NetCredit Personal Loans: 2024 Review | Bankrate (2024)

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At a glance

NetCredit is best for small bad credit personal loans

NetCredit gives borrowers as little as $1,000 and as much as $10,000, giving borrowers with poor credit a way to pay for unexpected expenses or even cover last minute moving costs. The $10,000 maximum is much lower than most other bad credit lenders, some of which offer up to $50,000 loan amount options. The smaller cap may help you avoid borrowing more than your monthly budget can afford.

NetCredit also offers a personal line of credit of up to $4,500. Funds can be used as needed and paid in full at any time without penalty. If you submit your application before 11 a.m. CT Monday through Friday, you could receive funds the same day.

NetCredit personal loan purposes

NetCredit’s website doesn’t list any restrictions on how you use personal loans or line of credit funds. One unique feature of NetCredit’s products is you can choose an installment loan, a line of credit or both.

That may come in handy if you need a loan for a small cost, like new tires on your car, and prefer a fixed payment. Or if you know your air conditioner or water heater is at the end of its life, you could take a line of credit so you have the funds available if either one breaks down. You’ll only make a payment on the amount you use, and can pay the balance off without penalty.

Where NetCredit stands out

• Better rates and terms than payday lending: NetCredit loans are a good option if you don’t meet the requirements for other bad credit loans and want to avoid payday lending. Despite high APRs, you can choose terms between six and 60 months, which gives you much more time to pay the balance off compared to the two weeks you typically have to repay a payday loan.
• Fee reduction options available: The Fee Saving program, which is available on the line of credit product, may allow borrowers to reduce the statement balance fee by 33 percent to 60 percent after a series of regular on-time payments. The lender also doesn’t charge prepayment penalties, which means you can pay off the balance or replace it with a lower interest rate loan when your credit scores improve.

Where NetCredit falls short

• Very high APRs: NetCredit has APRs that range between 34.99 percent and 99.99 percent. That’s much higher than the 6 percent to 36 percent range you’ll find at most bad credit personal loan companies.
• Expensive fees: Fees may be as high as 10 percent for personal loans, and a 10 percent cash advance is due every time you use funds with the line of credit option. There is also a statement balance fee for the line of credit that varies depending on how much of your line is used and whether you pay bi-weekly or monthly.

NetCredit customer experience

Customer support

NetCredit borrowers can reach a representative seven days a week. Monday through Friday customer service hours are 8 a.m. to 8 p.m. CT. Weekend hours are Saturday and Sunday from 9 a.m. to 5:30 p.m. CT. There are also several email addresses for customer support, loans that are in process and for general feedback.

Digital experience

The loan application process can be done entirely online or started by phone. NetCredit doesn’t currently offer chat support. However, it does offer customer support seven days a week, compared to many lenders that only offer Monday through Friday customer support. You can also find helpful NetCredit videos on YouTube covering a wide variety of topics related to personal loans.

What people are saying about NetCredit

Reviewers give NetCredit a 5-star rating 86 percent of the time out of the over 20,900 total reviews on Trustpilot as of March 18, 2024. Most of the reviews consistently cite the speed of funding and that the lender was able to approve their application request after other lenders denied them.

Most of the 4 percent of poor reviews were from borrowers who either didn’t meet the approval requirements or were upset with the high interest rates, although they are disclosed on NetCredit’s website. Of these poor reviews, NetCredit replied to 97 percent.

NetCredit vs. OppLoans

You can borrow as much as $10,000 compared to the $4,000 cap at OppLoans. APRs are much lower at NetCredit, maxing out at 99.99 percent compared to the 160 percent APR OppLoans offers.

Opploans may be a better option if you only need a $500 loan — you’ll need to borrow at least $1,000 at NetCredit. If you need funds for an unexpected expense, Opp Loans may be worth a look — more than one-third of Bankrate users that choose to take out a loan with OppLoan use it to pay for emergencies.

NetCredit vs. OneMain Financial

NetCredit offers payoff periods as short as 6 months, much less than the 24 month minimum term offered by OneMain Financial. You can also borrow as little as $1,000 at NetCredit compared to the $1,500 minimum required by OneMain.

OneMain’s APRs are between 18 percent and 35.99 percent which gives you substantial savings over NetCredit’s 34 percent to 99.99 percent range. You can also choose to add a co-signer to help you qualify for a OneMain loan, something that’s not permitted at NetCredit.

Do you qualify for a NetCredit personal loan?

NetCredit requires proof of employment and regular income, and will pull a credit report to verify your credit history and credit score. The only other requirements required for a prequalification are proof of a valid checking account and email address.

How to apply for a personal loan with NetCredit

• Get a quote: You can prequalify without hurting your credit score online. Customer service is available every day of the week to assist with this process.
• Add information and finalize your application: You’ll need to document your employment and income to qualify for a NetCredit loan.
• Review the loan details: Review the fees and APR before you sign to make sure you understand how your payment and fees will be calculated, especially if you choose the line of credit options.

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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