NetCredit Personal Loan Review

NetCredit is a bad-credit-specific lender. Its rates are higher than most personal loan lenders, but lower than other bad credit loan types like payday loans or title loans. It also reports to the credit bureaus giving you an opportunity to improve your credit with on-time payments. If you have good credit, this lender is not for you.

We'll cover how NetCredit's personal loans work, when they could make sense, and which alternatives to consider before you apply.

Compare bad credit loan rates

Breakdown of NetCredit personal loans

Who are NetCredit personal loans best for?

Best for borrowers with bad credit or no credit

NetCredit personal loans are built for bad credit borrowers who struggle to get approved elsewhere. The company will check your credit when you apply, but considers more than just your score. However, your rate could be as high as 99.99% APR, depending on your state. But since NetCredit reports to the credit bureaus, you could potentially improve your score and then refinance the loan with a traditional lender at a lower rate. Plus, if you apply for a NetCredit personal loan by 11 a.m. CT on a business day, you could get money the same day. Most borrowers get their money the next business day after approval.

Great for building credit

There aren't too many lenders making bad credit loans that report your payments to the credit bureaus. If improving your credit is important to you (hint: it should be), NetCredit is one lender to consider. It also offers a prequalification process which can give you an idea of whether you'll qualify for a NetCredit loan without hurting your credit score. (A full application with most lenders requires a hard credit pull, which can bring your score down a few points for up to one year.)

And if you won't be able to make a payment on time, you may be eligible for a courtesy due date adjustment to give you more time to repay. It's important that you reach out ahead of your payment due date to request it. 

Pros and cons

Pros

• Flexible repayment terms: NetCredit offers repayment terms from 6 months to 5 years, depending on your state.
• Fee-free: NetCredit doesn’t charge fees, such as prepayment penalties or application fees, for newly originated loans.
• No collateral: You do not need to use collateral to secure a personal loan through NetCredit.
• Quick funding: Your loan funds may be available the same day or the next business day after you apply.
• Reports to credit bureaus: Not many bad credit lenders or loan types report payments to the credit bureaus. This is one way to improve your score and potentially qualify for more loans and lower rates in the future. 

Cons

• APRs can be high: Your loan can have an APR of up to 99.99%, though some states have a lower cap. While this is a high APR relative to traditional personal loans (which typically cap APRs at 36%), it still may be much lower than what you'd pay on a payday loan and even some loan apps.
• Loans are capped at $10,000 (less in some states): NetCredit only offers loans of up to $10,000. Still, this amount is much higher than what many other bad credit lenders offer, such as $500 due in two weeks.
• Not available nationwide: NetCredit and its lending partners don’t offer personal loans in CO, CT, IA, MA, MD, ME, NC, NH, NY, PA, VT, WA, WV, or the District of Columbia.

How to qualify for a NetCredit personal loan

NetCredit requires applicants to be 18 or older and have a valid personal checking account and email address. Additionally, NetCredit uses the following information to determine your eligibility.

Your credit score and financial history

While NetCredit doesn’t use your credit score to decide whether to approve your application, it does consider your credit and financial history. Negative marks on your credit report, such as missed credit card payments or accounts in collections, may affect your eligibility. NetCredit may also look at your debt-to-income ratio, which measures how much of your monthly income goes toward debt payments.

Your income and employment

You don’t need a specific income to qualify for a NetCredit loan. However, the lender will verify your income to ensure that you can afford your loan payments each month. During the application process, NetCredit will request income verification documents, like pay stubs or your most recent tax return. 

NetCredit personal loan purposes

You can use a NetCredit personal loan for various purposes, including paying monthly bills, consolidating debt, and paying for moving costs. 

Fees and penalties

NetCredit no longer charges application, prepayment, late, or non-sufficient fund fees for personal loans. 

How NetCredit compares to other lenders 

How NetCredit compares to more lenders: Best Personal Loans

How to contact NetCredit

NetCredit offers several contact methods, depending on your needs.

General customer support and applications:

• Phone: (877) 392-2014; Monday-Friday, 8 a.m. to 8 p.m. CT, Saturday-Sunday, 9 a.m.-5:30 p.m. CT
• Email: [email protected] 
• Fax: (855) 878-1068

Loan processing:

• Phone: (877) 392-2014; Monday-Friday, 8 a.m. to 8 p.m. CT, Saturday-Sunday, 9 a.m.-5:30 p.m. CT
• Email: [email protected]   
• Fax: (855) 878-1069

Collections:

• Phone: (877) 392-2016; Monday through Friday, 8 a.m. to 7 p.m. CT, Saturday, 8 a.m. to 4:30 p.m.
• Email: [email protected] 
• Fax: (855) 878-1070

You can also email general comments to [email protected] and send mail to:

Customer Support Team
NetCredit
175 W. Jackson Blvd., Suite 600
Chicago, IL 60604

About NetCredit personal loans

NetCredit was founded in 2012 to offer online personal loans and lines of credit through partner banks, like Capital Community Bank and Republic Bank & Trust Company. It’s a subsidiary of Enova International, Inc., a financial technology company based in Chicago. The company has a B rating with the Better Business Bureau, although it’s not BBB-accredited, and a 4.8-star rating from Trustpilot.

Disclosure: Some lending partners that participate in Credible’s comparison marketplace offer loans to borrowers with scores as low as 550. Borrowers with low scores will have fewer lending options than borrowers with higher credit scores.