NetCredit Personal Loans Review 2024 (2024)

NetCredit is best for borrowers:

• With poor credit. NetCredit is best for customers with low credit scores or slim credit profiles who do not qualify with a traditional lender. NetCredit will report monthly payments to the three major credit bureaus so borrowers can build a credit history with each monthly payment.
• Who live in a qualifying area. You must live in one of the following states to be eligible for a NetCredit loan: Alabama, Alaska, Arkansas, Arizona, California, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.

NetCredit may not be right for borrowers:

• Who don’t live in an eligible state. There are 13 states where NetCredit does not operate, including Colorado, Connecticut, Iowa, Maine, Maryland, Massachusetts, Nevada, New York, New Hampshire, North Carolina, Pennsylvania, Vermont and West Virginia.
• With good credit. NetCredit is a lender that focuses on borrowers with poor credit or little credit history. Consumers who have good credit scores should look elsewhere for a loan to secure more favorable terms, such as low interest rates.

Loan Amounts and Terms

• Loan amounts. In general, the personal loan amount ranges from $1,000 to $10,500, but the specific amount you receive depends on your state’s limits.
• Loan terms. The repayment term ranges from six to 60 months and will depend on the loan amount and your state.

Personal Loan Costs

• APR. While the minimum APR is 34% and the maximum is 99.99%.
• Origination fee. The origination fee depends on your state.
• Late fee. If you are more than 25 days late, there will be a $25 late fee.

Perks and Features

• Flexible payment options. If you know you’re going to make a late payment, contact NetCredit right away. It may be able to adjust your due date so you can avoid making a late payment.
• Financial education. NetCredit has a financial resources website to help consumers learn more about how credit works, how to improve their finances and more.

Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you.

Credit Score Requirements

A NetCredit representative confirmed that “applicants with [a credit score of] 620 or below” may qualify. Its website also says your eligibility is “determined by looking at your broader financial picture, not just your credit score.”

Income Requirements

While NetCredit does not disclose a minimum income requirement, it does require that you have a verifiable source of income.

Co-signers and Co-applicants

NetCredit does not allow co-signers or co-applicants on its loans. If you are married, you cannot add your spouse to the loan. This can make it harder to qualify for a NetCredit loan if you don’t meet the income or credit score requirements.

Follow these steps to apply for a NetCredit personal loan:

1. Fill out the basic form. NetCredit has an online application form. Once you submit the form, you’ll find out quickly if you were approved.
2. Receive the funds. If you are approved, NetCredit may be able to send the money within one business day. Some borrowers may be required to provide extra documentation to finalize the loan.
3. Start making payments. Once you receive the funds, you’ll have to start making payments on the loan. Setup automatic payments to ensure you never miss a payment.

Related:Best Personal Loans Of 2024

The best personal loans offer competitive rates, flexible loan amounts and a wide range of terms. Here’s how NetCredit personal loans stack up against other popular lenders:

NetCredit vs. Upgrade

Upgrade offers larger personal loans than NetCredit with a maximum borrowing amount of $50,000. Its APRs start about four times lower than NetCredit and Upgrade offers terms of up to seven years. You only need a minimum credit score of 580 to qualify through Upgrade.

Related: Upgrade Personal Loans Review

NetCredit vs. SoFi

SoFi offers personal loans between $5,000 and $100,000 to residents in every state except for Mississippi. If you need to borrow more than NetCredit’s maximum loan amount of $10,000, SoFi might be a better option. However, SoFi requires a minimum credit score of 650.

Related: SoFi Personal Loans Review

NetCredit vs. LightStream

LightStream offers personal loans from $5,000 to $100,000, depending on the loan purpose. LightStream also offers competitive rates. You’ll need a minimum credit score of 660 to qualify for a personal loan through LightStream.

Related: LightStream Personal Loans Review

We reviewed NetCredit based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated NetCredit based on the weighting assigned to each category:

• Loan cost: 35%
• Loan details: 20%
• Eligibility and accessibility: 20%
• Customer experience: 15%
• Application process: 10%

Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated NetCredit’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our .