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Our Take
For borrowers who have less-than-perfect credit, NetCredit can help them get cash fast. But with APRs that can be into the triple digits, borrowers should exhaust all other financing options before turning to this lender.
- Pros and Cons
- Key Takeaways
- Company Overview
- specifications
Lends to borrowers with lower credit scores
Quick loan disbursements
Personal loan refinancing available
Low loan maximums
APRs can be in the triple digits
Not available in all states
- NetCredit is owned by Enova, a publicly traded company.
- NetCredit’s loan terms, rates, and fees vary by state.
- NetCredit’s loans may be issued through partner lenders like Republic Bank & Trust Company or Transportation Alliance Bank.
- NetCredit has been the target of scrutiny from state regulators over its business practices and high APRs.
- Besides personal loans, NetCredit also issues personal lines of credit.
NetCredit is a subsidiary of Enova, a publicly traded financial technology company. Enova launched NetCredit in 2012 to offer installment loans to “near-prime” consumers, meaning borrowers with credit scores below the 660 threshold.
The company issues personal loans to borrowers that may struggle to qualify through other lenders, and it boasts quick loan disbursements.
Although NetCredit has strong customer reviews on review sites like Trustpilot, NetCredit has been the target of controversy from consumer advocacy organizations and state regulators because of its business practices and rates.
In some states, regulators cap how much interest payday lenders and online loan companies can charge on installment loans. However, banks are often exempt from those rules. Some online companies have gotten around state interest rate limits by partnering with banks to issue their loans in “rent-a-bank” arrangements. As of Aug. 2023, NetCredit was included on the National Consumer Law Center’s high-cost rent-a-bank watch list.
The company was also sued by the state of Virginia in 2018. The state attorney general alleged that NetCredit violated state consumer protection laws.
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 borrowers interested in personal loans for bad credit 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.
- 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, West Virginia, and the District of Columbia interested in personal loans for bad credit will have to work with other lenders.
With high-interest personal loans, you can end up repaying far more than you initially borrowed. Before borrowing money, use a loan calculator to estimate how much you’ll pay in interest over your loan term.
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 Personal Loan 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 SpringFour, 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 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.
| Medium | Contact | When |
| Telephone | (877) 392-2014 | M–F: 8 a.m.–8 p.m. CT Sat.–Sun.: 9 a.m.–5:30 p.m. CT |
| support@netcredit.com | M–F: 8 a.m.–8 p.m. CT Sat.–Sun.: 9 a.m–5:30 p.m. CT |
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 4.8 (Excellent) rating on Trustpilot based on over 15,000 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 Jan. 2020 and Aug. 2023, the CFPB received over 1,000 consumer complaints about Enova. The most common complaints concerned interest or fees that the customer didn’t expect to be charged.
You can use the CFPB’s consumer complaint database to see how many complaints have been submitted about any major personal loan company.
How to Apply 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.
Compare NetCredit With Other Personal Loan Lenders
| NetCredit | Avant | Upstart | |
|---|---|---|---|
| APR Range | 34%–155% | 9.95%–35.99% | 7.8%–35.99% |
| Loan Amount | $1,000–$10,000 | $2,000–$35,000 | $1,000–$50,000 |
| Loan Terms | 6–60 months | 12–60 months | 36 or 60 months |
| Recommended Minimum Credit Score | Not disclosed | 580 and lower | No credit score needed |
| Origination Fee | None | 1.50%–4.75% | 0%–12% |
| Time to Receive Funds | 1 business day | 1 business day | 1 business day |
The Bottom Line
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.
FAQs
How Much Can You Borrow From NetCredit?
The amount you can borrow with a NetCredit personal loan ranges from $1,000 to $10,000, which is much lower than what some personal lenders offer. Additionally, how much you'll be eligible for will depend on which state you live in and your creditworthiness. However, you may be able to customize your loan amount before signing if you're approved.
Can I Pay a NetCredit Loan Off Early?
Borrowers with a NetCredit personal loan can pay if of early if they so choose. While some lenders levy a prepayment penalty if you pay down or pay off a personal loan, NetCredit won't charge you with this type of fee.
Is NetCredit Safe and Legit?
The answer to whether NetCredit is safe and legit is a bit complicated. NetCredit is a legitimate lender (in that it's registered to do business in the states in which it operates), and plenty of borrowers have had positive experiences working with them. However, there have also been plenty of unsatisfied customers, and the company has faced criticism from both consumer advocacy organizations and state regulators. NetCredit uses "rent-a-bank" arrangements that allow it to charge exorbitantly high interest rates, which has landed it on the National Consumer Law Center’s high-cost rent-a-bank watch list. APRs that can reach the triple digits and a willingness to lend to borrowers with bad credit can create a risky lending environment for those who may already be struggling financially.
Methodology
To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:
- Loan costs (advertised APR, fees, and six other factors): 29.25%
- Loan terms (loan amount, repayment term, and three other factors): 22.25%
- Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
- Additional features (online application, pre-qualification, and eight other factors): 20%
Learn more about how we evaluated personal loans in our complete methodology.
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