NetCredit Personal Loans Review 2022

Insider’s experts select the best products and services to help you make wise decisions with your money (here’s how). In some cases we receive a commission from our partners, but our opinion is our own. The conditions apply to the offers listed on this page.

NetCredit Personal Loans

fees

Late fees, origination fees depend on your state

Regular APR

34% to 155%, depending on the state

fees

Late fees, origination fees depend on your state

Regular APR

34% to 155%, depending on the state

advantages
  • Low minimum loan amount
  • Fast financing
Disadvantages
  • Low maximum loan amount
  • Significantly high APRs
  • Not available in every state
  • Late Fees
  • origination fees
More information
  • The loan is between $500 and $10,000 or up to $10,500 in CA
  • Credit terms between six and 60 months
  • Loans are not available in CO, CT, DC, IA, MA, MD, ME, NV, NH, NY, NC, PA, VT and WV
  • Customer service available via email and phone

Pros and cons of NetCredit personal loans

Who is NetCredit suitable for?

NetCredit is best for borrowers who want to get a small amount of money quickly and have bad credit. NetCredit has no minimum credit score requirements and states on its website that it considers borrowers with bad credit.

Payments on your personal loan are reported to TransUnion and Experian, which can help improve your credit score when you’re reliable in paying on time.

How to compare NetCredit personal loans

NetCredit, Fig Loans, and OppLoans are slightly cheaper alternatives to payday loans, many of which have interest rates around 400%. However, you still pay a much higher interest rate with these three than you would with a traditional personal lender.

OppLoans terms range from nine months to 24 months depending on which state you live in. Fig has terms ranging from one to six months depending on where you live. NetCredit has the widest range of loan terms from six to 60 months.

None of the three companies have a minimum credit rating to qualify, so they could be a good option for borrowers who have been turned down by other companies due to poor credit histories.

Compare personal loan rates

Is NetCredit trustworthy?

NetCredit is not currently rated by the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB evaluates companies by looking at their responses to customer complaints, honesty in advertising and transparency in business practices.

The BBB investigates a sample of complaints before issuing a rating. Customers have complained that the company has approved credit for them that they did not apply for and performed credit checks on them without applying for credit. Customers also say they could not reach customer service.

In response to these complaints, NetCredit said the unauthorized loan approvals were resolved through its identity theft and fraud verification process. NetCredit pointed to a lack of staffing as a reason for slow customer service times and said it was engaging in “aggressive recruiting and hiring” to solve the problem.

NetCredit has not been involved in recent controversies.

You may not feel comfortable borrowing from NetCredit given a history of customer complaints – but be sure to contact friends and family who may have borrowed from the lender to get a fuller picture of their services.

frequently asked Questions

Is NetCredit a legitimate company?

Yes, NetCredit is a reputable company that has been around for 10 years and has good marks on Trustpilot.

How long does it take for NetCredit to fund a loan?

NetCredit will usually send you money the next business day after your application is approved. In some cases, if you submit your application before 7:00 p.m. Central Time, the lender will send your money on the day your application is approved.

Is NetCredit conducting a tough investigation?

After you are approved for a loan and signed on the dotted line, NetCredit performs a hard loan retrieval that allows the lender to get a comprehensive view of your credit history. This can initially have a negative impact on your creditworthiness. But as long as you make timely and reliable payments, your score should improve over the long term.

How much interest does NetCredit charge?

NetCredit charges between 34% and 155% APR on its loans. Your exact terms will depend on your financial situation and the state in which you live.

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