NetCredit Review: High Loan Amounts for Bad Credit Borrowers
- Max. Loan Amount
- $10,000
- APR
- 34% to 99.9%
- Min. credit score
- No minimum
Our verdict
Improve your credit score — but watch out for extremely high rates.
NetCredit is ideal for borrowers with less-than-perfect credit who need to take out a larger loan than typical short-term lenders offer. You can borrow up to $10,000 with terms of up to five years. And while its rates are high compared to traditional personal loan providers, they aren't nearly as high as many short-term loan providers out there.
But you'll need to live in one of the states it operates in to qualify. And it has mixed online reviews from former borrowers. You can also find better rates elsewhere if you have good to excellent credit.
Best for: Borrowers with poor credit and limited options who need quick access to funds.
Pros
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No minimum credit score required
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On-time repayment can help rebuild your credit
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No application, early payment or late fees
Cons
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High APRs
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Maximum loan amount depends on the state limit
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Loans aren’t available in all states
Is NetCredit legit?
NetCredit is a legitimate lender with a standard privacy policy in place to keep your information safe. It uses 128-bit encryption, Norton and McAfee to make sure the information you submit on its website is secure from hackers.
But its rates are high enough to fall into a legal gray area for many states — most cap personal loan rates at 36%.
Legal action against NetCredit
The Virginia Predatory Lending Unit filed a lawsuit against NetCredit in May 2018 over its high interest rates. NetCredit charges Virginia residents rates between 34% and 99.9%, which violates the state’s 12% interest rate cap.
The attorney general claimed that NetCredit took advantage of a loophole that allowed it to lend to Virginia residents through Utah but didn’t have what it called a “reasonable relationship to Utah.”
It also claimed that the company illegally collected money from borrowers who had filed for bankruptcy. A settlement was reached in 2019, with NetCredit agreeing to pay $1.2 million in restitution to borrowers in Virginia.
Another lawsuit was filed against NetCredit in 2023 by a group of former borrowers. They claim the lender didn’t thoroughly investigate customers’ credit histories before approving loans, which violates the Fair Credit Reporting Act (FCRA). This case is still pending.
What makes NetCredit shine?
What sets NetCredit apart from its competitors is the ability to provide loans quickly to borrowers with bad credit. There is no minimum credit score required, which makes these loans accessible to people who may be turned down by traditional lenders.
While APRs charged by NetCredit are on the high side, they’re lower than payday loans — one of the few lending options available to people with bad credit. NetCredit also offers more flexible repayment terms than payday lenders. Borrowers can spread their payments over six months to five years instead of paying the balance in full on their next payday.
Where NetCredit falls short
The biggest issue with borrowing from NetCredit is its high rates. APRs range from 34% to 99.9%, making this an expensive form of borrowing. With rates this high, it can be difficult for customers to afford payments, causing them to default on the loan.
There are additional reasons why borrowers should be wary of NetCredit, as the company has been in two lawsuits in recent years, with the latest one filed in 2023.
NetCredit is also not available in all 50 states. If you live in a state where NetCredit operates, be aware that loan terms and fees vary depending on where you live. If your state is ineligible, check out lenders like NetCredit to find a better fit.
NetCredit loan details
| Loan amount | $1,000 to $10,000 |
| APR | 34% to 99.9% |
| Interest Rate Type | Fixed |
| Min. credit score | No minimum |
| Loan term | 6 months to 5 years |
| Turnaround time | Typically the next business day or sooner |
| Availability | Not available in: Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New York, North Carolina, Pennsylvania, Vermont, West Virginia |
| Fees | $10 to $25 late fee, depending on the state No prepayment fee No insufficient funds fee |
NetCredit contact information
| Phone number | 877-392-2014 |
| customer service hours | 8 a.m. to 8 p.m. CT, weekdays 9 a.m. to 5:30 p.m. CT, weekends |
| support@netcredit.com | |
| X (formerlyTwitter) | @NetCredit |
| @NetCredit |
Calculate your monthly loan payments
NetCredit offers a range of loan amounts, terms and rates depending on your eligibility and residential state. Use the calculator below to find out how much a NetCredit personal loan might cost you.
Monthly repayment calculator
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How to qualify for NetCredit
To qualify for a personal loan through NetCredit, you’ll need to:
- Be age 18 or older
- Be a legal resident of the US
- Have a valid email address
- Have a social security number
- Have a valid checking account
- Have a verifiable source of income
- Reside in a state where NetCredit operates
How to apply
NetCredit’s application can be completed entirely online. Here’s what you need to do:
- Go to the NetCredit website and select Check your eligibility.
- Fill in your desired loan amount and loan purpose before selecting Let’s get started.
- Enter your ZIP code, date of birth and address and select Continue to see what you qualify for. This step won’t affect your credit score.
- Create a NetCredit account by filling in your name and email. Then select Continue.
- Provide NetCredit with your employment info, date of birth and Social Security number.
If approved, you can sign your loan contract online. NetCredit will finalize your loan, and funds may be available in your account as soon as the next business day.
How NetCredit compares to other lenders
NetCredit reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | B |
| BBB customer reviews | 1.06 out of 5 stars, based on 90 customer reviews |
| Trustpilot Score | 4.8 out of 5 stars, based on 25,779 customer reviews. |
| Customer reviews verified as of | 22 September 2024 |
Reviews on the Better Business Bureau (BBB) site and Trustpilot tell a completely different story. On the BBB website, where customers typically go to lodge a complaint, NetCredit’s rating is low. Customers on the BBB site complain about high interest rates that border on predatory lending, applying for a loan only to be denied and having their account sent to collections for missed payments.
