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$500
NetCredit Reviews
The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 06/03/2024.
3.1
440 reviews
from WalletHub and across the web
440 reviews from WalletHub and across the web
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WalletHub
@WalletHub
3 Star Rating
2024 NetCredit Review
NetCredit has much smaller loans than most personal loan providers, offering just $1,000 - $10,000. Most other lenders offer maximum loan amounts of at least $25,000. NetCredit’s APRs are also much higher than average. Its minimum APR is 99.99% – almost as costly as many lenders’ highest rates. And its maximum APR, at 99.99%, is much higher than the 36% cap used by the vast majority of personal loan providers.
NetCredit only operates in 37 states, as well. While NetCredit offers quick approval and considers applicants with bad credit, there are plenty of cheaper alternatives to consider.
NetCredit Personal Loan Review Highlights:
- NetCredit interest rate: 34% - 99.99%
- Loan size: $1,000 - $10,000
- Funding timeline: As soon as the next business day
- Origination fee: $0
- Late fee: $10 - $25
- Payoff period: 6 - 60 months
- Joint applications/co-signers: Not allowed
- How to pre-qualify: Fill in your information on NetCredit’s website.
- NetCredit requirements: 18+ years old, U.S. citizen or permanent resident, SSN.
On top of being extremely expensive, NetCredit personal loans have very limited availability and don’t offer much funding. Below, you can see how WalletHub rates these loans in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
NetCredit Ratings by Category:
| Category | Editor’s Rating |
|---|---|
| Terms | 1.7/5 |
| Requirements & Application | 3.5/5 |
| Reviews & Transparency | 4.3/5 |
| Overall Score | 9.5/15 |
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
Comment
2
Elizabeth Brown
@bets1006
1 Star Rating
Scammers who prey on people who are struggling! A terrible company that took a month to post my payoff due to an internal posting error by the accounting department.
Comment
Gary Pope
@popegary87
1 Star Rating
They are liars, first off. They say they accept anyone, and I have a good score. They also have my information mixed up with someone else, so forget them; never use them.
Product: NetCredit Personal Loans
Comment
Laura E Barton
@laurab18
5 Star Rating
Helped me when I needed it. Very happy that there is still a place that people who unfortunately have bad credit can turn to for help! Thank you, NetCredit!
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stephen morgan
@stephenm_273
1 Star Rating
Extremely high interest rate. Almost impossible to pay off. Does a great job of destroying my credit. The only other option is to file for bankruptcy.
Product: NetCredit Personal Loans
Comment
Hosia Thomas
@hoziethomas
1 Star Rating
10/10 wouldn't recommend. It's very easy to get a loan from them, but the downside is the interest rate, which is 8.25%. A $4600 loan accrues about $24 a day. At the end of your term, if you can't pay it off early, you would have paid about $8700 in total. If there are other options, I would definitely recommend exploring those unless NetCredit is your absolute last resort.
Product: NetCredit Personal Loans
Comment
Trevor Harris
@Feedmynana
2 Star Rating
I made the mistake of obtaining a loan from them twice. I paid off both loans early. My issue is with the interest, fees, and how they are calculated. I borrowed $4,000 on October 23, 2023. I made $200 payments per month for four months, totaling $800. I paid off the loan on March 11th. The payoff balance was $4,077. This means NetCredit received $877 for me borrowing $4,000 for four months. The company calculated all the interest up front, not over the life of the loan. There is no benefit for paying off early. I do not recommend them and I will never use this company again. I won't make the mistake a third time.
Product: NetCredit Personal Loans
Comment
carmine
@carm4765
1 Star Rating
The worst of the worst. Don't borrow from them. Your life will be ruined if you miss payments. They keep piling interest on top of interest.
Comment
1 Star Rating
This company is a joke. I talked to someone on the phone when I got approved and told them I get paid monthly, which means I needed to be on a monthly payment schedule. They put me on a bi-weekly schedule. So I called to change this and received a bill for 1.5 times my monthly bill because I changed my billing cycle. They do not explain things very well. They don't really help you when you call them. Worst decision I ever made with a loan company. Do not use this company.
