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NetCredit Loans Reviews

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  • Pros
  • Customer service available seven days a week
  • No origination fees and no prepayment penalties
  • Reports timely payments to two credit bureaus
  • Cons
  • Smaller loan amounts compared to other online lending options

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.

Drawbacks

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.

Last Updated:

NetCredit Loans Consumer Reviews

Average Customer Rating

5 out of 10 rating 5 13 User Reviews

User Rating Distribution

Ratings: 10 - 9 0
Ratings: 8 - 7 3
Ratings: 6 - 5 5
Ratings: 4 - 3 4
Ratings: 2 - 1 1
6 out of 10 rating 6 Quick approval High interest rates

Netcredit did help me in a time of need and they are perfect for a quick fix, but I don't recommend them if you need something long term. Their interest rates are one of the worst I've come across. Just make sure you pay it off quickly.

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7 out of 10 rating 7 Fast process High interest rates

If you need a loan quickly, these guys are great. But don't get it for a long term loan as the interest rates are really high. It's ideal for a quick fix.

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5 out of 10 rating 5 Short term solution Expensive

If you have no other option, NetCredit are reasonable for a short term fix, but I would avoid them if possible. They are too expensive and the customer service is not their strong point.

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4 out of 10 rating 4 Easy to apply Pay it off quickly

I would only recommend getting this loan if you are planning to pay it off quickly. A stupidly high interest rate, there are much better companies out there.

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4 out of 10 rating 4 None Reject for bad credit on a bad credit loan

I can't believe I was rejected from Netcredit because of my credit rating! The whole point of going to netcredit was because I could not get a loan from my bank!

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6 out of 10 rating 6 Emergency loan High rates of interest

I needed a loan for an emergency otherwise I would never have used them. Good customer service, but the interest rates are so high, you would be better to find somewhere else to borrow from.

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8 out of 10 rating 8 Customer service High interest rates

I read loads of negative reviews about netcredit but I have never had a problem with them. The interest rates are high, but what do you expect, and they have fantastic customer service.

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3 out of 10 rating 3 Application process Interest rates

They started off well, the application was a smooth process and the reps seemed friendly. But when I called to pay off my loan they took ages to respond and organise the payment that it added extra interest and cost me another $200!

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6 out of 10 rating 6 Quick process Interest rates too high

Whether you're looking for a short term or a long term loan I think the interest rates are far too high, but the application was really quick.

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3 out of 10 rating 3 Easy process Funds take weeks

I signed up to netcredit 2 weeks ago and the process was easy, gave them all my details, but my money took 5 weeks to hit my account! Overtime I called up customer support they did not seem to know why it was taking so long.

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2 out of 10 rating 2 None Interest rates

Avoid this company. The interest rates are sky high and they do not want to help you at all.

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5 out of 10 rating 5 Fast application Extra interest when paying off loan

Don't be fooled by the initial process, which is fast and simple and customer service are very friendly. But try to pay off the loan and it's a different matter! I tried to pay off my loan and it took 2 weeks from my initial call before they took payment...which of course meant I had racked up another $150 in interest!!

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8 out of 10 rating 8 Short term solution Not the best rates

An extremely high interest rate, but if you need it short term it is ideal. A fast process, money was in my account with 48 hours and I paid it back within two months. Perfect for me.

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In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.