NetCredit Personal Loan Review

NetCredit Personal Loan Review Summary

NetCredit personal loans typically aren’t worth it unless you have bad credit and can’t qualify for a loan with better terms. NetCredit offers small personal loans of $1,000 - $10,000, with APRs ranging from 34% - 99.99% and repayment terms from 6 - 60 months. Additionally, NetCredit only offers loans in 37 states, so many people in the U.S. can’t even apply.

Despite being a lot better than payday lenders, a NetCredit personal loan still may not be worth getting, especially if you have at least fair credit. Even people with bad credit can likely find better deals elsewhere, such as at their local credit unions. NetCredit does report payment information to major credit bureaus, which can help improve your credit. However, this is common for most personal loan providers, so you can still improve your credit if you go with another option.

Below, you can see how NetCredit ranks in three key categories: Terms, Requirements & Application, and Reviews & Transparency.

NetCredit Interest Rates & Fees

Category Rating: 34% (1.7 out of 5)

• Overall APR range: NetCredit offers fixed-rate personal loans with an APR range of 34% - 99.99%. NetCredit’s interest rates are high compared to those charged by many other lenders, even ones that offer loans to people with bad credit.
• How rates are determined: The exact rate you will get depends on your credit score, income, existing debts, and state of residence, among other factors.
• Origination fee: NetCredit does not currently list origination fees for any states.
• Loan amounts & timelines: NetCredit personal loans range from $1,000 - $10,000, and their repayment terms go from 6 - 60 months.

NetCredit Requirements & Application Info

Category Rating: 76% (3.8 out of 5)

• Minimum credit score: NetCredit does not have a minimum credit score requirement. NetCredit determines borrowers' eligibility by looking at their full financial picture, not just their credit score, so they will consider applicants with bad credit.
• Citizenship: You must be a U.S. citizen or permanent resident.
• Identification: You must have a Social Security number.
• Pre-qualification: NetCredit allows you check your approval odds and potential rates though a soft credit pull. This process will have no impact on your credit score.
• No joint loans: NetCredit does not accept co-applicants.
• Way to apply: If you decide to apply for a NetCredit personal loan, you can do so online.

NetCredit Reviews & Transparency

Category Rating: 86% (4.3 out of 5)

• Better Business Bureau: NetCredit (NC Financial Solutions, LLC), is not rated by the BBB. Their parent company, Enova Financial Holdings, LLC., has an A- rating and is not accredited.
• Consumer Financial Protection Bureau: Enova Financial Holdings, LLC, the parent company of NetCredit, has 523 personal loan complaints with the CFPB. Many have to do with NetCredit’s extremely high interest rates and high payment amounts. Enova Financial Holdings, LLC has a good track record of responding in a “timely” fashion.
• WalletHub: NetCredit has a user score of 2.9/5 from more than 400 reviews.

• Transparency: NetCredit’s website does list their rates and fees, but you must check them on a state-by-state basis. NetCredit could be clearer about the overall ranges. It’s helpful that NetCredit has a pre-qualification tool, but the fact that they’re vague about overall minimum requirements isn’t great.

Summary: NetCredit Scores by Review Category

Other Key Things to Know

• Age: You must be at least 18 years old.
• Bank Verification: You must have a valid personal checking account.
• Minimum income: NetCredit does not disclose minimum income requirements.
• Residence: You must live in one of the 37 states where NetCredit operates (this excludes CO, CT, IA, ME, MD, MA, NV, NH, NY, NC, PA, VT, WV, and DC).
• Late Fee: NetCredit may charge a $0 late fee for overdue payments.
• Prepayment Fee: NetCredit does not have any prepayment fee.

NetCredit vs. Popular Competitors

Methodology

In order to provide the most accurate review of NetCredit personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

1. The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. For NetCredit, that is California.
2. The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
3. The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.