NetCredit Personal Loans Review 2024: Pros & Cons

• Who is NetCredit Best For?
• NetCredit Personal Loans Pros and Cons
• How to Apply for NetCredit Personal Loans
• Why You Should Trust Us
• NetCredit Frequently Asked Questions

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NetCredit is a decent option for borrowers who don't have good credit, but you'll pay much higher rates than with other personal loan lenders. It's not a good choice if you want to avoid fees, as NetCredit charges late and origination fees that vary depending on your state. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.

Who is NetCredit Best For?

NetCredit is best for borrowers who want to get a small amount of money quickly and have poor credit. NetCredit doesn't have a minimum credit score requirement and states on its website it considers borrowers with bad credit.  

Payments on your personal loan will be reported to TransUnion and Experian, which may help you build your credit score if you reliably pay on time. 

NetCredit Personal Loan Details

NetCredit has loan amounts between $500 to $10,000 (up to $10,500 in CA). Its term lengths between six to 60 months. A longer term length means smaller monthly payments — but you'll pay more in overall interest. 

You won't be able to get a loan in Colorado, Connecticut, Iowa, Massachusetts, Maryland, Maine, Nevada, New Hampshire, New York, North Carolina, Pennsylvania, Vermont, West Virginia, and Washington DC. 

The company's APR range is from 34.99% to 99.99%, depending on your state. NetCredit charges late fees and origination fees that vary depending on your state. 

Approved personal loans are generally funded the next business day. If you submit an application before 7:00 a.m. CT Monday through Friday, you may receive your funds the same business day

Compare Personal Loan Rates

NetCredit Personal Loans Pros and Cons

NetCredit Personal Loans Pros

• Low minimum loan amount. You can borrow as little as $500 from NetCredit in some states, which may make it a perfect option if you only need a bit of cash to tide you over.
• Fast funding. You'll usually get your money the next business day after your loan is approved. If you send in your documents before 7 am, you may even get your money the same business day.

NetCredit Personal Loans Cons

• Doesn't operate in every state. Residents of CO, CT, DC, IA, MA, MD, ME, NV, NH, NY, NC, PA, VT, and WV aren't eligible for a NetCredit loan. 
• Recent history of customer complaints. Customers have complained NetCredit approved them for loans they didn't apply for and performed a credit check on them without them applying for a loan. The customers also allege being unable to reach customer service. 
• Late fees. These fees vary by state. Find the late fees for your state. 
• Origination fees. These also vary by state, and in some states NetCredit doesn't charge an origination fee at all. See if your state charges an origination fee.
• Low maximum loan amount. You're only able to borrow $500 to $10,000 (up to $10,500 in CA) with NetCredit. Other personal loan lenders may offer up to $50,000 or even $100,000 to qualified borrowers. If you need a larger debt consolidation loan, you'll want to look elsewhere.
• High APR range. NetCredit's minimum interest rate is at the top of the range for most other personal loan lenders, and its maximum APR far exceeds some of the better alternatives for personal loans. 

How to Apply for NetCredit Personal Loans

1. Send in your personal information. You'll need to send in basic information, such as your name, address, income, Social Security number and birthday to see what rate you'll get. 

2. Review loan offers and pick the one you can afford. After you submit your information, NetCredit will give you different term options. A shorter term length means larger monthly payments — but you'll save more in interest. 

3. Accept your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've worked your loan payments into your budget — late payment may add significant costs to your loan, especially with NetCredit's high 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 is investigating a pattern of complaints before it issues a rating. Customers have complained that the business approved them for loans they didn't apply for and performed credit checks on them without them applying for loans. The customers also say they've been unable to reach customer service. 

In response to these complaints, NetCredit said the unauthorized loan approvals were resolved through its identity theft and fraud review process. NetCredit pointed to short staffing as a reason for slow customer support times and said it is engaged in "aggressive recruiting and hiring" to solve the problem.

NetCredit hasn't been involved in any recent controversies.

You may not feel comfortable borrowing from NetCredit given its history with customer complaints — but make sure to reach out to friends and family who may have borrowed from the lender to get a more complete picture of its services.  

NetCredit Personal Loans Alternatives

NetCredit personal loans vs. Fig personal loans

Both NetCredit and Fig are slightly lower-cost alternatives to payday loans, many of which have interest rates around 400%. However, you'll still pay a much higher interest rate with these three than you would with a traditional personal loan lender.

Fig Loans and NetCredit both don't have credit score minimums. Other companies, like LightStream personal loans and SoFi personal loans, have high minimum credit scores — though they do offer lower interest rates. 

NetCredit personal loans vs. OppLoans personal loans

Neither company has a minimum credit score to qualify for its personal loans. If you have a poor credit history, they might be a good option if you've been denied by other companies. 

NetCredit has a rate range of 34.99% to 99.99%, depending on your state, while OppLoans has a higher rate of 160.00%.

OppLoans' terms range from 9 months to 18 months, depending on the state you live in. NetCredit has the wider range of loan terms, from six to 60 months. 

Why you should trust us: How we rated NetCredit

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

• Interest rate (20% of rating)
• Fees (20% of rating)
• Term lengths and loan amounts (15% of rating)
• Funding speed (15% of rating)
• Borrower accessibility (15% of rating)
• Customer support (7.5% of rating)
• Ethics (7.5% of rating)

NetCredit Frequently Asked Questions

Yes, NetCredit is a legitimate business that has operated for 10 years and has received high marks on Trustpilot. 

NetCredit usually will send you money the next business day after your application is approved. In some instances when you submit your application before 7 p.m. Central Time, the lender will send your cash the day your application is approved.

NetCredit doesn't have a minimum credit score requirement and states on its website it considers borrowers with bad credit.

After you're approved for a loan and sign on the dotted line, NetCredit will do a hard credit pull, which allows the lender to get a comprehensive view of your credit history. This may have a negative impact your credit score initially. But as long as you make on-time, reliable payments, your score should improve in the long term. 

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

Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating. 

See more on how we rate personal loans >>

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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