NetCredit Review: Is It Legit — and Is It Worth the High Cost?

If you have bad credit and need cash quickly, you’ve probably discovered the unfortunate truth about personal loans: There are limited options for folks with less-than-stellar credit. 

That’s where lenders like NetCredit come in. NetCredit markets itself as a lender for people who’ve been turned down elsewhere. It offers online personal loans for borrowers with low credit scores and funding that can arrive as soon as the next business day. 

But there’s a catch — and it’s a pretty big one. NetCredit personal loans come with APRs (annual percentage rate) ranging from 34.99% to 155%, making them among the more expensive borrowing options on the market. 

So, yes, the company is legit. But that doesn’t necessarily mean it’s affordable. And, in our opinion, NetCredit should be considered a last-resort option to be used only after all other avenues are exhausted. Because of the high cost of lending, we give NetCredit a 3.5 out of 5 stars.

In our independent NetCredit review, we’ll cover exactly how NetCredit works, what borrowing from the company costs and why regulators have previously taken action against its parent company. 

What Is NetCredit?

NetCredit is an online lender, part of Enova International. The company offers personal loans in small amounts and lines of credit to borrowers with poor or limited credit histories and reports payment activity to all three major credit bureaus (Equifax, Experian and TransUnion). That means on-time payments can potentially help borrowers build credit over time. 

However, with high rates, NetCredit prices in the added risks of lending to those who don’t have fantastic credit scores. 

How NetCredit Works

NetCredit works just like other online lenders. Here’s a look at the process:

1. Give NetCredit some basic information about yourself and prequalify with a soft credit check.
2. Review your offer and terms. 
3. Complete the application, which will require more identifying documents. This step also requires a hard credit pull. 
4. Get your funds, often distributed on the next day.

Note that NetCredit reports your payments to the three credit reporting bureaus, so your on-time payments build credit over time. 

NetCredit Rates, Terms, and Fees 

NetCredit offers unsecured personal loans ranging from $1,000 to $10,000, with repayment terms between six months and five years. Loan amounts are small compared to mainstream lenders, and its line of credit comes with its own fees — a 10% fee on each cash advance and a statement balance fee assessed each month, which varies based on your outstanding balance each billing cycle.

Here’s the quick breakdown:

• Loan amounts: $1,000 to $10,000
• APR range: 34.99% to 155%
• Repayment terms: 6 to 60 months
• Fees: No origination fee or prepayment penalty; other fees may vary by state
• Funding timeline: Typically next business day, with possible same-day funding for some approved borrowers
• Credit check: Soft pull for prequalification; hard inquiry if you proceed with a full application

The lack of origination fees is notable because many low-credit lenders charge upfront fees that immediately reduce the amount of money you actually receive. But the interest rates here are still extraordinarily high.

To put those numbers into perspective, borrowing $3,000 at a 155% APR over 24 months would result in a monthly payment of roughly $293. Over the life of the loan, you’d repay about $7,030 total, meaning more than $4,000 of that would go toward interest alone.

Even a lower APR can still get expensive quickly. A $3,000 loan at 65% APR over two years would still cost roughly $2,400 in interest. That’s why financial experts generally recommend treating loans like these as short-term emergency tools rather than long-term debt solutions.

NetCredit currently offers personal loans in many states, though availability changes regularly and some states are excluded. Borrowers should verify current availability and terms directly through NetCredit before applying.

Who Qualifies for NetCredit?

Unlike many traditional lenders, NetCredit does not publish a minimum required credit score.

That’s part of the reason the lender appeals to borrowers who’ve already been rejected elsewhere. Instead of relying solely on your FICO score, NetCredit says it also considers things like:

• Income
• Employment status
• Banking history
• Existing debt obligations

To qualify, you’ll generally need:

• A steady source of income
• An active checking account
• To be at least 18 years old
• To live in an eligible state

The application process is entirely online. The first step is to complete a prequalification form, which uses a soft credit inquiry that won’t impact your credit score. If you choose to move forward with a loan offer, NetCredit will then perform a hard credit check.

The company says that applications submitted before 11 a.m. CT on weekdays may be eligible for same-day funding, though many borrowers receive funds the following business day instead. NetCredit also offers lines of credit in some states, though terms and pricing vary considerably by location.

NetCredit Pros and Cons

NetCredit fills a real need for borrowers who may not qualify elsewhere. But there’s no way around the fact that these loans are expensive. Here’s a look at its pros and cons:

In other words, NetCredit may be easier to qualify for than a traditional personal loan, but that accessibility comes at a steep price.

Is NetCredit Legit?

Yes, NetCredit is a legitimate online lender that’s been around since 2012. It maintains an A+ rating with the Better Business Bureau and holds a 4.8-star Trustpilot rating based on nearly 33,000 reviews. 

However, NetCredit’s parent company, Enova International, has faced multiple CFPB enforcement actions tied to unauthorized bank withdrawals.

In 2023, the CFPB ordered Enova to pay a $15 million civil penalty after regulators said the company withdrew or attempted to withdraw funds from customer accounts without authorization and violated a prior 2019 consent order involving similar allegations.

For borrowers, the takeaway is straightforward: Review autopay terms carefully, monitor your bank account for unexpected debits and remember that you have the right to revoke authorization for electronic payments.

NetCredit vs. Cheaper Alternatives

NetCredit is expensive, so it should be a last-resort option for lenders. Even borrowers with fair or damaged credit may qualify for lower APRs elsewhere.

Keep in mind that offers change and you should always verify the terms with each lender before applying. 

Although NetCredit may be the better choice if you have a very low credit score and have already been declined elsewhere, Avant or Upstart may offer significantly lower rates if your credit score is above 580.

Frequently Asked Questions

​​Contributor Whitney Hansen writes for The Penny Hoarder on personal finance topics including banking and investing.