NetCredit Review: Were You Pre-Qualified for a Loan? Is It a Scam or Legit?

NetCredit Review: Were You Pre-Qualified for a Loan? Is It a Scam or Legit? 1

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NetCredit is an online lender that offers personal loans and lines of credit. With their claims of simple online application process and quick funding options, NetCredit has become a popular choice among individuals who need access to quick cash for emergencies and other unexpected expenses. This blog post aims to provide a detailed review of NetCredit – how it works, its pros and cons, customer experiences, and its legitimacy.


NetCredit Company Overview


NC Financial Solutions, LLC d/b/a NetCredit is a part of Enova International, a company with over a decade of experience in the lending industry. They provide personal loans and lines of credit to individuals who may not qualify for traditional bank loans. These services are primarily targeted towards people with less than perfect credit scores, providing them with the financial assistance they need.

NetCredit has recently been in the spotlight because of a direct mail promotion they’ve sent out:

NetCredit Review: Were You Pre-Qualified for a Loan? Is It a Scam or Legit? 2

We conducted an investigation into their website and the details of their proposals and uncovered the following information:

  • Transportation Alliance Bank, Inc., also known as TAB BANK, provides the funding for personal loans that are serviced through NetCredit.
  • The amount you can borrow varies between $1,000 and $10,000.
  • The range of interest rates is between 34.00% and 155.00%.
  • The duration of the loan can range from 6 to 60 months, however, it can differ depending on the state.
  • Accessible only in 36 states.
  • The penalties for not paying on time can differ from state to state, but they could reach up to $25 or 5% of the unpaid amount.

NetCredit aims to serve those requiring debt consolidation who might not qualify for conventional loans because of poor or fair credit. To be considered for a loan from NetCredit, you need to be over the age of 18, possess a legitimate checking account, and have a confirmable income source.

How Does NetCredit Work?

Applying for a loan with NetCredit is an easy and straightforward process. First, potential borrowers need to check their eligibility on the NetCredit website by providing some basic information like their name, address, income details, and social security number. Following this, NetCredit carries out a soft credit check, which does not affect the applicant’s credit score.

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If approved, the applicant will receive a personalized loan offer, including the loan amount, interest rate, and repayment term. Once the offer is accepted, NetCredit carries out a hard credit check before finalizing the loan. The funds are usually deposited into the borrower’s account within one business day.

The interest rates and fees associated with NetCredit’s personal loans can vary widely, from 34% to 155%, depending on the borrower’s creditworthiness and the state they reside in.

Benefits and Drawbacks of NetCredit

NetCredit provides multiple benefits:

  • Swift application process and rapid fund disbursement times.
  • They don’t need collateral for their loans.
  • The terms of repayment are adaptable, varying between 6 and 60 months.

Nonetheless, there are also some disadvantages associated with NetCredit personal loans:

  • The interest rates it offers are considerably greater than what conventional banks provide, with APRs ranging from 34% to 155%.
  • Their lending services are not accessible in every state.
  • The option to include a co-signer for a joint loan is not provided by them.

NetCredit’s BBB Reviews

NetCredit Review: Were You Pre-Qualified for a Loan? Is It a Scam or Legit? 3
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The Better Business Bureau (BBB) has given NetCredit a B rating. However, despite operating since 2012, they have not received accreditation from the BBB. The company’s BBB record can be found under their official name, NC Financial Solutions, LLC.

In terms of customer feedback, they hold a mean customer score of 1.01 out of 5 stars, based on 88 customer evaluations. Furthermore, they have resolved 343 complaints in the past three years.

Here are a few examples of BBB customer reviews and complaints for you to look at:

NetCredit Review: Were You Pre-Qualified for a Loan? Is It a Scam or Legit? 4

NetCredit Review: Were You Pre-Qualified for a Loan? Is It a Scam or Legit? 5

NetCredit Review: Were You Pre-Qualified for a Loan? Is It a Scam or Legit? 6

NetCredit Review: Were You Pre-Qualified for a Loan? Is It a Scam or Legit? 7

How to Cancel a NetCredit Personal Loan

  • If you want to terminate a NetCredit loan, you must get in touch with NetCredit’s customer service directly. They can be contacted through phone or email to talk about your options for cancellation.
  • Keep in mind that cancellation policies can differ and cancelling a loan may incur penalties or charges. It is advised to thoroughly read and comprehend the terms and conditions of your loan agreement before you decide to cancel.
  • You may be able to cancel your loan without any charges if it hasn’t been disbursed yet. But, if the loan has already been disbursed, you may be required to repay it instantly, including any interest that has been accumulated.

Conclusion: Is NetCredit a Scam?

NetCredit is an authentic and authorized online lending platform that has been offering unsecured personal loans to individuals with sub-optimal credit for over a decade.

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Nonetheless, their steep interest rates may not suit everyone, and their BBB record indicates that the typical customer is unhappy with their services. Some feedback points to problems with the repayment conditions after purportedly being billed twice the agreed amount, while others allege that the company asks for your personal details only to later reject the loan.

Before making any monetary decisions, prospective borrowers ought to weigh up NetCredit against other personal loan lenders to assure they are receiving the most favorable repayment terms and rates. Prior to settling on a lender, conducting thorough research and comparing various alternatives is crucial. Always take into account your personal financial circumstances and requirements, and seek advice from a financial advisor if necessary.

Have you previously worked with NetCredit? Can you share your experience? Don’t hesitate to post a comment below to assist potential loan applicants in their decision-making process!


What are the interest rates offered by NetCredit?

The interest rates on loans from NetCredit fluctuate depending on the borrower’s credit score and the regulations of the borrower’s resident state. The APRs can span from 34% to 155%, a range that is deemed extremely high compared to typical industry norms.

Is it possible to be eligible for a NetCredit loan even with poor credit?

NetCredit asserts that they take into account all types of credit, which means you could potentially qualify even if your credit is poor. Nevertheless, it’s vital to remember that individuals with a bad credit history might face higher interest rates.

Will using NetCredit negatively impact my credit score?

If you decide to continue with the loan application process after being preapproved, a detailed investigation will be undertaken on your credit report.

What is the speed at which NetCredit transfers funds?

Should the approval be granted, NetCredit typically transfers the loan funds by the subsequent business day. Nonetheless, the precise schedule hinges on the approval time of your application and the regulations of your bank.

Does NetCredit loans impose a penalty for early repayment?

NetCredit does not impose any fees for early loan repayment, meaning you can settle your loan ahead of time without any additional charges. However, they do apply a penalty for late payments, which is either $25 or up to 5% of the outstanding amount.

What is the highest loan amount I can receive from NetCredit?

The highest loan amount that NetCredit can provide differs from state to state because of various state lending regulations. Generally, they can offer loans up to $10,000.

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