NetCredit Loans Review

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NetCredit is a lender whose objective is to assist individuals who are not able to receive loans from banks. The company was created in 2012 and its headquarters is in Chicago. It is also part of Enova Worldwide Inc (an organization which utilizes IT to come up with money services and products).

More about NetCredit lender

This lender does not check people’s credit score when they request for some money. Instead, they use various variables to establish whether a person is eligible or not. NetCredit additionally strives to enhance people’s finances by being transparent in their charges. The website of the company additionally provides several tools to assist people in building a good credit score.

Lending highlights

  • Charges: There aren’t any charges for applications, repayment or inadequate money. However, people who reside in some regions get charged the origination cost of between one and five percent.
  • Available in a few places: The services are accessible in fourteen regions only.
  • Backing out of the borrowing: When a borrower feels that borrowed money is unsuitable for him/her, he/she can return the funds.
  • High fees: The lowest APR at this company is thirty four percent. This is quite high compared to most lending companies offer.
  • Term: Six to sixty months.
  • The minimum credit specifications vary per state.
  • APR range: Thirty four percent to one hundred and fifty five percent.

Product information

NetCredit Company provides some tools which are the same as those offered at most lending companies. The tools help customers determine if the loan being offered is suitable for them. The first tool is called My RightFit. This tool allows people to customize their loan through choosing the amount and the schedule for paying back. When determining a borrower’s eligibility, the lender will first make the offer however the person borrowing has a chance to change the terms. Another feature available at NetCredit Company is called My Choice Guarantee. If the person looking for a loan is not sure whether the loan is suitable for him/her, the company allows such a person to return the borrowed money. Returning borrowed money must take place before 6 pm CST during the following working day. Customers may additionally get another loan later. To qualify for this next loan, a person is supposed to ask for less than the agreed amount or must have paid a good percentage of the current loan. During this stage, a customer’s current loan may be refinanced with the new loan agreement. The ones that don’t intend to get another loan can still refinance their existing one. This will reduce one’s monthly payment.

Loan requirements

  • The lowest credit score differs per state
  • The company has not specified the required credit history.
  • The highest debt to income ratio has also not been specified.
The company has not stated the exact eligibility requirements. However, it says that it is a lending company that considers various variables in the customers’ wider finance picture, not only on the credit score. That enables them to accept most borrowers who are unable to find a loan at a bank. The interest rate a person will get at NetCredit will be determined by the income, credit history and the debt to income ratio. But, bear in mind that the company does not operate in all fifty states. To be eligible to borrow, a person is supposed to be from certain states. So, ensure to first check if your state is among those served by NetCredit Company before applying for a loan.


Before applying, customers need to find out if they are eligible. This is done through filling in the loans application form. This is done online and a person is required to give his/her personal information for example address, name, the loan amount and the aim of borrowing. Here customers are also supposed to open an account in case they want to go on with the application. After filling in the form, the applicant will be given a loan offer. The applicant can accept it and go on or he/she may change it by asking for a different one with a different amount and terms of paying. If applicants decide to go on from here, a hard credit can get pulled and the company might request for other documents. The process of getting approved takes one day or at times it can take up to 3 working days. After being approved, the borrower will accept the loan and the funds will be transferred to his/her account the next day.

The right people to take the loans offered by NetCredit

If people do not require so much money, then borrowing from NetCredit can suit them perfectly. This is so because you can request for a little as one thousand dollars. The loan can also be suitable for borrowers who are able to repay fast since the terms of the loan are short. But if you are searching for low-interest rates, it is better to go to other lenders because the APRs at NetCredit Company is high.

Advantages of the loans

  • Repayment charges: The Company does not charge anything when borrowers repay early.
  • Credit score: The customers’ score will not get affected when they are being checked if they are qualified to borrow money.
  • Credit bureaus: The Company informs TransUnion and Experian about the borrowers’ activities.

Disadvantages of the loans

  • Rates: The APR of a customer can go up to 155 percent depending on his or her creditworthiness. Besides that, the lowest rate is 34 percent which is still high compared to most lending companies.
  • Available in a few states: The Company operates in only fourteen states.
  • Maximum loan amount: Customers can get a loan of a maximum of ten thousand dollars which is quite low when compared to what other lenders offer.
  • Terms: Borrowers can pay back the loan within 6 months or within 5 years. Terms of ten or more years do not exist at NetCredit Company.
Borrower requirements
  • Age 18years or older
  • Have regular income
  • US citizen or permanent resident
  • Have a valid bank account
Obtaining methods
  • Bank account
  • Credit or Debit card
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