The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 08/12/2022.
NetCredit does not have very good loans because it offers much smaller dollar amounts and much higher APRs than most personal loan providers, giving just $500 - $10,500 with rates of [pl-apr id="1000612"]. Most other lenders offer maximum loan amounts of at least $25,000, and NetCredit’s minimum APR is about as costly as many lenders’ highest rates.
NetCredit only operates in 36 states, so over a quarter of the U.S. can’t apply for one of its loans – fortunately, perhaps. While NetCredit offers quick approval and considers applicants with bad credit, there are many cheaper alternatives to consider.
NetCredit Personal Loan Review Highlights
Interest rate: 36% - 155% (varies by state)
Loan size: $500 - $10,500
Funding timeline: 1 - 3 business days
Origination fee: 1% - 5% (varies by state)
Late fee: $10 - $15 (varies by state)
Payoff period: 6 - 60 months (varies by state)
Joint applications/co-signers: Not allowed
How to pre-qualify: Fill in your information on NetCredit’s website
Eligible states: 36 – excluding CO, CT, IA, ME, MD, MA, NV, NH, NY, NC, PA, VT, VA, WV, and DC
NetCredit requirements: 18+ years old, U.S. citizen or permanent resident, SSN
On top of being extremely expensive, NetCredit personal loans have limited availability and don’t offer much funding. Below, you can see how WalletHub rates these loans in three major categories: Terms, Requirements & Application, and Reviews & Transparency.
NetCredit Ratings by Category
Terms: 1.7 / 5
Requirements & Application: 3 / 5
Reviews & Transparency: 4.5 / 5
Overall Score: 2.5 / 5
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
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NetCredit
Markos6204 @Markos6204
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1 Star Rating
Don’t waste your time unless you have stellar credit and if you do go somewhere else… These people will string you along telling you everything’s in order just to deny you… If I had stellar credit I certainly wouldn’t be going through these guys…!
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Product: NetCredit Personal Loans
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NetCredit
shadowkingsley @shadowkingsley
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1 Star Rating
STAY AWAY!!! Horrible experience. I was not approved TWICE. I asked for my information to be removed and deleted and that I wanted to be removed from mailing lists, emails, etc and they are refusing to do so. They are holding my personal information hostage. STAY AWAY!!!
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Product: NetCredit Personal Loans
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NetCredit
Steven @stevenb_247
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1 Star Rating
Verified Customer
Account fraudulently opened .
Fraud department responsiveness and timeliness was / is lacking
I’ve been in contact with them within the first 30 Days that the account opened and it’s 120 days in and net credit still has not opened up an official investigation and continue to report me as delinquent on account that was fraudulently opened
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Product: NetCredit Personal Loans
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NetCredit
Valerie M @valmitch34
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1 Star Rating
NetCredit is the worse! It’s sad that you get different answers from the customer service reps, you have to call on a Monday to get a knowledgeable rep. I was told different stories and given the runaround to only be denied cause supposedly they couldn’t verify my income which was a lie. I will tell anyone I know to not apply cause it’s not worth it.
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Product: NetCredit Personal Loans
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NetCredit
sondreabroomfield11 @sondreabroomfield11
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1 Star Rating
Horrible I tried applying for the line of credit . I get to verify my employer so I send the information the send a date my funds supposed to deposit but then tell me the same thing about “verify my employer “ .So o called customer service after waiting almost 1 hour for them to answer. Now as I try to put a application in it’s telling I’m not eligible!
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Product: NetCredit Personal Loans
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NetCredit
dreamoss20 @dreamoss20
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1 Star Rating
I was advised I was eligible for a loan, so I applied. I won't get into details to drag this out, but from the get-go I was asked to jump through one hoop after another, problem after problem just to get them everything they wanted. I also sent them my pay notice from my employer just to help out because they needed income verification. My notice has everything on it: employer, logo, my detailed info, my salary, the amount of my recent paycheck...all of it is there.
