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NetCredit is a personal loan and line of credit provider offering loans to borrowers without excellent credit scores. Depending on your financial situation, a personal loan from NetCredit could help you get through a rough patch or refinance credit with a higher interest rate. However, interest rates are quite high, so it’s important to proceed cautiously and make an informed borrowing decision. Here’s a closer look at NetCredit to help you decide if NetCredit personal loans are suitable for you.
NetCredit Personal Loan
NetCredit Personal Loan
NetCredit Pros and Cons
If you’re interested in NetCredit, consider these NetCredit personal loan pros and cons.
Pros:
- Get your interest rate and terms in just a few minutes
- Loans approved using credit histories and additional financial information
- Loan durations from six to 60 months
Cons:
- High interest rates for personal loans
- Fees vary depending on your location
- Not available in some states
NetCredit loans
NetCredit offers two types of loans: personal loans and lines of credit.
Personal loans
We’re focused on the NetCredit personal loan offering for this review. Borrowers can get loans for $1,000 - $10,000 if approved with payment terms of 6 to 60 months. Loans have a fixed interest rate and minimum payment for the entire duration. There’s no prepayment penalty, so you can pay off the loan early to save on interest costs if you’re able.
The biggest downside is the cost. Minimum and maximum interest rates vary depending on your state. For example, as of January 2024, interest rates are 36% to 41.33% in California. Those are higher than many credit cards and are not even the worst rates with NetCredit. Interest rates in Texas are 34.99% to 99.99%. That’s almost 100% APR.
Lines of credit
A NetCredit line of credit offers revolving access to funds. You can repay the loan and borrow again multiple times without applying for a new loan. They’re open-ended loans without a closure or expiration date.
Again, costs can be quite high. For example, in Florida, a 10% fee is deducted from your proceeds each time you use the credit line.
NetCredit personal loan requirements
NetCredit doesn’t have a strict credit score requirement but does look at your finances when approving a new loan. These are the main requirements to apply for a NetCredit personal loan:
- Have a valid and open checking account at a bank in the United States.
- Have a verifiable source of income.
- Be 18 or older.
- Have a valid email address.
Every loan is evaluated separately, and there’s never a guarantee you’ll be approved. If you’ve struggled with approval elsewhere due to your credit history, NetCredit may be more lenient. As another alternative, consider a credit-builder loan or secured credit card to improve your credit to a point where you may be approved for a lower-cost loan elsewhere.
How to apply for a NetCredit personal loan
Follow these steps to get approved for a personal loan from NetCredit.
- Check your eligibility: Start by navigating to the NetCredit website and clicking on the button to check eligibility. This begins a quick online process to get preapproved and view your loan options. Getting preapproved doesn’t impact your credit score.
- Choose your loan terms: Pick the loan terms that make the most sense for your finances. There’s no obligation to move forward at this point, so don’t feel obligated if your terms are less than ideal.
- Closing and funding: If you like your proposed terms, follow the prompts to sign your loan and get funded.
NetCredit alternatives
If you don’t qualify for an Upstart loan or want some comparisons, try these lenders. Learn more about loans and the lenders that offer the best personal loans.
Upstart
Upstart Loan
Upstart Loan
Upstart caters to a wide range of borrowers with loan amounts from $1,000 - $50,000. Unique for its quick rate checks and fast funding, it's a go-to for personal and car loans, especially for those with lower credit scores.
SoFi
Sofi Personal Loans
Sofi Personal Loans
SoFi stands out as a versatile financial hub, offering not only personal loans but also a suite of other services like student loans, mortgages, and investments. It's ideal for borrowers seeking extended loan terms, no-fee structures, and the added security of unemployment protection.
LightStream
LightStream Personal Loan
LightStream Personal Loan
Tailored for borrowers with good to excellent credit, LightStream offers attractive features like long loan terms of 24 to 84 months months and high loan amounts of $5,000 - $100,000. Its emphasis on lower interest rates and no fees makes it a solid choice for financially stable borrowers.
PenFed
PenFed Loan
PenFed Loan
As a credit union, PenFed is a nonprofit financial company with competitive interest rates, particularly beneficial for borrowers at the higher end of the APR range. Joining the credit union is a requirement post-approval, opening doors to potentially lower rates and a community-focused banking experience.
Frequently asked questions (FAQs)
Is NetCredit a legitimate lender?
Yes, NetCredit is a legitimate lender. It offers loans directly to borrowers in some states and works with partners Republic Bank & Trust or TAB Bank in others. NetCredit services all loans.
Is it hard to get a loan from NetCredit?
Getting a loan from NetCredit is easier than getting one from many competing lenders. Still, every applicant is reviewed individually for creditworthiness and the ability to repay the loan as agreed.
Does NetCredit offer bad credit loans?
NetCredit is a lender to borrowers whose credit is less than excellent. When you apply you’ll find out if your financial situation meets NetCredit lending criteria.
This story was written by NJ Personal Finance, a partner of NJ.com. The information presented here is created independently from the NJ.com editorial staff, and purchases made through links in this article may result in NJ.com earning a commission.
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