If you need access to cash, but your credit is in poor shape, your options may be limited. NetCredit specializes in working with borrowers with bad credit, making it possible to get the money you need. But watch out for high interest rates, which can potentially make your financial situation worse in the long run.
NetCredit
Blueprint Rating
Fixed APR
34% to 155%
Loan amounts
$1,000 to $10,000
More details
- Interest rates: 34% to 155%.
- Loan amounts: $1,000 to $10,000.
- Repayment terms: 6 months to 5 years.
- Min. credit score: None.
- Discounts: None.
- Fees: Late fee in most states ($10, $15 or $25 or 5% of the unpaid amount, depending on state).
- Funding time: As soon as the same business day after approval (depending on time application is submitted).
NetCredit overview
NetCredit is a subsidiary of Enova International, which also owns the online payday lender CashNetUSA. Headquartered in Chicago, the company was established in 2012 and offers high-interest personal loans and personal lines of credit to bad-credit borrowers.
NetCredit is not rated or accredited by the Better Business Bureau, but it maintains an excellent rating on Trustpilot.
How to qualify for a NetCredit personal loan
NetCredit offers personal loans in 37 states and personal lines of credit in 29 states. If you live in one of the states where the lender operates, you may be able to qualify for a loan or line of credit, even if you have bad credit. There is no specific minimum credit score with NetCredit.
Other requirements include:
- You must be at least 18 years old.
- You must have a valid personal checking account.
- You must have an active email address.
- You must have a verifiable source of income.
How to apply for a NetCredit personal loan
If you want to view potential offers without impacting your credit score, use NetCredit’s My ScoreSaver pre-qualification tool to check your eligibility. Once you’re ready to apply, you’ll do the following:
- Share how much you’d like to borrow and the reason.
- Provide your zip code and date of birth.
- Enter your address and housing status.
- Provide your name, phone number, email address and a password.
- Enter your Social Security number.
- Once you’ve submitted your information, review your offers and select the loan amount and terms that best suit your needs.
If you’re approved, you’ll receive the funds the next business day or even sooner.
Pros of a NetCredit personal loan
- Offers a cheaper and more flexible alternative to payday loans.
- Accessible to borrowers with poor credit.
- Quick funding.
- Flexible loan options.
Cons of a NetCredit personal loan
- Charges high APRs.
- Doesn’t report payments to all three credit bureaus.
- Fees and APRs can vary by state.
NetCredit perks and special features
NetCredit offers personal loans ranging from $1,000 to $10,000 in most states and personal lines of credit up to $4,500. Here’s how the lender can be beneficial to those who qualify.
Better alternative to payday loans
If you have poor credit, you may think that payday loans are your only option. Fortunately, lenders like NetCredit can offer an alternative. While it’s still expensive, it’s much cheaper than a payday loan, you can get more money — payday loans typically top out at $1,000 or less — and you’ll have anywhere between six months and five years to repay the debt rather than just a couple of weeks.
Potential for same-day funding
Depending on when you apply and get approved, you may be able to receive your loan funds as soon as the same day. Even if you apply later in the day, you can generally expect to receive the proceeds by the next business day, which can be helpful when you’re in a pinch.
Line of credit option
If you’d rather have ongoing access to credit rather than one loan, you can opt for a personal line of credit instead of an installment loan. What’s more, lines of credit only require you to pay interest on the amount you borrow rather than the full credit limit.
How NetCredit could improve
While the lender offers some clear benefits for borrowers with bad credit, there are some significant downsides to consider. Here’s how NetCredit could provide better options for borrowers.
Charge lower interest rates
Fees and APRs can vary depending on which state you live in, but they’re all more expensive than what you’d get with a traditional personal loan. In some states, the APR can climb as high as 155%. That’s still much lower than the average 400% you’ll get with payday loans, but it has the potential to wreak havoc on your financial health in the long term.
Report to all three credit bureaus
NetCredit touts its My CreditBuilder tool that allows you to use your on-time monthly payments to build your credit score over time. However, the lender only reports to two of the three credit bureaus, including TransUnion and Experian. So, if you apply for credit in the future and the lender reviews your Equifax credit report, your positive payment history won’t be considered.
NetCredit customer service and reviews
If you have questions about NetCredit’s products and services, you can call the customer support team at 877-392-2014 or email them at support@netcredit.com.
Representatives are available Monday through Friday from 8:00 a.m. to 8:00 p.m. CT and Saturday and Sunday from 9:00 a.m. to 5:30 p.m. CT. The lender does not offer a mobile app for more convenient account management.
On Trustpilot, the lender has an average rating of 4.8 out of 5 stars across more than 17,727 customer reviews. However, it’s not rated by the Better Business Bureau.
The Consumer Financial Protection Bureau doesn’t list any complaints for NetCredit, but it did receive 346 complaints about its parent company Enova International in 2022. The top complaints were about incorrect information on credit reports, unexpected fees and interest, improper use of credit reports and attempts to collect debt not owed.
NetCredit alternatives: NetCredit vs. LendingClub vs. OneMain Financial
If you have decent credit, you may have a better chance of securing a lower interest rate with LendingClub or OneMain Financial. Here’s how these lenders compare with NetCredit:
| FEATURE | NETCREDIT | LENDINGCLUB | ONEMAIN FINANCIAL |
|---|---|---|---|
Interest rates | 34% to 155% APR | 9.57% to 35.99% | 18% to 35.99% |
Loan amounts | $1,000 to $10,000 | $1,000 to $40,000 | $1,500 to $20,000 |
Loan terms | 6 months to 5 years | 3 to 5 years | 2 to 5 years |
Minimum credit score | None | 600 | None |
Best for | Borrowers with poor credit who can’t qualify elsewhere | Borrowers with fair credit or better | Borrowers with bad credit who have collateral |
All interest rates are current and include discounts as applicable as of Dec. 11, 2023.
Frequently asked questions (FAQs)
NetCredit doesn’t offer predatory loans like you might find with payday lenders and cash advance stores. However, the lender’s APRs and fees can be extremely high, so it’s important to consider all of your options before you apply.
When you apply for a NetCredit personal loan, the lender will run a hard credit check on your credit reports to determine your eligibility. This hard inquiry can impact your credit score temporarily, but generally not by much.
Yes, NetCredit requires that you have a verifiable income source to be able to qualify for a loan.
Yes, NetCredit is a legitimate lender that specializes in working with borrowers who have bad credit.
NetCredit offers both personal loans and personal lines of credit.
