is net credit legit

NetCredit is operated by Enova International, Inc., a Chicago-based online lender that provides personal loans to people with all credit types, including those with low credit scores. In certain States, NetCredit partners with Republic Bank & Trust Company and the bank in charge of underwriting loans and approving them.

NetCredit’s offerings come with the highest annual percentage rate (APRs) and may have a shorter time frame and an initial fee.

While NetCredit could be a viable alternative of last resort if you aren’t able to obtain an individual loan elsewhere, the high price for borrowing — the maximum APR exceeds 150% in some states — is why we wouldn’t recommend this company.

NCL’s rent-a-bank watch at a high-cost list

It’s also worth noting that NetCredit’s parent company and its subsidiary, Enova, and Republic Bank & Trust Company, NetCredit’s partner bank is, included on the NCL’s rent-a-bank watch at a high-cost list. Being involved in practices that are associated with the lending of money to a predatory lender.

If you’re considering applying to one of the loans listed, be sure you understand the amount you’ll be charged each month, and throughout the duration of the loan.

You’ll probably find lower rates and terms with any other lender on our top individual loan or top personal loans for those with poor credit lists.

Things to Consider Before Getting a Personal loan

Personal loans can be a fast method of borrowing cash when you require it. However, it’s essential to know how they function and make use of them in a responsible manner. Before you apply, do your homework and compare with several lenders to determine the most affordable personal rate.

The terms you will receive are based on the credit scores of your income and the amount of the loan.

You must also determine the difference between one that is secured or an unsecured one. Secured loans rely on assets like a savings account or house to secure the loan and an unsecured loan does not require collateral.

Secured loans

Secured loans might provide lower rates of interest however they are riskier as you could lose your collateral in the event of a default on the loan. Some lenders let you pre-qualify for a loan, or examine your rate using only the use of a soft credit check, which will not affect your credit score.

Certain lenders may need a hard credit check that could reduce your score on credit by some points. Check out the different offers by looking at the cost you’ll be paying in total, including the cost of interest and charges.

Determine if the monthly amount you pay is in line with your budget. If you’ve borrowed the loan, make sure to make your payments promptly to avoid additional charges or interest. Paying late can affect your score on credit.

Other alternatives to personal loans

While a personal loan may be an effective method to finance large expenditures, however, it’s not the only choice.

Alternatives for personal loans are:

  • Home equity loans, a home equity line of credit (HELOC) as well as refinance with cash-out. As a homeowner, you could increase your equity by paying off your mortgage principal or waiting for the value of your home to rise. In the meantime, you can take advantage of the house equity loan, HELOC, or refinance your cash-out to get money with the home you own as collateral. Since those loans are secure, you might be eligible for lower interest rates than a personal loan. However, this also means that your home may be in danger in the event that you default on payments.
  • The credit card allows balance transfers. If you’re trying to consolidate debt but don’t intend to use the property as collateral then using a cash-back credit card might be a great alternative. They typically offer an initial 0% APR for a specific amount of time, usually between 15 and 18 months. After you’ve transferred your balance to the transfer card, you must be sure to pay off the balance prior to when the period of promotional time ends. If you don’t, you’ll end up paying for the high APRs on credit cards.
  • Savings for personal expenses. If you’re able to hold off on buying something you might consider saving and paying cash, rather than taking out a loan. It’s recommended to have an emergency fund in case of unexpected costs.
  • Credit counseling. A few of these options may not be available in the event that you have a poor credit score or are experiencing debt. If you require help with managing your finances, you should consider seeking out an organization for non-profits that provides no-cost or low-cost financial counseling. Although credit counseling doesn’t give you cash in the first place, they can offer expert financial advice as well as direct you to other resources that might help.

NetCredit’s Pros and Cons Personal Loans


  • Personal loans can be funded on the same or next business day
  • Personal loans are available in 36 states
  • Can do a soft credit check for a prequalification


  • Rates are extremely high in comparison to other lenders for personal loans with rates as high as 155% in some states.
  • This item is not available.  Connecticut, Colorado, Maine, Iowa, Maryland, Massachusetts, New Hampshire, Nevada, New York, North Carolina, Vermont, Pennsylvania, Virginia, and West Virginia are among the states where marijuana is legal.
  • Very low loan amounts
  • There may be an origination charge in certain states.
  • Short loan terms could increase the monthly payment amount

Should I get a NetCredit loan?

