Pros Explained Lenders loans to borrowers with less credit scores: Typically personal loan companies require credit scores that are within the good-to-excellent range, meaning scores between 670 and 850. However, according NetCredit the scores of its customers who have been approved are as just 500, making it a viable option for those who have been refused by other lenders.7 Rapid loan payments: For those needing funds to cover an emergency cost, NetCredit offers quick loan disbursements. Most loans are available the following business day, after an application is approved. Personal loan refinancing: Not all lenders allow borrowers to refinance personal loans through the same lender, but NetCredit is one of the few who offer this alternative to borrowers who reside in selected states. Pros and Cons explained The lowest loan maximums: While some personal loan providers offer loans up to $100,000, NetCredit’s most-expensive loan amount is much more modest. The maximum amount you can borrow is $10,000 (customers in California could be eligible for up to $10,500). APRs could range from triple digits: Depending on the state of your residence and creditworthiness you may be able to get a loan with a very expensive interest. NetCredit’s highest APRs in certain states are in triple digits.8 Not available in states that are not in the list: NetCredit does not issue loans in all 50 states. The residents of Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New York, North Carolina, Pennsylvania, Vermont as well as West Virginia will have to cooperate with other lenders.1 Look through our list of the best personal loans on bad credit to find the right fit. If you have high interest personal loans, you can end in paying more than you initially borrowed. Before you can borrow money, you must use your loan calculator to determine how much you’ll pay in interest over the loan term. Kinds of Personal Loans provided by NetCredit NetCredit’s personal loans are secured, which means you don’t need to provide any form of property to use as collateral. It is possible to take advantage of a NetCredit personal loan to fulfill a range of purposes, including: Debt consolidation Medical costs Moving costs Car repairs Improvements to your home Although personal loans have some limitations however, many lenders ban the use of personal loans to pay for educational expenses, for example, college tuition or to pay for student loans. When you can receive funds In most cases, NetCredit will disburse loan funds within a business day after the application is accepted. In some cases, applicants who have submitted their applications prior to the time of 7:00 a.m. Central Time Monday through Friday can receive their money the same day.9 If the lender decides that it requires additional proof of your income or identity this could mean that it will take an additional days for the loan funds. Requirements for Borrowers To be eligible you for an individual NetCredit loan you must meet the following criteria: Living in a state which is eligible Be at minimum 18 (19 old or greater in Alabama and Delaware 21 or more in Mississippi) Have a bank account that you can use for personal checks. Use a valid email address A verifiable source of income1 NetCredit does not disclose the minimum credit score that is required, however, as previously mentioned, borrowers who have less than perfect credit (with scores lower than 500) are eligible for loans.7 NetCredit Personal Credit Features NetCredit offers customers financial resources and educational tools and tools, which include: Through SpringFor: SpringFour, customers can access local resources like food , utility assistance, and programs. EverFi: In partnership of EverFi, NetCredit customers can gain access to courses that teach how to build emergency funds and strengthening their credit. Co-Signers and Co-Applicants According to a NetCredit spokesperson NetCredit can allow applicants to take out personal loan with the help of a co-signer. When you have a cosigner who has excellent credit and a stable source of income could assist you in obtaining an interest rate that is higher than what you could be able to get on your own. Can You Refinance Personal Loans with NetCredit? If your credit and finances are improving, you might qualify for better loan conditions than you can on your existing personal loan. Some lenders let you consolidate their loans however, only a few lenders permit it. NetCredit offers personal loan refinancing to customers already with NetCredit in the following states: Alabama, California, Delaware, Georgia, Idaho, Illinois, Louisiana, Missouri, New Mexico, North Dakota, South Carolina, South Dakota, Utah, and Wisconsin.10 Customer Service You can reach customer support via email and phone Monday through Friday, from 8:00 a.m. until 8 p.m. CT. On Sundays and Saturdays, support for customers is available beginning at beginning at 9:00 a.m. until 5 p.m. CT. Email: su*****@ne*******.com Phone: (877) 392-2014 Satisfaction of Customers In terms of service quality, NetCredit is not a great customer. It has an unsatisfactory reputation. NetCredit was not included in the latest J.D. Power Consumer Lending Client Satisfaction Study, however it has received a 4.7 (excellent) evaluation on Trustpilot built on over 10,000 reviews from customers. reviews.4 In the reviews, customers often mentioned difficulty in qualifying for financing from other sources before they found NetCredit. However in the meantime, The Consumer Financial Protection Bureau (CFPB) has received a significant amount of complaints regarding NetCredit and Enova, its parent company. Between January 2020 and January 2023 the CFPB received over 800 consumer complaints against Enova.11 The most common complaints were about fees or interest the customer didn’t expect to be to be charged. You can check the consumer complaint database maintained by the Consumer Financial Protection Bureau to discover how many complaints have been submitted about any major personal loan firm. You can apply for a NetCredit Credit Personal Loan NetCredit allows customers to utilize its pre-qualification tools to assess their eligibility for a loan without impacting the credit rating. If you’re eligible and you decide to complete your loan request, NetCredit does a hard credit check and review your details. You can finish the application process online. You’ll need details about Social Security number or taxpayer identification number. You may be asked to produce proof of your identity like drivers licenses or passports. Alternative Personal Loan Lenders NetCredit Avant Upstart APR Band 34% to 15% 3.4%-155%9.95%-35.99 1 %6.5%-35.99 35.99 The loan amount is $1,000-$10,000$2,000-$35,000 $2,000-$50,000$1,000-$50,000 Lending Terms6-60 months 12-60 months36 or 60 months Recommended Minimum Credit ScoreNot disclosed 600 or lower No credit score needed Origination Fee No0%-4.75 percentThe rate is 0%-10%. Paying for funds in time1 business day 1 business day1 business day Final Verdict People who require cash fast for an unexpected expense can have up to $10,000 available within 1 business day through NetCredit, and you don’t require great credit to get the loan. But, it is important to be aware of NetCredit’s staggering rate of interest, which can be a significant increase to your total amount of payment. If you’re able to avail the NetCredit loan ensure that you are repaying it as fast as you can to cut down on the rate of interest. Methodology Investopedia is committed to providing customers with impartial, comprehensive reviews of private loan lenders. To evaluate lenders, we gathered a wealth of data points from more than 40 lenders. We also collected information about interest rates charges, loan amounts, and repayment terms, to ensure that our assessments help the consumer make informed decisions regarding their borrowing needs. Article Sources Related Articles Personal Credit Provider Rating Methodology Reviews Personal Credit Provider Rating Methodology Man looking over papers Personal Loans Payday Loans are different from. Personal Loans What’s the difference? Money Mart advertising payday loans in front of the storefront Loans Predatory Lending Laws Things You Should Be aware of A sticky note with the words “Bad Credit?” Car Ownership How to get a Car Loan when you have Bad Credit It is a African American couple tour for one of their homes with a real estate agent during the COVID-19 pandemic.