NetCredit Personal Loans Review: Potential Triple-Digit Rates Is a Deal Breaker

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

netcredit personal loans
Logo

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

If you’re just starting out with credit or have made some serious financial mistakes in the past, your options for personal loans are limited. But that doesn’t mean you need to settle for exorbitant interest rates.

NetCredit personal loans are designed for people whose credit is struggling. But unlike some of the top personal loans for bad credit, NetCredit’s interest rates extend into triple-digit territory.

While that’s a better deal than what you’d get with predatory loans, such as payday and auto title loans, it’s still much higher than what you could qualify for elsewhere. But depending on where you live, rate limits can make NetCredit personal loans more competitive.

NetCredit personal loans review

NetCredit personal loans come in amounts ranging from $1,000 to $10,000, and you can qualify for repayment terms from six to 60 months. That said, loan limits and terms vary depending on where you live.

All NetCredit personal loans are unsecured, so you don’t have to worry about putting up collateral to get approved. The lender doesn’t have any restrictions on how you can use your loan funds, either.

NetCredit reports your payments to only two of the three credit bureaus — TransUnion and Experian. If your goal in applying is to improve your credit, you might want to find a lender that reports your payment history to all three.

NetCredit personal loans interest rates and fees

NetCredit’s rates and fees vary depending on where you live. For example, it charges an origination fee in certain states. And depending on where you live, your loan could be originated by Republic Bank & Trust Company.

Note that regardless of which lender originates your loan, NetCredit will be your loan servicer.

Here’s a summary of rates, fees, and other terms to expect based on your state of residence:

State Lender Loan Amounts Interest Rates Repayment Terms Origination Fee
Ala. NetCredit $2,000 to $10,000 34.00% to 155.00% APR 6 to 60 months None
Ariz. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Ark. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Calif. NetCredit $2,600 to $10,000 34.00% to 155.00% APR 6 to 48 months None
Del. NetCredit $1,000 to $10,000 34.00% to 155.00% APR 6 to 60 months None
Fla. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Ga. NetCredit $3,100 to $10,000 34.00% to 59.00% APR 6 to 60 months None
Idaho NetCredit $1,100 to $10,000 34.00% to 155.00% APR 6 to 60 months 1% to 5%
Ill. NetCredit $1,000 to $10,000 34.00% to 99.00% APR 6 to 60 months None
Ind. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Kan. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Ky. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
La. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Mich. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Miss. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Mo. NetCredit $1,000 to $10,000 34.00% to 155.00% APR 6 to 60 months None
Mont. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Neb. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
N.M. NetCredit $1,000 to $10,000 34.00% to 155.00% APR 6 to 60 months None
N.D. NetCredit $1,100 to $10,000 34.00% to 155.00% APR 6 to 60 months None
Ohio Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Ore. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
S.C. NetCredit $1,100 to $10,000 34.00% to 155.00% APR 6 to 60 months None
S.D. NetCredit $1,000 to $10,000 34.00% to 36.00% APR 6 to 54 months None
Texas Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Utah NetCredit $1,000 to $10,000 34.00% to 155.00% APR 6 to 60 months None
Va. NetCredit $1,000 to $10,000 34.00% to 155.00% APR 6 to 60 months None
Wash. Republic Bank $1,000 to $10,000 34.70% to 35.99% APR 6 to 54 months None
Wis. NetCredit $1,000 to $10,000 34.00% to 155.00% APR 6 to 36 months 1% to 5%

The rates in the chart above were current as of April 17, 2018. For the latest available rates, contact NetCredit or visit their rates page here.

NetCredit personal loans eligibility requirements

To qualify for NetCredit personal loans, you need to reside in one of the 29 states listed above. You also need to be at least 18 years old and a legal U.S. resident.

NetCredit doesn’t publish a minimum credit score. Instead, the lender states that it reviews “thousands of variables from your unique financial picture” to give you an offer.

How to apply for NetCredit personal loans

If you’re interested in NetCredit personal loans, you can apply online or by phone at 877-392-2014. You’ll start by sharing how much you want to borrow and how you plan to use the funds. Then, you’ll create an account with some basic personal information.

netcredit personal loans review

Image credit: NetCredit

Next, you’ll share details about your employment and income, then verify your identity with your date of birth and Social Security number. At this point, you’ll consent to have NetCredit run a soft credit check — which won’t hurt your credit score — so that you can get your loan offer.

apply for netcredit personal loan

Image credit: NetCredit

If you’re eligible based on the soft credit check, NetCredit will show you an offer with a loan amount, interest rate, and repayment term. Keep in mind that your loan offer might not be as high as the amount you requested.

