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.
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.
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!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
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 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. 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 the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. 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. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* 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
** 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 - $50,000|
|6.26% – 14.87%1||$5,000 - $100,000|
|6.99% – 35.97%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|4.99% – 29.99%3||$10,000 - $35,000|
|5.99% – 18.99%4||$5,000 - $50,000|
|15.49% – 34.49%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|