NetCredit Review for 2021

NetCredit, a branch of Enova International Inc., is a Chicago-based lender catering to individuals across the country with bad to excellent credit who are in need of personal loans. They’re known for offering multiple touchpoints to make sure you’re educated about the lending process and understand your specific terms and conditions.


With plenty of online resources available, NetCredit not only helps you access credit for your financial needs but also helps you figure out the best way to begin rebuilding your credit.

In fact, one of the lender’s favorite mottos is “Knowledge is power” — and they’re committed to passing on as much financial knowledge as possible.

NetCredit Personal Loans

As you might expect with a personal loan for bad credit borrowers, you won’t find the lowest interest rates ever at NetCredit. But what you will find is a lender willing to work with people who don’t have a perfect credit history, so there’s going to be some give-and-take from both parties.

NetCredit offers different ranges of interest rates in different states because each state has different laws about how much interest a lender can charge. You’ll probably see a range somewhere between 36% and 155% APR, but again, this all depends on where you live. In some states, you might even qualify for lower rates.

How much can you borrow from NetCredit?

The answer is anywhere between $1,000 and $10,000, so you have some flexibility based on what your financial needs may be. You can also get a line of credit for up to $3,500.

It’s also important to note that these loans are unsecured, meaning you don’t have to put up any collateral, such as your house, car title, or cash savings. The loan term is 12 to 60 months.

Get started with NetCredit on NetCredit’s secure website

Borrower Profile

Currently, NetCredit personal loans are only available to individuals residing in the following states:

  • Alabama
  • Arkansas
  • Arizona
  • California
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Idaho
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Michigan
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • North Dakota
  • New Mexico
  • Ohio
  • Oregon
  • South Carolina
  • South Dakota
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin

Other than that, you don’t have to worry about meeting any set requirements, like minimum credit score or income. They evaluate borrowers on a case by case basis.

You will need to provide your income amount and source, but there’s no advertised minimum that you must meet. Presumably, however, you will need to have some type of steady income that can be verified by NetCredit.

NetCredit Application Process

You can actually initiate the loan process through NetCredit without having to get a hard pull on your credit report, which can save you a few points on your credit score. Start by clicking the “Check Your Eligibility” button anywhere on their website.

NetCredit's website

From there, you’ll create an account and start entering some of your personal information, including your social security number. You’ll also be asked about how much you want to borrow and for what purpose, whether you rent or own your home, and how much income you earn.

After that, you’ll find out whether or not you’re approved for a loan. You’ll see the details of the offer, including the loan amount, the APR, monthly payment, and the repayment term.

What happens if you’re not happy with your loan options?

You can use the “My Right Fit” tool to adjust your loan terms to work better for you. By clicking the “Modify Loan Details” button, you can use the slider to adjust your loan amount in between your minimum and maximum loan amount.

You can also experiment with different repayment schedules. These changes show how your monthly payment amount is affected so you can easily find the right repayment terms for your budget. NetCredit may charge an origination fee, depending on the state you live in. In some states, you may be charged an origination fee of up to 5%.

Once You’re Approved

After you’ve found the loan terms that work for you, it’s time to sign the contract. That’s the last step in the application process and after that, you can get your loan funds delivered quickly.

You can receive your funds into your bank account as soon as the next business day. In some cases, it may take up to three business days, but this is still a pretty quick turnaround time.

Throughout the NetCredit loan funding process, you don’t have to worry about NetCredit charging you any fees. Your APR is calculated as simple interest, rather than compound interest, which saves you money over time.

There are no application fees, prepayment penalties, or non-sufficient fund fees. The only thing you might be charged is a late fee and even that depends on your state.

To make your payments each month, you can choose from several options. The easiest choice is a recurring electronic funds transfer. You may also elect to pay via check, debit card, or money order. Just be sure to always include your name and account ID when you send in a physical payment.

Get started with NetCredit on NetCredit’s secure website

NetCredit Special Features

One of the best things about taking out a NetCredit personal loan is that they actually report your on-time payments to two of the three major credit bureaus: Experian and TransUnion.

So as long as you don’t miss any payments, you can successfully begin to rebuild your credit little by little each month. Plus, installment loans are considered “better debt” compared to credit cards in the eyes of both FICO and most lenders.

NetCredit also has a courtesy due-date adjustment. If you know you’re going to have trouble making your next payment, call customer service to see if you’re eligible for this service. Plus, they offer to help to adjust your payment plan if you’ve already gone into default on your loan.

NetCredit’s History

NetCredit is actually a small team, despite being a subsidiary of the NYSE-listed company Enova International. The online lender was founded in 2014 and has focused on offering transparent personal loans for borrowers with poor to fair credit.

NetCredit Reviews

One of the best ways to research online lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.

NetCredit currently has a Better Business Bureau (BBB) rating of A-, which is an indicator of great customer service. They also have very few complaints. You can find more NetCredit reviews at other review sites as well.

Is a NetCredit Personal Loan Right for You?

NetCredit offers some great benefits, particularly for being a lender for less than average credit borrowers. But are they the right lender for you? Here are a few things to consider before accepting a loan offer. And if you don’t qualify for a loan, we’ll show you some alternatives to help you get your finances on track.

Who Should Accept a NetCredit Loan?

NetCredit loans are ideal for people with poor credit. So what exactly is “poor credit?” Well, the definition varies from lender to lender. But in general, you can assume that anything below a 630 on the FICO scale is considered “bad.”

Fair credit ranges from about 630 to 689, and “good” credit starts at 690. So that gives you an idea of what type of lender you should consider.

No matter where your credit score falls, always remember to shop around at a few lenders to make sure you’re getting the best rates. Always opt for a “pre-approval” because that typically means your credit scores won’t be affected.

Because of NetCredit’s high interest rates, you should only use the funds for a financial emergency or necessity. This isn’t the kind of loan you use to remodel your kitchen. But if you need cash as soon as the next business day and would otherwise resort to a financial product like a payday loan or car title loan, then you should consider NetCredit.

Remember that these loans are unsecured, so you never have to worry about losing your car or your house. Just read the fine print and make sure you understand exactly what your financial obligation is, even if you default on the loan. If you’re unsure of what the legal jargon means, call the customer service line for clarification.

Who Shouldn’t Accept a NetCredit Loan?

If you’ve got a good credit score, you’re better offer getting a personal loan for good credit and finding lenders who could offer you a better interest rate. Even if you have fair or average credit, you may find a better deal elsewhere.

It’s well worth your time to do a bit of research before committing to a high-interest loan. You never know what you’ll qualify for — until you try, that is.

Regardless of your credit score, consider your financing alternatives before taking on a loan. If you have money saved up and you’re facing a financial emergency, consider using some of those funds. After all, that’s what that money is for; true emergencies.

You should also refrain from taking out any personal loan merely to build your credit score. Yes, NetCredit reports those monthly payments to Experian and TransUnion. But debt is debt, and your credit scores and debt to income ratio will both suffer from taking on an additional financial burden.

Bottom line? Only take out any loan if you truly need the cash.

Get started with NetCredit on NetCredit’s secure website

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