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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
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 March 2022, 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.
- 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.
- 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.
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 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.
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.
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: email@example.com
- Phone: (877) 392-2014
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.
You can use the CFPB’s consumer complaint database to see how many complaints have been submitted about any major personal loan company.
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
|Loan Terms||6–60 months||12–60 months||36 or 60 months|
|Recommended Minimum Credit Score||Not disclosed||600 and lower||No credit score needed|
|Time to Receive Funds||1 business day||1 business day||1 business day|
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.
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.
NetCredit. "Online Personal Loans Up to $10,000."
Attorney General of Virginia. "Herring Warns Virginians About Dangers of Predatory Loans."
Enova. "Enova Announces Pricing of $200 Million Securitization."
National Consumer Law Center. "High-Cost Rent-a-Bank Loan Watch List."
Attorney General of Virginia. "Attorney General Herring Alleges Illegal Predatory Loans in Suit Against One of Virginia’s Largest Online Lenders."
Enova. "2021 Annual Report - 10-K."
NetCredit. "Alabama Rates and Terms."
NetCredit. "Frequently Asked Questions," Click "How Fast Will My Personal Loan or Line of Credit Be Funded?"
NetCredit. "Frequently Asked Questions," Click "Can I Refinance My Personl Loan?"
Consumer Financial Protection Bureau. "Consumer Complaint Database."