NetCredit Personal Loans Review 2019

What Is NetCredit?

NetCredit is an online lender that offers unsecured loans for smaller financial needs. The Chicago-based company offers loan terms between six months and five years, and has higher average interest rates than many of its competitors in the personal and online loan business. Because these loans are unsecured, borrowers don’t have to put up collateral or risk directly losing their assets.

The lender, which operates in 29 states, determines your loan eligibility and rates based on a number of factors including place of residence, income, credit score and credit history.

NetCredit only reports your credit to Experian and TransUnion, so if you want your payments reported to Equifax as well, you may want to consider a different lender.

Although NetCredit is not a payday loan company, its unusually high maximum annual percentage rate and lower loan amounts are some factors that may make this company similar to a payday lender. With annual percentage rates reaching 155%, even borrowers with excellent credit can expect to pay higher rates with NetCredit.

NetCredit does not have a minimum required credit score and instead takes a holistic approach to evaluating your application. However, your chances of approval are much higher with a credit score above 550. Their loans range between $1,000 and $10,000.

Before applying for a NetCredit loan, you’ll want to make sure that you have these elements:

  • U.S. citizenship or legal residence
  • A social security number
  • Over 18 years old
  • Reside in one of the 29 states that NetCredit services
  • Verifiable income
  • Active checking account

NetCredit Loan Rates & Terms

APR range: 34% – 155%
Available loan terms: 6 months to 5 years
Loan amounts: $1,000 to $10,000
Time to fund: Usually 1 business day
Origination fee: None
Credit needed: No minimum
Income needed: No minimum
Best for: Borrowers with poor credit
Click “Check Rates” to pre-qualify and receive a personalized rate.

NetCredit might be a good fit if:

If you’re having trouble getting approved for a personal loan with lenders who offer lower rates or have higher minimum credit score requirements, a NetCredit loan may be worth looking into. They’re best for borrowers with lower credit or who want to build their credit histories.

Additionally, applicants receive a loan decision within minutes, and NetCredit loans often fund within just one business day. If you have immediate financial needs, NetCredit could be helpful to you.

While many other loan companies have a maximum APR of 36%, NetCredit loan APRs are capped at 155%. Due to their unusually high rates, NetCredit accepts more high-risk borrowers. However, even if your credit does not meet the minimum credit scores required by other companies, or you are having trouble getting approved with other major personal loan lenders, you should still shop around with other companies and services to make sure that you are getting the best rate.

Borrowers considering taking out a loan with NetCredit should be financially prepared to pay their installments on time, as the company does have late fees which can add to the overall cost of the loan if payments are missed.

NetCredit Personal Loan Review

Interest rates: NetCredit loans start with minimum APRs of 34% and are capped at 155%. Applicants may be offered a rate that is anywhere from the higher end of most loans’ APRs to a rate that will cost the borrower two to three times the actual amount of the loan. Due to the high minimum APR, even borrowers with excellent credit can expect to pay more on their NetCredit loans.

Borrowers should compare rates from different companies before taking a loan offer with a very high interest rate.

Cost:  NetCredit does not charge any origination or check processing fees. However, they do charge a $15 late fee after the 15-day grace period for payments has passed. Borrowers can avoid accruing late fees by selecting an autopay option that allows the lender to take funds directly from their bank account.

How to Qualify for NetCredit: To qualify for a NetCredit loan, you should have U.S. citizenship or legal residency, be over 18 years old, live in one of the 29 states that the company services, have an active checking account and have a verifiable income.

As NetCredit does not have a minimum credit score or income to apply, the company bases its decision and offers on a number of different factors including credit history and active accounts. To ensure your eligibility for one of their loans, you should have a credit score above 550, although this is not always necessary for approval.

Types of Loans NetCredit Offers: NetCredit offers unsecured, fixed rate personal loans ranging from $1,000 to $10,000, with APRs between 34% and 155%.

Rates, Fees: NetCredit charges a late fee of $15 after the 15-day grace period. However, there are no origination or check processing fees. Their annual percentage rates start at 34%, which is closer to the maximum rates that many of its competitors maintain. NetCredit’s APR has a maximum of 155%.

Is NetCredit Legit and Safe? NetCredit is a legitimate lender with a detailed privacy policy to ensure that your personal information is secure. However, it is not insured with the Federal Deposit Insurance Corporation like many financial institutions are. Additionally, some customers have complained online that NetCredit has taken double repayments from their bank accounts or withdrew money during the application process.

Loan example:  If a borrower with poor credit takes out a $5,000 loan with an annual percentage rate of 100% and a repayment term of two years, they will need to make monthly payments of $488.16.

NetCredit Pros and Cons

Let’s take a look at some of the pluses and minuses of borrowing with NetCredit:


  • Quick to fund, usually deposited within one business day
  • Quick approval, with a decision made within minutes
  • Easy online application
  • No minimum credit score or income requirement
  • No prepayment fees
  • 15-day grace period on late payments
  • Autopay option
  • Borrowers with poor to fair credit have higher chances of approval than with other personal loan companies
  • No collateral necessary to take out loan


  • Very high annual percentage rates
  • Small range of loan amounts, with a maximum of $10,000
  • Late fees
  • Not available in every state
  • Some bad online reviews about customer service and repayment process

NetCredit Approval Process

To be approved for a NetCredit loan, borrowers need to fill out a cost-free online application. There is no minimum credit score or income to apply, and NetCredit considers a number of factors when making a loan offer. Applicants receive a decision with minutes and can choose to take a smaller loan amount than what is offered.

Make sure to have your banking information and social security number handy if you decide to apply.

Personal Loans Like NetCredit – Mariner Finance, OneMain, Avant

Before committing to a NetCredit loan, you can apply with some of the company’s main competitors to compare rates and loan amounts. Lenders like Mariner Finance, OneMain and Avant also cater to borrowers with fair credit, and often have lower annual percentage rates. These companies also have higher maximum loan amounts. Mariner Finance offers loans of up to $25,000, while OneMain’s loan ceiling is at $30,000 and Avant has a maximum of $35,000.


NetCredit loans are quick to fund and relatively easy to apply for. However, this company has some of the highest APRs in comparison with many of its major competitors. Although the lender primarily caters to borrowers with poor to fair credit, borrowers should carefully consider the offers that they receive from NetCredit and compare them against at least a few other quotes from different companies. NetCredit loans are best for applicants who are not approved with lower-interest lenders, and for those who want to fund smaller-scale projects and expenses.

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