I now got an email stating my loan is denied --- because there was no income verification! How much more could I possibly send them to show that???
I'm done! Very unprofessional, very disorganized.
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Product: NetCredit Personal Loans
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NetCredit
Daniel Bolhuis @djbolhuis
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1 Star Rating
Worst company that I have ever dealt with. Won't even respond to customer support emails. Don't care about customers at all. They will claim unable to verify income even though you supply them with proof of income documents.
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Product: NetCredit Personal Loans
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NetCredit
Alexis @alexis_s00
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1 Star Rating
This company is horrible!!! They gave me a loan after telling me I wasn’t approved. By that time I didn’t need it anymore and I’ve been calling over a month to see about getting this fixed but I can tell I won’t ever be able to! They never answer the phone or return emails! These idiots should be sued
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Product: NetCredit Personal Loans
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NetCredit
Donny Belzer @scout333103
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1 Star Rating
They tell you that you are approved, make you jump through hoops getting paperwork for them, only to tell you its denied because they can’t verify income (after they had you get stamps and signatures from the bank verifying the income. I would just skip them, they are a tremendous waste of time.
NetCredit's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a Social Security number. You will also need to have a verifiable bank account to qualify for a NetCredit personal loan.
NetCredit Requirements for Borrowers
Credit Score: Not disclosed, but does consider bad credit
Income: Not disclosed
Age: 18+
Citizenship: Not disclosed
Identification: Social Security number
Bank Account: Verifiable bank account
Residency: Live in one of the 14 states where NetCredit operates
Before you apply for any personal loan, it's a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it's never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub's free pre-qualification tool.
Yes, NetCredit is legit. NetCredit offers personal loans with funding as quick as the same business day, even for people with bad credit, and they do a soft pull that doesn't hurt your credit when you check your eligibility for a NetCredit loan. Plus, NetCredit is registered to do business in the states it services, which is a legal requirement to be a legitimate lender.
Still, you should note that NetCredit personal loans aren't "legit" if you use that word as a synonym for "good." NetCredit personal loans are very expensive, charging an APR of 36% - 65% (varies by state). There is also an origination fee of 1% - 5% (varies by state).
Your NetCredit approval odds are good if you have a low debt-to-income ratio and meet NetCredit's requirements to get a loan. Some requirements include being at least 18 years old, having enough income to make monthly payments and having at least bad credit. If you meet all the requirements, your approval odds are high, but approval is never guaranteed.
What You Need for Good NetCredit Approval Odds
Credit Score Requirement: Not disclosed, but does consider bad credit
Age: 18+
Identification: Social Security number
Bank Account: Verifiable bank account
Residency: Live in one of the 14 states where NetCredit operates
Citizenship: U.S. citizen or permanent resident
Income: Not disclosed
Before applying for any personal loan, it's a good idea to check to see if you pre-qualify in order to estimate your approval odds. You can use WalletHub's free pre-qualification tool to check with multiple lenders at once.
You can pay your NetCredit loan with an electronic fund transfer from a bank account, a debit card, a prepaid card, a check or a money order. You can also pay through Western Union or MoneyGram.
If you transfer funds from a bank account through your online NetCredit account, you must set up the transfer before 1 p.m. ET the day before your due date. If you pay with a debit or prepaid card, you can do it any time during NetCredit's hours of operation before or on the due date (Monday – Friday 9 a.m. – 9 p.m. and Saturday – Sunday 10 a.m. – 6:30 p.m. ET).
If you send a paper check or money order, or pay through Western Union or MoneyGram, the payment address is NetCredit / P.O. Box 206766 / Dallas, TX 75320-6766.
The credit score needed for a NetCredit personal loan is not disclosed. However, NetCredit states that it will consider applicants who have bad credit, so people with credit scores below 640 may have a shot at approval. NetCredit personal loans are quite expensive, so they are not a good option for anyone with fair credit or better.
