredit also partners with SpringFour, which can help you access free local programs to pay less for food, utilities, and more, as well as links to local employment resources.

NetCredit has an A- rating with the BBB. Their customer reviews at the BBB are poor, though there are a small number of reviews. NetCredit has an overall rating of excellent based on more than 2,000 reviews from verified customers on TrustPilot.