NetCredit is an online lender based in Chicago that was established in 2012. It is a subsidiary of Enova Financial, which is Cash America's internet division. Cash America is one of the largest pawnshop chains in the country with over 1,000 branch locations.
How Does NetCredit Work?
NetCredit offers unsecured personal loans to borrowers with poor to fair credit. The entire process is done online. Although NetCredit provides a range of rates, you will only know your rate once your application has been assessed.
Borrowers are divided into three tiers: gold, silver, and bronze, based on their credit history, employment history, and loan repayment history. For instance, in California, a borrower in the gold tier may qualify for a 35% APR; one in the silver tier could qualify for 85% APR, and a Bronze tier borrower may be offered a 150% APR.
What Are NetCredit's Rates and Fees?
Rates vary from 34% APR to 150% APR depending on credit and the lending laws of the state you live in.
How Much Money Can I Borrow from NetCredit?
Loan amounts range from $1,000 to $10,000. How much you can borrow will depend on your credit and income. Loan terms range from 6 months to 5 years.
Which States Does NetCredit Operate In?
NetCredit loans are available in Alabama, Arkansas, California, Delaware, Florida, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Missouri, Mississippi, Montana, North Dakota, Nebraska, New Mexico, South Carolina, South Dakota, Utah, Virginia, Washington, and Wisconsin.
What Is the NetCredit's Application Process Like?
The application process is simple and transparent. The application form takes two minutes to complete. If approved, the money is deposited in your account within 1 to 2 business days.
Borrowers must have a credit score of at least 550 and a monthly income of $1,500 or more. You will know instantly whether or not you qualify. There are no hidden fees. The only fee you have to worry about is the simple daily interest on the remaining balance of your loan. If you pay the loan early, you will not incur in prepayment penalty fees.
How Is NetCredit Better Than Other Lenders?
NetCredit provides an alternative to payday loans for borrowers with poor and fair credit who don't have or don't want to use assets as collateral for a secured loan. Rates are much lower than payday and cash advance loans and NetCredit offers larger loan amounts and longer repayment periods.