Net Credit Review

NetCredit is a subsidiary of Enova International, Inc., an NYSE company (ENVA). They spun off from Cash America International, Inc., a publicly-traded NYSE (CSH) in 2014. Cash America International was founded in 1983. NetCredit is a state licensed lender. Net Credit serves borrowers who are largely left underserved by traditional banks. This includes borrowers who have poor to fair credit history: roughly FICO scores between 550 - 680. NetCredit reviews your eligibility and loan offer based on a broader financial picture and not just your credit score.

We think NetCredit is a solid choice if you need cash and do not have great credit. They are state licensed. They understand the market yet they have competitive rates for lower credit score profiles.

Products, Terms, and Application

NetCredit offers personal loans and lines of credit. Personal loans range from $1,000 to $10,000 and lines of credit range from $500 to $3,500. Your actual eligibility will depend on your state of residence and financial profile, and creditworthiness.

For personal loans, NetCredit does not charge application, prepayment or non-sufficient funds fees. In some states, they charge a fee for late or missed payments. In some states, they may also charge an origination fee, which is a one-time, non-refundable fee that will be deducted from your loan proceeds. Origination fees are only charged if your loan is issued. Origination fees are deducted from your loan proceeds so to ensure you have enough funds to cover your expected expenses, you will need to borrow enough to cover origination fees as well.

For lines of credit, NetCredit has two types of fees: cash advance fees and outstanding balance fees. Cash advance fees are charged when cash is taken from your line of credit and deducted from the advance. The outstanding balance fee is charged per billing period and is based on the amount of outstanding at the end of the period.

The online application takes a few minutes to fill out and eligibility decisions are typically made in seconds. If you accept the loan terms a final decision is typically done the same business day but depending on whether additional information is needed it could take up to three business days. For personal loans, if your application is approved between 12 a.m. and 10:30 a.m. CT, you'll typically receive your money the same business day. Applications approved after 10:30 a.m. CT are typically funded the next business day. If your application is approved over the weekend, you'll typically receive your money the following Monday. For lines of credit, if you request a cash advance between 12 a.m. and 10:30 a.m. CT, you'll typically receive your money the same business day. Cash advance requests after 10:30 a.m. CT are typically funded the next business day. If you request funds over the weekend, you'll typically receive your money the following Monday. Fund availability may also be impacted by your individual bank.

Minimum Eligibility Requirements

To be eligible you must,

• Be 18 or older (19+ in Alabama and Delaware),
• Have a personal checking account,
• Have a verifiable source of income, and
• Have an active email address.

The company's website does not state a requirement to be a US citizen or resident but most lenders do require this. Check their website for eligibility.

Bureau Report

NetCredit reports to TransUnion and Experian credit bureaus. This was unusual in the installment loan business but is much more typical in the personal loan area. NetCredit has kind of moved from installment lending into personal loans. This does mean that paying your loan off and making payments on time may improve your credit score. Net Credit told us they are working to begin reporting to Equifax, the third of the three major credit bureaus, as well. Banks, credit card companies, phone companies, and insurance companies will often pull reports from all three bureaus so we feel building credit history at two of the three is a great first step for any borrower looking to improve their credit history.

Checking your eligibility at NetCredit does not impact your credit score. When checking you eligibility NetCredit does a soft pull on your bureau. This does not impact your score. If you accept the loan terms, NetCredit will do a hard pull. This will impact your credit score -- it is generally a slightly negative impact as taking credit often slightly drops your credit score for a short period. Doing a hard pull and the impact on your credit score is typical of any lending product regardless of the provider.

Conclusion

Net Credit's pricing policy is very clear and transparent. We like that. There are no late fees, application fees, or prepayment fees. You may pay origination fees or cash advance fees. The rates for the loan depend on your credit history, loan size, and income. They consider more than just credit score so you don't need perfect credit to qualify.

Net Credit makes loans to people with less than perfect credit, their fees are transparent, their rates are some of the lowest in the industry for non-prime borrowers, and they report to two of the three major credit bureaus. We think they are a great choice.