Rick Bormin, Personal Loans Moderator
@rhandoo2020
Yes, a NetCredit loan does help you build credit. As long as you make the monthly payments on time, NetCredit will relay positive information to all three major credit bureaus each month, which will improve your credit score.
Keep in mind that a NetCredit loan can also hurt your credit. The company will perform a hard inquiry into your credit history when you apply, which will likely lower your score by about 5 - 10 points. Your score will also drop due to any payments that are 30+ days late, as well as the loan adding to your overall debt load.
You can try the free credit score simulator on WalletHub to get a better idea of how a NetCredit loan might impact your credit-building efforts in particular.
People also ask
What credit score is needed for a personal loan?
The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.
For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.
Credit Score for Personal Loan Approval by Lender
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What are the personal loan requirements?
Major personal loan requirements include being 18+ years old, having a bank account, having a high enough credit score for the lender, and having enough income or assets to afford monthly loan payments. Some personal loans may have additional requirements, such as providing pay stubs or collateral to secure the loan.
Specific requirements vary by lender. Avant requires a credit score of 580 or higher, for example, while Prosper sets the bar at 640...
read full answer by Adam McCann, Financial WriterHow do you get a personal loan from a bank?
To get a personal loan from a bank, first check your credit score, then compare available offers to find the best rates, fees and payoff periods. After that, check for pre-qualification, submit an application either online or in person and wait for a decision. The steps may not sound all that complex, but preparing to get a loan can be time consuming.
How to Get a Personal Loan from a Bank
Check Your Credit
The first...
read full answer by Adam McCann, Financial WriterDid we answer your question?
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