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NetCredit Reviews

NetCredit is a state licensed and regulated lender offering online personal loans. Although it was established in 2012, it has close connections with Cash America which is one of the largest providers of short-term loans. The company is committed to convenience in loans access and payment. With an online only application, the company is focused on people with less than perfect credit scores. Website: www.netcredit.com

NetCredit is an online loans lender that is based in Chicago. Being a subsidiary of ENOVA Financial, they have a credible track record in the finance industry. The company offers personal services to individuals with less than ideal credit scores. The lender holds a strong belief that everyone deserves a decent access to credit with easy processing. In addition, they are also committed to providing financial knowledge to their customers.

NetCredit loans are unsecured and are ideal for people with fair or less than fair credits. The application process is online only.

The process starts with a simple eligibility check to see whether you are qualified to borrow. You only fill out an easy online form and submit. This step uses My Score Saver and therefore will not have any impact on your credit score. Eligible applicants can then customize the intended loan to suit their situation. Upon loan approval, the money will be deposited in your bank account on the next business day.  To apply for the loan, you will be asked to provide the following details:

  • Your full names
  • Your current home address
  • A valid social security number
  • Bank account information
  • Provide a valid email address
  • An active phone number
  • Your monthly income

To determine the maximum loan amount that you can borrow, the company will use several references to come up with your exact creditworthiness. From the maximum amount available, you will be asked to choose the amount that is right for you.

The amount of time it takes to receive the money depends on several factors. If the process doesn’t require additional documents for approval, the funds are available on the following business day. But when additional verifications are needed, it could take up to 3 days.

Although NetCredit is a direct lender to a large extent, it has a partnership with Republic Bank &Trust Company to offer affordable personal loans in several states. In the selected states, the loans are approved and originated by the partner bank.  However, the lender will be there to help throughout the borrowing and payment period and their customer care will handle every issue related to the loan.

There are several options for making repayments and you are allowed to change your preferred method of payment. EFT payments are recurrent and the method makes sure there won’t be any missed payment as long as the account has sufficient funds. Paper checks are also available and you can always write them a check.

But the most preferred method is the ACH debits where the payments are automatically debited from your account. ACH synchronizes the payments with your payday schedule to ensure convenience.  If you intend to make one-time payments, there are options like credit cards, debit cards, money gram and money order and the Western Union.

To qualify for a loan, you must fulfill the following requirements.

  • Be at least 18 years of age and able to prove your identity through a government issued ID
  • Be a permanent resident or a citizen of the US
  • You must have an active bank account
  • You must provide proof for a stable source of income. Normally, paystubs and SSI documents are acceptable.

Depending on your credit profile, you can qualify to borrow any amount between $1000 and $10,000.

Because the company is committed to making borrowing easy, getting a loan and making payments has been simplified. While most lenders will be happy to charge penalties for early payments, NetCredit seems to encourage early payoffs.

If you opt to pay the loan amount in full at any time, the lender will not charge any fees but you are encouraged to make sure the loan is fully settled to avoid interest accumulation. If you are in a position to make early payments on your next scheduled payment, it’s recommended that you do it at least two days or more prior to the due date. This will help the company to cancel the scheduled payment and make sure there are no occurrences of double debiting.

Another repayment provision allows you to make a payment of any amount towards your loan. If the amount is lower than the scheduled payment, the outstanding amount will be due on the scheduled date. But if the payment made surpasses the scheduled payments, the additional amount will be made towards the principal amount. This helps in ensuring that you pay the loan early and at your convenience.

In the event where you are incapable of making your next payment, NetCredit recommends you contact the customer care. If possible, this should be done before any payment is missed. But even after a missed payment, the team is there to help you with making payment schedules that will fall within your budget and situation. Because all payment activities are reported to major credit bureaus, it is prudent to communicate with the lender before missed payments.

The fees and rates depending on your credit profile, the terms for the amount borrowed and the state laws. In general, the loans will be charged between 34%APR and 150%APR.

This lender has several attractive benefits that could make the appropriate borrower consider their service. Getting the most out of any financial service involves comparing several offers to see which is most suitable.

NetCredit offers a fast application process which takes minutes to complete. The approval is almost instantaneous and in a typical situation, the money is available on the following business day.

The wide choice of repayment methods available ensures convenience during the loan life cycle. The idea of changing a payment method at any time is also attractive and makes sure payments are smooth and manageable.

If you choose to pay the full loan at once or make additional payments, the lender will not impose additional fees on the loan.

Currently, NetCredit offers services in the following states:

Alabama, Arkansas, California, Florida, Delaware, Georgia, Indiana, Idaho, Kansas, Louisiana, Kentucky, Michigan, Mississippi, Missouri, Montana, Nebraska, North Dakota, New Mexico, South Dakota, South Carolina, Utah, Washington, Virginia, and Wisconsin.

Company offers discount codes to their customers on a regular basis. Members who sign up on the website are sent occasional newsletters that contain promotion codes.

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