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NetCredit – About The Lender
NetCredit is an online direct lender that does personal loans in many states in the US. They are based out of Chicago, IL and founded in 2012 by Enova Financial, an international financial company that owns many subsidiaries like NetCredit.
NetCredit specializes in helping borrowers with little experience or bad credit. They are a good alternative to payday loans or cash advances. NetCredit also provides information and tools for borrowers to help them build their credit. They are very transparent about their fees and interest rate ranges in each state. NetCredit looks at a borrower’s full financial picture to see if they can approve them for a personal loan.
Here are the basic specifications & requirements of NetCredit Personal Loan :
|Feature||NetCredit Personal Loan|
|Loan Amount Range||$1,000 -$10,000|
|Interest Rate Range||34.00%-179.00%|
|Term||6-60 months (depending on state)|
|Origination fee||up to 5%(depending on state)|
|Late Payment Fee||$15 (depending on state)|
|Returned payment fee||None|
|Minimum credit score||500|
|1st payment||1 to 4 days|
|Documents To Provide|
NetCredit Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
What Can a NetCredit Personal Loan Be Used For?
Due to the high rates for NetCredit loans, this lender should be used for emergencies only. But they do have 6 loan purposes they list on their application: debt consolidation, monthly bills, car repair, medical expenses, moving expenses and “other.”
NetCredit does not offer much information about what their loans are like or if they have any restrictions. NetCredit can be a great tool for rebuilding credit or for the above loan uses when there are no other funding options available.
NetCredit has a simple and quick application process. Their website has a 4-step process after inputting how much money you need and for what purpose. You fill out an information page about yourself including your name, address, and housing information (whether you rent or own.)
Then at the bottom you put in your email address and password to create an account with NetCredit. You then fill in income and employment information along with identifying information such as your social security number and date of birth. NetCredit will do a soft pull to see if you’re eligible for a loan and what options they can offer you.
If you would like to move forward, you pick an option with terms that fit your needs. You can then sign loan documents and, in many cases, will have your money in your checking account the next day. In some cases NetCredit will need additional information such as ID, social security card, proof of residence, proof of income, and an active checking account.
NetCredit Loan is Best for..
NetCredit is a great place to go if you need cash quickly for an emergency. It is also great for those with poor credit or limited credit histories. But borrowers do pay for the low lending standards and quick access to cash with high interest rates.
If you need emergency funds and use NetCredit to fill that need, please keep in mind that rates are very high. You can refinance the loan when things settle down or your credit improves through another provider that does not have the same high rates.
If you have okay to excellent credit and do not need cash quickly, you should definitely look at other personal loan providers that offer more competitive rates. Many other lenders also offer soft credit pulls and you can compare their terms with NetCredit.