NetCredit Personal Loans Review

Pros Explained

• Lends to borrowers with lower credit scores: Typically, personal loan companies require credit scores that are in the good to excellent range, meaning scores between 670 and 850. But according to NetCredit, the scores of its approved customers are as low as 500, making it a useful option for those who have been denied by other lenders. 
• Quick loan disbursements: For those who need money to cover an emergency expense, NetCredit offers quick loan disbursements. Most loans are disbursed by the next business day after the application is approved. 
• Personal loan refinancing available: Not many lenders allow borrowers to refinance personal loans with the same lender, but NetCredit is one of the few that offers that option to borrowers in select states.

Cons Explained

• Low loan maximums: Although some personal loan lenders offer loans for as much as $100,000, NetCredit’s maximum loan amount is much more modest. The maximum you can borrow is $10,000 (customers in California may qualify for up to $10,500).
• APRs can be in the triple digits: Depending on your state and creditworthiness, you could get a loan with a very high interest rate. NetCredit’s maximum APRs in some states are in the triple digits. 
• Not available in all states: NetCredit does not issue loans in all 50 states. Residents of Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New York, North Carolina, Pennsylvania, Vermont, and West Virginia will have to work with other lenders. See our selections for the best personal loans for bad credit to find the right fit.
  

Types of Personal Loans Offered by NetCredit

All of NetCredit’s personal loans are unsecured, so you don’t need to provide any form of property as collateral. You can use a NetCredit personal loan for a variety of purposes, including: 

• Debt consolidation
• Medical expenses
• Moving expenses
• Car repairs
• Home improvements

While personal loans have few limitations, most lenders prohibit using personal loans for education-related expenses, such as college tuition or to repay student loans. 

Time to Receive Funds

In most cases, NetCredit will disburse loan funds within one business day after the application is approved. However, applicants who submit their applications before 7:00 a.m. Central Time Monday through Friday may receive their money as soon as the same day. 

If the lender decides it needs additional information to verify your income or identity, it could take additional days to receive the loan funds. 

Borrower Requirements

To qualify for a NetCredit personal loan, you must meet the following requirements: 

• Live in an eligible state
• Be at least 18 (19 or older in Alabama and Delaware, 21 or older in Mississippi)
• Have a personal checking account
• Have a valid email address
• Have a verifiable source of income

NetCredit doesn’t disclose a minimum credit score, but as mentioned, borrowers with less-than-perfect credit (with scores as low as 500) can qualify for loans. 

NetCredit Personal Loan Features

NetCredit provides customers with financial resources and educational tools, including: 

• SpringFour: Through SpringFor, customers can find local resources like food and utility assistance programs. 
• EverFi: In partnership with EverFi, NetCredit customers can access educational courses on building emergency funds and improving their credit. 

Co-Signers and Co-Applicants

According to a NetCredit spokesperson, NetCredit does allow applicants to apply for a personal loan with a co-signer. Applying with a co-signer who has good credit and a reliable source of income could help you qualify for a better rate than you’d get by yourself. 

Can You Refinance a Personal Loan With NetCredit?

As your finances and credit improve, you may qualify for better loan terms than you have on your existing personal loan. Some lenders allow you to refinance their own loans, but not all lenders permit it. 

NetCredit offers personal loan refinancing for existing customers in select states: Alabama, California, Delaware, Georgia, Idaho, Illinois, Louisiana, Missouri, New Mexico, North Dakota, South Carolina, South Dakota, Utah, and Wisconsin.

Customer Service

You can reach customer support via phone or email Monday through Friday, from 8:00 a.m. until 8:00 p.m. CT. On Saturday and Sunday, customer service is available from 9:00 a.m. until 5:30 p.m. CT. 

• Email: support@netcredit.com
• Phone: (877) 392-2014

Customer Satisfaction

When it comes to customer satisfaction, NetCredit has a mixed reputation. It was not included in the recent J.D. Power Consumer Lending Customer Satisfaction Study, but it has a 4.7 (excellent) rating on Trustpilot based on over 10,000 customer reviews. In reviews, customers frequently mentioned struggling to qualify for other sources of financing before finding NetCredit. 

However, the Consumer Financial Protection Bureau (CFPB) has received a significant number of complaints about NetCredit and Enova, its parent company. Between January 2020 and January 2023, the CFPB received over 900 consumer complaints about Enova. The most common complaints concerned interest or fees the customer didn’t expect to be charged. 

Applying for a NetCredit Personal Loan 

NetCredit allows borrowers to use its pre-qualification tool to check their eligibility for a loan without affecting their credit score. If you are eligible and decide to proceed with the loan application, NetCredit will run a hard credit check and review your information. 

You can complete the entire application process online. You will need to provide your Social Security number or taxpayer identification number, and you may be asked to provide a copy of your identification, such as a driver’s license or passport. 

Alternative Personal Loan Lenders

Final Verdict

Borrowers that need money fast for an unexpected expense can get up to $10,000 within one business day through NetCredit, and you don’t need excellent credit to qualify for a loan. However, borrowers should be aware of NetCredit’s sky-high interest rates, which can significantly add to your total repayment cost. If you do use a NetCredit loan, focus on paying it off as quickly as possible to reduce the amount of interest that accrues.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected hundreds of data points across more than 40 lenders, including interest rates, fees, loan amounts, and repayment terms, to ensure that our reviews help users make informed decisions for their borrowing needs.