NetCredit NetCredit
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NetCredit Review

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Rating:
Bottom Line:
Credit bureau reporting can help build credit, but limited access and high interest rates may deter some borrowers

Full Review:
Offering prospective borrowers with "less-than-perfect credit" a chance to take out a personal loan, NetCredit is a relatively new company with a lot of room to grow. Although its parent company with a poor BBB reputation is cause for concern, NetCredit's own ratings are high and it provides those who probably wouldn't be able to get a loan from a traditional bank an opportunity to do so with fixed monthly payments.


Types of Loans Available

NetCredit offers unsecured, fixed-rate loans ranging from $1,000 up to $10,000. The minimum and maximum you can borrow depends on the state you live in. For example, residents of California must borrow a minimum of $2,600, while residents of Georgia must borrow a minimum of $3,100. Rates depend on your credit score and history, as well as state regulations. NetCredit provides a sample of what interest rates might look like based on its three-tier ranking system on each state's information page. According to NetCredit, there are no general guidelines or parameters for each tier, and, instead, each individual's rank in the tier system depends on their specific qualifications. The table below is from the California state page.


Rates are not as low as other services for those with higher credit who would qualify under the gold credit tier, and beyond that, the rates climb to staggering heights. However, it's important to remember that the rates are fixed — so what you are presented with is what you will pay.

Loans can be used for whatever purpose you desire with no limitations, unlike some other personal loan services. Suggested uses include debt consolidation, monthly bills, child care and car repair.


Qualifying

NetCredit prides itself on giving those with average or even poor credit a chance to take out a loan. The important factors it looks at are credit history as well as your current employment and income situation. Perfect credit is not required; however, you will receive better interest rates the better your credit. Qualifying is determined initially through an automated system, and then a team at NetCredit will review your information for the final loan application approval. The basic requirements for applying are a valid email address, a bank account with online banking access and verifiable income.

At present, NetCredit cannot offer loans to those living in Alaska, Colorado, Connecticut, Hawaii, Illinois, Iowa, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Hampshire, New Jersey, New York, North Carolina, Oklahoma, Pennsylvania, Rhode Island, Tennessee, Vermont, West Virginia, or Wyoming. Its website indicates intention to expand into more states soon and the information page encourages residents of those states where NetCredit's service is unavailable to put themselves on an email list to be updated when NetCredit expands its business there.


Application Process

The online application form is simple and quick to fill out. It asks questions about your identity, including contact information and your social security number, as well as your income. Once that information has been collected and the service checks your credit score it will offer you a loan amount based on your basic information and what you have requested. If you are not satisfied with the offer presented, you can use NetCredit's My RightFit Tool™ to adjust your loan offer and terms. After your application has received final approval, the money could be deposited into your bank account as early as the next business day.

NetCredit may need to contact you to verify or request information to complete the application and approve your loan request, but otherwise the process is quite quick and hassle-free.


Repayment and Fees

The length of your repayment term will depend on the amount borrowed as well as your credit score. For example, loans taken by residents of California can be repaid between six and 48 months, based on the above criteria. Other states are allowed a maximum repayment term of 60 months. If you are unsatisfied with your loan for any reason, NetCredit offers what it calls its My Choice Guarantee™ that allows you to return it by 5 p.m. CT the business day after you receive it. This is an unusual option that certainly makes the service stand out.


Payments can be made automatically by EFT/ACH debit from your bank account coinciding with your due date or via remotely-created checks that are drawn on your bank account. If you are looking to help rebuild or boost your credit, NetCredit reports timely payments to both the TransUnion and Experian credit bureaus.

Additional payments or early payoff are acceptable without penalty, and NetCredit allows easy change of your due date. If you run into trouble and aren't sure you can make a payment, you can call and request a courtesy due date adjustment to ensure your payments remain on track. Payment due dates are based on when you get paid at your job — so if you are paid bi-weekly, then your payments will be due every two weeks.

Under what it calls its ClearCost for Me™ guarantee, NetCredit charges no fees beyond the daily simple interest on your loan. This includes no late or non-sufficient funds fees, though the service points out that you may be charged non-sufficient funds fees by your bank.


Trustworthiness

Based in Chicago, NetCredit seems determined to offer a small, personalized feel despite being a subsidiary of the larger Cash America International, Inc. NetCredit currently has no rating with the BBB and while it is not accredited by the organization, the amount of complaints against the company in its three-year existence is relatively small. Cash America International, Inc., on the other hand, has a C rating and a current alert on the BBB due to government action against the business. The company operates pawn shops as well as payday loan locations across the country and in several countries internationally.


Customer Support

NetCredit offers plenty of options for customer support. Multiple email addresses are available based on what type of support you require, and toll-free phone support is available during business hours. NetCredit's business hours are 8 a.m. to 8 p.m. CT Monday through Friday and 9 a.m. to 5:30 p.m. CT Saturday and Sunday.

When we called, the connection seemed a bit spotty, but once we actually spoke to a representative the connection was fine. We found the representative to be courteous and informative, and — best of all — not pushy. Email support is also decent. We sent two inquiries and received a response the following day that combined answers to both questions into one email. If you are looking for an instant response, it's best to call. NetCredit does not have physical locations, so all of your communication will be done online or over the phone.


Conclusion

While the poor reputation of its parent company is worthy of concern, NetCredit seems earnest in its business dealings and easy to communicate with. Those with poor or average credit seeking to rebuild or boost their credit will benefit from monthly reporting of timely payments; however, it's important to keep in mind interest rates increase significantly for those on the lower end of the credit spectrum. We also appreciate the ability for borrowers to return the loan within a business day if they change their mind or feel unsatisfied.

Apply for NetCredit | Compare to other Personal Loan Services

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Service Details

Minimum/Maximum Loan Amount:$1,000 - $10,000
APR:Varies
Terms Available:6 - 60 months (average)
Required Credit Rating:Varies
Secured/Unsecured:Unsecured
Local Branches:No

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