If you’re interested in proceeding, you’ll choose how you want to make payments. Options include automatic payments from your bank account and paper check.

If you accept the offer, you don’t need to provide any extra information. Simply continue to the loan contract, read through it, and agree. Once you do this, NetCredit will run a hard credit inquiry — which can affect your credit score — and come back with the final terms of your loan.

This process can take one to three business days. Note that these final terms could be different than the original offer. Once you’re approved, you can expect to receive the cash in your account within one business day.

If you’re having second thoughts, you can return the money and cancel the loan with no strings attached. For NetCredit personal loans, the deadline for this option is 6 p.m. CST on the business day after you receive the funds. For loans with Republic Bank & Trust Company, the deadline is 5 p.m. CST on the third business day after you receive the funds.

NetCredit personal loans customer service

Customer reviews are mixed for NetCredit. On Credit Karma, for example, the lender has 3.8 out of five stars. Some customers praised the lender for its easy application process (edited for spelling):

“Great overall experience! Very professional and quick turnaround.”

“Quick and easy process. Definitely would only recommend as a temporary solution. Pay off as quickly as you can to avoid paying an outrageous interest.”

“Rates are high, nothing compared to payday loans. Happy I was approved and got to choose payment and length of loan. If you do the math and pay higher payments interest is significantly less. Take what you need only and pay it off. Finally moving my credit in the right direction.”

But not everyone has had a great experience with NetCredit. For instance, as of April 17, 2018, the Consumer Financial Protection Bureau has received 21 complaints about NetCredit personal loans. One recurring trend is that the lender isn’t willing to work with its customers if they experience economic hardship:

“I ran into an inability to pay and wanted to work with Net Credit to settle the loan. I even hired a firm to assist. Net Credit was not willing to work with the firm nor myself and an agreement was never reached.”

“I had an unexpected emergency and they are taking all of my biweekly pay the company will not work with me.”

Before you take out a loan with any lender, read through customer reviews to see if you notice any issues that might be a deal breaker for you.

Should you apply for NetCredit personal loans?

While NetCredit personal loans offer much better terms than payday loans, they’re still not a great choice for most people. For example, let’s say you borrow $10,000 with a 99.00% APR and a three-year repayment period.

You’d pay a staggering $21,516 in interest over the course of your loan term. If you get an even higher interest rate, you’d be on the hook for more.

In states where Republic Bank originates the loans, you’re likely to get an interest rate that’s more in line with what you’d expect with poor credit. For example, let’s take the same $10,000 loan and three-year repayment period but give you a 35.99% APR instead.

In this case, you’d pay $6,487 in interest over the life of the loan. That’s still a lot of interest, but it’s less than one-third what you’d pay with the other loan option.

Even so, take a look at all your options before applying.

For example, Avant and OneMain Financial both offer personal loans designed for people with bad credit, and their interest rates are more competitive than NetCredit’s. Always use a personal loan calculator to determine how much interest you’ll pay on any loan offer you receive.

Compare these and other personal loan companies before you settle on one. Review interest rates, fees, and other terms to make sure you get the best overall deal. If you take the time to do it right, you could save yourself hundreds if not thousands of dollars in interest.

Note: Student Loan Hero has independently collected the above information related to NetCredit personal loans. NetCredit has neither provided nor reviewed the information shared in this article.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.See Consumer Licenses.
  2. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  3. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  4. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 15.49% APR to a high of 34.49% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.


7 Important Disclosures for Earnest.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.

** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33


* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

7.73% – 29.99%$1,000 - $50,000Visit Upstart
6.26% – 14.87%1$5,000 - $100,000Visit SoFi
6.99% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%2$5,000 - $35,000Visit Payoff
4.99% – 29.99%3$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%4$5,000 - $50,000Visit Citizens
15.49% – 34.49%5$2,000 - $25,000Visit LendingPoint
6.16% – 35.89%6$1,000 - $40,000Visit LendingClub
6.99% – 18.24%7$5,000 - $75,000Visit Earnest
9.95% – 35.99%8$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.