NetCredit Personal Loan Review 2020

4 stars out of 5

The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

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.

Loan Specification

Here are the basic specifications & requirements of NetCredit Personal Loan :

FeatureNetCredit Personal Loan
Loan Amount Range$1,000 -$10,000
Interest Rate Range34.00%-179.00%
Term6-60 months (depending on state)
Origination feeup to 5%(depending on state)
Late Payment Fee$15 (depending on state)
Returned payment feeNone
Prepayment feeNone
Minimum credit score500
1st payment1 to 4 days
Documents To Provide
  • Personal information (including address, phone number, email, and SSN)
  • Proof of income
  • Active checking account

NetCredit Loan Pros & Cons

As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:


  • No Fees – NetCredit has no origination, administration, or late fees in most states. Please check your state to see what fees NetCredit may charge . These fees should always be considered in the cost of your loan.​
  • Flexible Payment Options –NetCredit allows borrowers to make adjustments to the terms to make sure they have a loan that will fit their needs. NetCredit calls it My RightFit Tool™.
  • Quick Turnaround Times –NetCredit has a quick process and an easy application. Many borrowers are approved with money in their account by the end of the next business day. They have one of the quickest application processes.
  • Education Resources –NetCredit also wants their borrowers to succeed and understand credit. They have created resources for their borrowers to help them gain a better understanding of credit
  • Soft Pull Inquiry – NetCredit allows for an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify. A soft pull does not affect your credit and you will get an idea of the interest NetCredit will charge.


  • Higher interest rates –NetCredit has very high-interest rates for their personal loans. The rates are better than payday loans, but many personal loan providers’ highest rate is NetCredit’s lowest rate.
  • Small Loan Amount –NetCredit personal loans only go up to $10,000. If you need more, you’ll have to look to other providers because many surpass that amount.
  • Not Available in All States –NetCredit is not available in some states. Please check here to see if your state is available for a NetCredit personal loan.
  • Not Same Product Across the Board –Depending on the state, NetCredit could have late and origination fees. Make sure you check the fees before applying and consider them when pricing out your loan

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 Application Process

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.