NetCredit does not do a hard inquiry into your credit history when you apply for a loan. Even though there’s no credit check, that does not guarantee approval, as NetCredit considers factors such as income, debt load, age, residency and more.
NetCredit typically caters to people with bad or no credit. However, loans from NetCredit are usually much more expensive than those from NetCredits that do hard inquires.
To see your approval odds and what rates may apply to you, check out the free pre-qualification tool on WalletHub.
Yes, a NetCredit personal loan does affect your credit score in the long run, but it doesn’t have any impact during the application process, as NetCredit only does a soft pull of applicants’ credit. Once you get the loan, your increased debt level and account diversity will impact your score, as will your loan payments. In particular, whether or not you pay on time will have a huge impact on how your score changes.… read full answer
How a NetCredit Personal Loan Affects Your Credit Score
Increased debt level: Taking out a NetCredit personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting a NetCredit personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your “credit mix” is one of the components of your credit score, and the more types of accounts you have, the better – as long as you handle them responsibly.
Payments: The biggest factor in how a NetCredit personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a NetCredit personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you’d like to estimate how certain actions might affect your credit score, you can use WalletHub’s free credit score simulator.
You can get NetCredit personal loan pre-approval through the NetCredit website. NetCredit pre-approval allows you to see your odds of approval for a personal loan from NetCredit, as well as your potential interest rate, and the process will have no impact on your credit score.
Enter the loan amount, loan purpose, your zip code, date of birth, housing situation (rent or own), home address, name, phone number, and email. You will also have to create an account.
Click Let's Get Started.
Once you receive your NetCredit pre-approval status, you can choose whether or not to actually submit an application. Getting pre-approved does not mean you're guaranteed to be approved if you apply, but your approval odds will be very high.
If you want to consider more options first, you can try out WalletHub's free personal loan pre-approval tool, which checks for pre-approval with multiple personal loan providers at the same time.
To apply for a NetCredit personal loan, first check for pre-qualification and then enter your personal and financial information on the online application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for a NetCredit Personal Loan
Check for pre-qualification.… read full answer Pre-qualification is a way to check your approval odds and potential rates before applying for a NetCredit personal loan. It doesn’t hurt your credit. You can check for pre-qualification on the NetCredit website.
Enter your personal information on the application. NetCredit requires the following personal information on the application: your full name, email address, date of birth, phone number, home address, housing situation and Social Security number.
Enter your financial information on the application. NetCredit requires the following financial information on the application: proof of income and an active checking account.
Double check the application for accuracy. To ensure that your NetCredit personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. NetCredit will typically provide a decision on your application within 1 to 3 business days for both approval and funding.
If you are approved for a NetCredit personal loan, you will generally receive the funds within 1 to 3 business days for both approval and funding after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.
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