NetCredit Bad Credit Loans
NetCredit gives borrowers a personalized approach to obtaining a loan online. With amounts ranging from $1,000 to $10,000, applicants can find the amount that's most suitable for their financial needs.
The process to apply is quick and secure. Those interested can fill out the secure form on the website to see if they qualify for a loan. What makes NetCredit beneficial is they do a soft pull on credit scores, meaning it won't affect a candidate's credit score to apply. Once the applicant receives approval, they can have the funds into their accounts in as little as one business day.
The rates and terms for the loans vary by the state of residence of the applicant. Meanwhile, what makes NetCredit unique from other lending options is they also provide borrowers an opportunity to return the loan if they decide to forgo it. Borrowers can return the money by 5:00 p.m. CST one business day after funding for no charge.
Speaking of charges, NetCredit doesn't charge any fees aside from interest rates. There are no origination fees, charges for check processing or penalties for paying the loan off early. This makes them an enticing option to consider because they can be less expensive than other lenders that often charge fees for these items.
NetCredit also has flexible options for contacting them pertaining to questions about their loans or accounts. They have people available to field questions seven days a week through their call center. Applicants can also email them or connect with them via social media platforms such as Facebook and Twitter.
NetCredit offers some real benefits. These include:
Return the Loan If You Do Not Want It
The amount of money that NetCredit offers to people with bad credit is good – up to $10,000. While that is not saying that those with bad credit will be able to get that much, it is good that they are willing to make it available to some. Of course, the amount you are actually given will largely depend on your income, along with a few other factors.
NetCredit has one feature that appears to be unique. They advertise that if you do not want the loan after they send it to you, that you can return it before 5:00 pm on the next business day, and there will be no charges! This gives borrowers another chance to back out if they change their mind about the loan.
Transparency is not a problem with Net Credit, either. They say that all their fees and charges are out in the open. Nothing is hidden – that's the way it ought to be. Another feature of this lender that makes it outstanding is that the company only charges interest on their loans. They advertise that they never charge any origination fees, late fees, or fees for early repayment of the loan. This ought to be very attractive to many people; however, don't forget that they also report to the major credit companies – where problems with being on time with payments may certainly be strongly reflected!
When it comes to helping people with bad credit get loans, NetCredit appears to be about the best. That is, they seem to provide people with bad credit loans who have lower credit scores than the other lenders. NetCredit lends money even to people with scores as low as 550.
Once an individual is shown how much money they can borrow, NetCredit lets customers choose just how much of that money they want. This is useful because it helps people keep payments under control.
It is also possible to get some help from NetCredit to rebuild your credit score. They report to two of the three major credit-reporting agencies – TransUnion and Experian. As long as customers make payments on time and for the minimum amount, they will see an increase in their overall score.
Although NetCredit is a new player in the bad credit loan business, it has the backing of another rather large company. The mother company is called Enova International, Inc., and the site says that they have given loans to more than 3 million customers worldwide. It was founded in 2004. Even though it was founded by Enova, NetCredit makes decisions about its own loans and funds them.
At the present time, NetCredit only provides for unsecured loans. It claims that it is in the process of being able to provide secured loans for the near future, which should provide people with much better interest rates.
If a customer runs into difficulty making the regular payments, some customers may be able to refinance their loan. Apparently this may depend on the state you live in, since several states are listed. The good news is that the webpage says that when refinancing, it may be possible to get a lower rate of 15% off.
A serious problem is seen in the interest rates at NetCredit. It appears that their interest rate for people at the Gold-tier level (the best) have an interest rate of 35% (note that it may be a little lower in some states). Remember that this is for their best customers. The real problem is evident when it comes to their Bronze level customers, who get an interest rate of 200% or higher! That is incredibly high, and it should lead people with low credit scores who need money badly to seriously consider other options – if available.
The amount of interest for bad credit loans seems like it would actually prevent people with poor credit scores from coming to them for financial help. If there is no other choice, you might get a small loan from them, one that you can pay back quickly. By making sure your payments are always on time, and meeting at least the minimum amount, you should be able to slowly raise your credit score – enough so that you can get better interest rates.
An alternative to a high interest unsecured loan is to get a secured one. Secured loans use collateral as a bargaining chip for lower interest rates. Remember, though, that it may also put your house or car at risk if you cannot pay it back.
Verdict - Good
NetCredit has excellent customer support; evidenced by the A+ rating they received from the Better Business Bureau. With flexible loan amounts, no fees aside from interest charges and an easy application process, this is a good option for borrowers to consider.