Product: NetCredit Personal Loans
Comment
joe_jordan505
@joe_jordan505
1 Star Rating
NetCredit is one of the worst companies I have ever dealt with. Stay well away from this company; they are not trustworthy. They do not answer phone calls or emails after many attempts. They opened my account without any permission, with the incorrect phone number, email address, and mailing address. They deposited money into my account and charged me excessive interest. I called and emailed to try and get details of my account, but all I got was, "Sorry, we don't have an account in that name." I decided to pay it and take it as a lesson learned. Then, they charged me twice in one week. I called, left a message, and received no reply, so I went to my bank and reported it as fraud. My bank agreed, stopped payment, and refunded my account for that transaction. I called and left many messages because I did not want to ruin my credit rating. I finally got a call back after three months when the account was in default, so they could charge more interest on my account, which ruined my credit rating. This was for a line of credit for $4,200. I have already paid $3,600 on that account, and they said I still owed $5,900. I asked to speak to a supervisor and am still waiting for a response. This company should not be in business.
Product: NetCredit Personal Loans
Comment
1
Robert P Campbell
@eaglevet123z
5 Star Rating
Excellent service. The only place you need to go for extra funds. They are always on time and always answer you right away. Just like family.
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1
brian_e_vogel
@brian_e_vogel
Paid by Netcredit lol BTw if family treats you like this, then I wish I was an orphan
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1
anne sa
@anniesantmyer70
1 Star Rating
Stay away from them ..I borrowed 2300 and after 7 payments of 200 dollars I still owe 2600 ..don’t waste your time they’re like car title loans
Product: NetCredit Personal Loans
Comment
robert
@rjones36
1 Star Rating
Only owed $1,100, fell behind, turned it over to debt settlement, was told I owed $3,000. Your best bet, stay away from Net Credit; my rate is awful.
Product: NetCredit Personal Loans
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Andrea
@andreae10
1 Star Rating
My account is closed, yet they are still reporting it as open with a small balance. The customer service was horrible; I could never find anyone to speak with.
Product: NetCredit Personal Loans
Comment
Karen st
@Karen_s
1 Star Rating
Read the agreement! Can't believe this is legal. First - there is a substantial fee every time you do a draw. If memory serves, it is something like $30. You may think that's the 'pound of flesh' they take for approving people with fair or poor credit. Nope. They add a 'statement balance fee' twice a month, which is often more than the actual payment. So, if you take out about $3,000, expect to pay about $400 per month, and only maybe $50 will go toward the principal. It wrecked me. So much worse than payday loans. I guess they get away with it because it's not 'interest,' it's a 'fee' for carrying your debt. Don't do it. At the end, you will end up paying at least 10 times what you borrow. More if you only make minimum payments. I had to borrow from another source to pay it off, or I would have had this unsustainable debt for years.
Product: NetCredit Personal Loans
Comment
Review NetCredit
NetCredit Q&A(51 questions)
Get answers to your questions about NetCredit below. Editorial and user-generated content is not provided, reviewed or endorsed by any company. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Most Popular
11
Upvotes
What are NetCredit's requirements for borrowers?
Reply
11
Grace Enfield, Content Writer
@grace_enfield
NetCredit's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a Social Security number. You will also need to have a verifiable bank account to qualify for a NetCredit personal loan.
NetCredit Requirements for Borrowers
- Credit Score: Not disclosed, but does consider bad credit
- Income: Not disclosed
- Age: 18+
- Citizenship: Not disclosed
- Identification: Social Security number
- Bank Account: Verifiable bank account
- Residency: Live in one of the 14 states where NetCredit operates
Before you apply for any personal loan, it's a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it's never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub's free pre-qualification tool.
12
Upvotes
Is NetCredit legit?