Although NetCredit personal loans may be the last resort to those who require immediate money, they have more suitable options available.

Personal loans from NetCredit come with the highest APRs as well as a possible charge for origination, as well as the terms of repayment are short All of which push up the cost of borrowing. While NetCredit personal loans are legally not loans for payday which are high-cost short-term loans that are designed to last until the next payday The APRs offered far exceed the threshold of 36%, which is deemed as a threshold by the National Consumer Law Center as being predatory lending.

Look at an example to see how you can pay more than the sum you borrowed in interest

Let’s suppose you’re granted an amount of $4,500 with an APR of 65 with a term of 50 months with a monthly repayment of $262.53. In the course of the time period, you’ll end up having to pay back around $13,127 in total, which is 8,627 as interest.

The high-cost loans that are available could create a pattern of borrowing that is difficult to break out of and that’s why we do not recommend NetCredit loans (or any other high-cost loan unless you have absolutely no other choice.

If you decide to take off one of the loans mentioned above, you should try to plan to pay off the balance as fast as you can. NetCredit does not charge penalties for prepayments which means you don’t have to be charged additional fees in the event that you settle the balance in advance.

Alternatives to NetCredit Loans

There are more alternatives for borrowing money other than NetCredit’s credit card, especially when your credit is in need of improvement. Here are a few alternative options to the NetCredit loan

  • Personal loans with bad credit. There are lenders that provide personal loans to those with bad credit with much lower APRs. They often offer the possibility of checking the rate without having to conduct an inquiry into your credit, meaning you can look around for the most affordable rate.
  • Secured loan. If you’re struggling to qualify for an unsecured loan at a fair rate due to your credit rating of yours, then you may be interested in secured credit. Secured loans are secured by collateral, which means they’re less risky for the lender. This is why they are more likely to obtain or provide lower interest rates than unsecured loans. Be aware that you may lose your collateral in the event of a default on the loan.
  • Take a withdrawal of the funds from your retirement accounts. You might be able to make a withdrawal from or take a loan against the retirement savings account. Be aware that you could be subject to tax and penalties for early withdrawals, depending on the kind of account you’re using and the expenses that you’re using the funds for. While we typically don’t advise doing this, it might be a better choice over high-cost loans when you require funds in the event of an emergency.
  • Outside assistance. If you’re having trouble paying your bills or expenses for living You may be able to agree to the terms of a payment plan to your creditor or seek assistance from non-profit organizations. A family member or friend could be willing to help should you be in a tough position.

How to Qualify for NetCredit Loan

NetCredit claims it can determine the eligibility of a borrower through a look at the overall financial picture, not only the credit scores.

Although it’s unclear what exactly that means the lender claims it considers other data like the borrower’s employment or residential history when evaluating their loan application in addition to the information in the credit reports of the borrower.

To be qualified for a personal loan through NetCredit, borrowers must

  • You must be at minimum 19 years old In Alabama and Delaware 21, 21 in Mississippi, and 18 in the other states.
  • You must have a valid bank account for your personal.
  • Maintain an email account that is active.
  • You must have a proven basis for income.

How do I apply for NetCredit’s Loan?

We wouldn’t advise taking out a NetCredit loan because of its high APRs. However, if you’ve thought about the pros and alternatives, and cons and are still deciding to go ahead to apply, you can verify your potential to apply for a personal loan via NetCredit’s site.
It’s necessary to submit your personal information, which includes your name and date of birth, and address.

NetCredit will not conduct a formal credit check until you have officially submitted an application for the loan.

Before applying, we urge that you familiarize yourself with NetCredit’s prices and terms. Make sure you understand NetCredit’s rates and fees, as they may differ based on your state of residence.

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I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go.  I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.

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A personal loan is a medium term loan with a fixed interest rate that is repaid in equal monthly payments and it's usually limited to 24 months. Loan offers and eligibility depend on your individual credit profile. Our lenders can help you obtain as much as $3,000 depending on the lender, your state and your financial situation.

The owner and operator of is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning personal loan products and the industry is presented on the website for information purposes only. does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Online personal loans are not available in all the states. Not all the lenders in the network can provide the loans up to $3,000. cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a personal loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually. 


APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since is not a lender and has no information regarding the terms and other details of personal loan products offered by lenders individually, cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with, and has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a personal loan product. 

Late Payment Implications

It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document. 

Non-payment Implications

Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied. 

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means. 

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.