NetCredit Personal Loan Review

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What is NetCredit?

NetCredit’s mission is to help those who have been turned down by traditional banks for personal loans. Launched in 2012 and headquartered in downtown Chicago, NetCredit is a subsidiary of Enova International Inc., a company that uses technology to create financial products and services.

Instead of just looking at your credit score, NetCredit uses different variables to determine your loan eligibility. The company also aims to improve customers’ financial lives by offering transparency in its rates and fees, and its website offers a bunch of tools to help customers build their credit score.

If you’re unsure which personal loan company to go with, read our NetCredit loan review, which includes an overview of NetCredit’s product and how it compares to other personal loans.

NetCredit personal loan highlights

  • Fewer fees: NetCredit doesn’t charge any application, non-sufficient or prepayment fees. Residents of some states are charged an origination fee of 1.00% - 5.00%.
  • Not available nationwide: NetCredit personal loans are currently only offered in 14 states.
  • Ability to back out of your loan: If you decide NetCredit isn’t right for you, you can return the money until 6 p.m. CST on the business day after the loan is funded.
  • High fees: NetCredit’s lowest APR starts at 34.00%, which is significantly higher than those of many similar lenders.
  • Minimum credit requirement: Varies
  • Terms: 6 to 60 months
NetCredit Personal Loan Details
Fees and Penalties
  • Term lengths: 6 to 60 months
  • APR range: 34.00% – 155.00%
  • Loan amounts: $1,000 – $10,000
  • Time to funding: As soon as the next business day after your application is approved
  • Credit check: Soft Pull
  • Origination fee: Some states may charge 1.00% - 5.00%
  • Prepayment fee: None
  • Late payment fee: $15 or 5% of unpaid amount

NetCredit product details

NetCredit offers a few tools — which appear similar to those of many other personal loan companies — to help you decide if its loan is right for you. First, its My RightFit Tool™ lets you customize your loan by selecting an amount and a repayment schedule. When you first determine your eligibility, NetCredit will make an initial offer, but you will still have the option to modify your terms.

NetCredit loans also feature what the company calls its My Choice Guarantee™. If you’re unsure if this is the right loan for you, NetCredit allows borrowers to return their loan as long as it’s done by 6 p.m. CST on the next business day.

You can also borrow additional funds later. You may qualify for this if you borrow less that your full approved amount or if you’ve paid off a significant percentage of your existing loan. At that point, you can have your existing loan amount refinanced with a new loan contract.

Even if you don’t want to borrow more money, you may still be able to refinance your existing loan, possibly lowering your monthly payment amount, according to the NetCredit website.

Currently, the only states where residents are eligible to borrow additional money or refinance their loans are Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, South Dakota, Utah and Virginia.

Eligibility requirements

  • Minimum credit score: Varies
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

NetCredit doesn’t mention specific eligibility requirements though it describes itself as a lender that “looks at several variables in the applicant’s broader financial picture — not just their credit score.” This approach, NetCredit says, allows it “to approve many customers who do not qualify for a traditional credit product through their local bank.”

That said, however, how good an interest rate you get will depend on factors such as your credit history, debt-to-income ratio and current income.

And as mentioned, NetCredit doesn’t serve all 50 states. In order to qualify, you need to be a resident of Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, North Dakota, South Carolina, South Dakota, Utah, Virginia or Wisconsin.

Applying for a personal loan from NetCredit

You will first need to determine your eligibility by filling out an online application form. You’ll provide details such as your name, address, requested loan amount and the purpose of the loan. At this point you’ll also need to create an online account if you choose to continue the application process.

Once you’ve complete the form, you’ll be presented with a loan offer — you can agree and move on, or you can customize your loan by requesting a different loan amount and repayment terms. If you proceed at this point, there’ll be a hard credit pull, and NetCredit may also ask for additional documentation. The approval process could take as little as less than a day or up to three business days.

Once approved, you can accept your loan, and the money will land in your account as soon as the next business day.

Pros and Cons of a NetCredit Personal Loan
  • No prepayment fees: NetCredit doesn’t charge a fee if you pay off your loan early.
  • Soft Pull credit check: Your credit score won’t be affected when first determining loan eligibility.
  • Reports to major credit bureaus: NetCredit reports your activity to both Experian and TransUnion, which can help you build positive credit history.
  • High rates: Depending on creditworthiness, your APR can go as high as 155.00%. Even its lowest rate — 34.00% — is relatively steep compared to some of the major student loan lenders.
  • Not available in all states: NetCredit is only available in 14 states.
  • Low maximum loan amount: You can only borrow up to $10,000, which is lower than some competitors.
  • Range of terms: You can repay your loan in as little as six months or as long as five years, though terms of 10 or more years aren’t available.

Who’s the best fit for a NetCredit personal loan?

Those who don’t need a large sum of money could be a good fit for a NetCredit personal loan, since you can borrow as little as $1,000. It may also work well for those who plan to pay off their loan quickly, as the terms on offer are on the shorter side, compared to loans of 10 or more years available elsewhere.

However, it’s not a good fit for those who are looking for the lowest rates available, as NetCredit’s APRs sit in a higher range compared to some of its competitors. Unless you’ve been turned down by other places, you might consider looking elsewhere.

Alternative personal loan options

If you want to see if you can qualify for lower rates, consider some of these lenders.

OneMain Financial

  • APR range: 16.05% – 35.99%
  • Credit requirements: Varies
  • Terms: 24 to 60 months
  • Origination fee: Varies

Like NetCredit, OneMain Financial offers low funding amounts, at anywhere from $1,500 to $30,000. It also has a relatively fast application process — it estimates as little as 10 minutes to fill out the online application form and receive a decision — and you can get funds as quickly as the next business day.


  • APR range: 9.99% – 35.99%
  • Credit requirements: minimum credit score
  • Terms: months
  • Origination fee:

Although LendingPoint has a higher starting APR than some of its competitors, it’s still a solid alternative to NetCredit because its rates are lower. LendingPoint is also available in 43 states, compared to the 14 for NetCredit. And you can also borrow up to $25,000 — more than what NetCredit currently offers.

Apple Federal Credit Union

  • APR range: 9.24% – 17.24%
  • Credit requirements: 580 minimum credit score
  • Terms: 12 to 60 months
  • Origination fee: No origination fee

Apple Federal Credit Union’s signature loan can run up to $50,000, well above what NetCredit offers. You may be able to qualify for a loan even if you don’t have a good credit score, and the bottom range of its APRs is lower than for NetCredit. There are no prepayment penalties, and you may be able to get a 0.25% rate discount if you make a direct deposit of at least $1,000 into an Apple FCU savings or checking account. You do need to be a credit union member to apply for a loan.

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