About NetCredit
NetCredit is an online lending platform that offers personal installment loans to individuals with bad or no credit history.
NetCredit takes into consideration variables apart from credit score when determining loan acceptance. This allows them to offer loans to users who otherwise would not get funding due to their credit score.
NetCredit was founded in 2012 and is a subsidiary of CNU Online Holdings, LLC.
Pros
- Flexible repayment terms
- No application or prepayment fees
- Loans for borrowers with poor credit
Cons
- High maximum APR
- No co-signers
- Short terms
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NetCredit Loan Details
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Minimum credit score/credit range
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No minimum
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APR
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34% to 155%
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Loan amounts
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$1,000 - $10,500
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Terms
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6 to 60 months
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Approval turnaround
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1 to 3 business days
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Availability
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All States (Except CO, CT, IA, ME, MD, MA, NV, NH, VT, NY, NC, PA, WV)
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Fees
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Late Fee - $15
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Other fees
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Origination Fees - Depend on state
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Who Is NetCredit Best For
NetCredit is best for borrowers with poor credit who may not be able to obtain a loan through traditional lenders. NetCredit offers larger loans compared to similar lenders who provide loans for borrowers with bad credit. You can take out a loan as large as $10,500 if you have large unexpected expenses and need quick funding.
Additionally, NetCredit helps borrowers improve their credit scores as they report monthly payments to all 3 major credit bureaus.
NetCredit is not a good fit for borrowers with fair credit scores or better. NetCredit’s loan should only be used when the borrower has a poor credit history. With a decent credit score, you can find far more favorable terms with traditional lenders who offer personal loans.
NetCredit Loan Uses
NetCredit does not list any restrictions on the use of the loan funds for its borrowers.
Generally, NetCredit loans are used for large unexpected expenses such as medical bills, vehicle repairs, relocation/moving expenses, etc. Because of the high interest rate, it is not worth getting a loan like this for regular expenses, unless absolutely necessary.
It is important to remember that loans should only be used for legal activities.
How to Contact NetCredit
NetCredit’s customer support is available by phone at 877-392-2014 on Monday to Friday from 8 AM to 8 PM CT and on Saturday and Sunday from 9 AM to 5:30 PM CT.
You may also contact their support team through email.
Our Verdict
We think that NetCredit offers some of the best terms for bad credit loans when compared to other lenders in the same category. If you are a borrower with poor or no credit history, we think it is worth applying for a NetCredit installment loan, as long as you are in need of quick funds. It is important to not take out an installment loan like the one NetCredit offers unless you are in dire need of the funds. This is because these loans come with extremely high interest rates which can mean you end up paying more than double your original loan amount in the end.
If you’re a person with a fair to excellent credit score, you would be better off looking at more traditional personal loan lenders that can offer the same value with much more favorable terms. For example, you can get interest rates between 8% at 36% with other lenders as opposed to the 34% to 155% APR with NetCredit.
In summary, if you are in desperate need of quick funds and you are able to pay off the loan quickly, NetCredit is a good option. Their installment loans are better than getting a payday loan or title loan with another lesser-known lender.
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