Reviews on Trustpilot are mostly positive. Customers applaud the quick and easy application process. They also have good things to say about helpful customer service agents and fast funding times, reporting that funds are typically received the very next day.
For every positive post, there are probably ten negative comments. The biggest complaint is the high interest rates charged by NetCredit. Several people mention having trouble keeping up with payments and paying off their debt because the loan is so expensive. Others discuss having their accounts turned over to collections for nonpayment and the unwillingness of NetCredit reps to negotiate a settlement.What do people on Reddit say?
Frequently asked questions
Is it hard to get approved by NetCredit?
No, it’s not difficult to get approved for a loan through NetCredit. The company is known for working with borrowers who have poor credit.
What credit score is needed for NetCredit?
NetCredit does not disclose a minimum credit score requirement on its website.
Is NetCredit like a payday loan?
No, NetCredit isn’t a payday loan. With a payday loan, you have to repay the entire loan amount when you receive your next paycheck. NetCredit is an installment loan that spreads payments over six months to five years.
Does NetCredit report to the major credit bureaus?
Yes. NetCredit reports repayments to TransUnion and Experian. This reporting can help improve your credit score if you make on-time repayments. But if you’re late or default, it will lower your score.
Will my credit score be affected by applying?
Not initially. Checking your eligibility starts with only a soft inquiry that doesn’t affect your credit. After a loan offer is extended, NetCredit conducts a hard inquiry, which causes a small temporary impact on your credit score.
Your reviews
Christi Finder
Contributor
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johnbasanes Finder
February 20, 2019
Hi Allen,
Thank you for reaching out to Finder.
NetCredit credit score requirement is a minimum of 550. Same with loan providers that offer loan consolidation on our loan consolidation page. You may consider taking out a loan to pay off your previous loan amounts. Just enter your state and credit range to see your options. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
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Lori
July 03, 2018
Do you give personal loans to someone with a 486 credit score
joelmarcelo
July 03, 2018
Hi Lori,
Thanks for leaving a question on Finder.
As long as you are 18+ years old, a legal resident of the US, and can provide your SSN, you can apply for a loan and get approved with NetCredit.
To apply, click on the “Go to site” button. Then,
– Fill in your desired loan amount and loan purpose before clicking Check your Eligibility. This step will not affect your credit score.
– Begin by creating your NetCredit account by filling in your name and email. Next, fill in your personal information such as your phone number and address and click Continue to Step 2.
– Provide NetCredit with your employment information, birthdate, and Social Security Number.
– Carefully read and agree to NetCredit’s consents and consumer notifications before clicking Continue to Step 3.
– See what you qualify for in Step 3 and choose your desired terms.
– Sign your loan contract in Step 4 and receive funds as soon as the next business day, if approved.
Alternatively, you may also compare with other personal loan lenders.
Cheers,
Joel
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Mike
January 31, 2018
How long after initial loan do you have to wait to refinance?
Joanne Finder
February 19, 2018
Hi Mike,
Thank you for visiting finder, we are a financial comparison website and general information service.
There is no waiting period needed for net credit. NetCredit offers two refinance options that will be made available to eligible current customers. If eligible, customers may pick one of the following refinance options:
1. “Lower My Payment”
This refinance option offers customers the ability to reduce their contractual payment amounts by refinancing their existing loan balance into a brand new loan with a new contract and repayment schedule. Customers eligible for this option may be able to lower their payment by at least 15%!
Eligible customers in the following states may be able to Lower Their Payment: Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, South Dakota, Utah, and Virginia.
2. “Borrow More Money”
Customers who borrow less than their full approved amount or who have paid off a significant portion of their current loan may be eligible to top off their current loan amount with an additional disbursement amount. The existing loan balance along with the new disbursement will be refinanced into a brand new loan with a new contact and repayment schedule.
Eligible customers in the following states may be able to Borrow More Money: Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, South Dakota, Utah, and Virginia.
You may reach out to NetCredit directly for you to check if you are eligible for refinancing.
Cheers,
Joanne
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Carolyn
October 09, 2017
What is the difference of Installment Loan and Personal Loan? I would be interested in Installment one.
Arnold
October 10, 2017
Hi Carolyn,
Thanks for your inquiry.
An installment loan is a loan that is repaid over time with a set number of scheduled payments; normally at least two payments are made towards the loan. The term of the loan may be as little as a few months and as long as 30 years. A personal loan, on the other hand, is money borrowed over 1 to 3 years and can be repaid in small installments. A personal loan can be used to buy a car, travel overseas, or consolidate debt. MoneyMe offers online personal loans up to $10,000. The repayment terms are flexible and there are no early repayment fees.
If you want to proceed with an installment loan, we have a guide entitled, “Compare online installment loans.” Please explore that guide to learn more.
Hope this information helps
Cheers,
Arnold
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Peggy
July 19, 2017
Because of large family member medical expenses, my credit rating is below 500. Is it possible to get a secured personal loan ($7500.) using my federal employees retirement funds as collateral?
Harold Finder
July 20, 2017
Hi Peggy,
Thank you for your inquiry.
With NetCredit personal loans, you can have up to a maximum loan amount of $10,000. You may be eligible as long as you can meet the following criteria.
– U.S. citizenship
– At least 18 years of age
– A steady source of income
– An active, open bank account
On the other hand, you may also want to check out lenders who offer secured loans.
I hope this information has helped.
Cheers,
Harold
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Allen
February 20, 2019
I need a consolidation loan my credit has plunged since trying to get one I have the means to payback the loan but not all my previous loans everything would improve if I could pay them off. Can I get this loan with a score under 500