Reply
12
Rick Bormin, Personal Loans Moderator
@rhandoo2020
Yes, NetCredit is legit because it has a 4.8/5 rating on TrustPilot, a 3.4/5 rating from WalletHub's editors, and a B rating from the Better Business Bureau. Also, NetCredit is registered to operate in the states it services, which is a legal requirement to be a legitimate lender. Netcredit offers personal loans with funding as soon as the same business day, even for people with bad credit, and they do a soft pull that doesn't...
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11
Upvotes
What are my NetCredit approval odds?
Reply
11
Grace Enfield, Content Writer
@grace_enfield
Your NetCredit approval odds are good if you have a low debt-to-income ratio and meet NetCredit's requirements to get a loan. Some requirements include being at least 18 years old, having enough income to make monthly payments and having at least bad credit. If you meet all the requirements, your approval odds are high, but approval is never guaranteed.
What You Need for Good NetCredit Approval Odds
- Credit Score Requirement: Not...
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17
Upvotes
Does NetCredit call your employer?
Reply
17
Grace Enfield, Content Writer
@grace_enfield
Yes, NetCredit may call your employer after you provide their contact information and give permission for the call during the application process. NetCredit will not disclose any information when they contact your employer, since they are just inquiring about your employment status.
For more information, check out the full NetCredit personal loan review on WalletHub. You can also estimate your potential rates with our free pre-qualification tool.
17
Upvotes
How do I know if NetCredit approved me?
Reply
17
Gino Rodriguez, Writer
@gino_rodriguez
You will know if NetCredit approved you for a personal loan because you will receive an application decision via email. NetCredit may approve you as soon as the same day you apply, or 1 business day, and you can check your loan status online in the meantime.
If you get approved, you should receive the funds 1 business day. Just keep in mind that approval for a NetCredit loan is never guaranteed.
Key...
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17
Upvotes
What kind of loan is NetCredit?
Reply
17
Grace Enfield, Content Writer
@grace_enfield
NetCredit is a personal loan provider that offers $1,000 - $10,000 in funding, APRs of 34% - 99.99% (depending on your creditworthiness), and repayment periods of 6 - 60 months. NetCredit does not require you to have a credit score to qualify.
Key Facts About NetCredit Loans
- Loan Amounts: $1,000 - $10,000
- APRs: 34% - 99.99%
- Repayment Periods: 6 - 60 months
- Funding Timeline: 1 - 3 business days after approval
- Origination Fee: $0
- Late Fee...
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6
17
Upvotes
Does NetCredit Do a Hard Inquiry?
Reply
17
Gino Rodriguez, Writer
@gino_rodriguez
Yes, NetCreditdoes a hard inquiry when you accept a loan offer and sign the contract. This credit inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
NetCredit's hard pull will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see...
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17
Upvotes
What credit score is needed for a NetCredit personal loan?
Reply
17
Rick Bormin, Personal Loans Moderator
@rhandoo2020
The credit score needed for a NetCredit personal loan is not disclosed. However, NetCredit states that it will consider applicants who have bad credit, so people with credit scores below 640 may have a shot at approval. NetCredit personal loans are quite expensive, so they are not a good option for anyone with fair credit or better.
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17
Upvotes
How long does it take to get money from a NetCredit personal loan?
Reply
17
Rick Bormin, Personal Loans Moderator
@rhandoo2020
It takes 1 business day to get money from a NetCredit personal loan after your application is approved, in most cases. Borrowers who submit an application before 7:00 a.m. CT on a business day have a chance to receive the money the same day they apply.
How to Get Money From NetCredit as Fast as Possible
- Fill out the application carefully. You should make sure that all information you enter on the...
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17
Upvotes
Can I be denied for a NetCredit personal loan?
Reply
17
Sydney Garth, Credit Cards Moderator
@sydneygarth
Yes, you can be denied for a NetCredit personal loan. While NetCredit personal loans are targeted toward people who have bad credit, approval is not guaranteed. NetCredit will look at your credit score and income, among other factors, when deciding whether to approve you. The good news is that you can get pre-qualified to see your approval odds before you apply.
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