NetCredit, which is owned by Enova International, Inc., a Chicago-based online lender, offers personal loans to all credit profiles, even those with low credit scores. NetCredit has a partnership with Republic Bank & Trust Company in certain states. The bank approves and underwrites loans, while NetCredit provides services. NetCredit products may have high annual percentage rate (APRs), a short loan term, and an origination charge. NetCredit is a last-resort option for people who cannot get personal loans elsewhere. However, NetCredit’s maximum APR exceeds 150% in some states. This makes it difficult to recommend NetCredit as a lender.
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Enova, NetCredit’s parent company, and Republic Bank & Trust Company are both on the National Consumer Law Center’s high-cost renta-bank loan watchlist for their involvement in predatory lending. You should fully understand the monthly and loan term costs before you apply for these loans. You’ll likely get better terms and rates with other lenders on our best personal loan or best personal loan for bad credit.
How to Get a Personal Loan
Although personal loans are a fast way to borrow money when you’re in dire need, it is important to fully understand their operation and how to use them. Do your research to compare rates with different lenders before you apply for a personal loan. Your credit score, income and loan amount will determine the loan terms you receive.
It is important to determine whether a loan you are applying for is secured or unsecured. Unsecured loans require collateral to be secured. A secured loan can use an asset such as a house, savings account or car as collateral. Although secured loans offer lower interest rates than unsecured loans, they are more risky because you could lose your collateral if the loan is not paid on time.
Some lenders will allow you to pre-qualify for loans or check your rate using a soft credit inquiry. This won’t impact your credit score. Some lenders might require you to complete a hard credit inquiry. This could cause your credit score to drop a few points.
Compare the offers by comparing how much you will pay, including fees and interest. Next, determine if the monthly payment is within your budget. To avoid additional interest or fees, make sure you pay your loan on time. Your credit score can be affected if you make late payments.
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Alternatives to Personal Loans
A personal loan is a good option to help pay large expenses. However, it’s not your only option. There are other options than personal loans:
Home equity loans, home equity lines of credit (HELOC), and cash-out refinances are all options. You can build equity as a homeowner by paying off your mortgage principal, or waiting for the value of your home to rise. You can then use your home as collateral to get a loan using your home equity loan, HELOC or cash-out refinance. These loans may offer lower rates than an unsecured personal loan because they are secured. It also means that your home could be at risk if payments are not made on time.
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A balance transfer credit card. A balance transfer credit card is a great option if you are looking to consolidate your debt, but don’t want to risk your home. These cards usually come with an introductory rate of 0% for a period of time, typically 15 to 18 month. However, you must pay the balance off before the promotional period ends. You’ll be responsible for high credit card APRs.
Personal savings. Consider saving money and borrowing money if you are able to delay your purchase. A good idea is to have an emergency fund for any unexpected expenses.
Credit counseling. If you have low credit scores or are seriously in debt, some of these options may not be possible. You might consider contacting a non-profit organization for free or low-cost financial counseling if you need assistance managing your finances. Credit counseling services will not provide money directly but they can give you expert financial advice and point you to other resources that might be able.
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The pros and cons of NetCredit personal loans
Pros
Personal loans can be funded within one business day or less
In 36 states, personal loans are available
Can do a soft credit check for a prequalification
Cons
- Rates can be up to 155% in some states, which is a significant difference to personal loan lenders.
- It is not available in Colorado, Connecticut and District of Columbia, Iowa. Maine. Maryland. Massachusetts. Nevada. New Hampshire. New York. North Carolina. Pennsylvania. Vermont. Virginia. West Virginia.
- Low loan amounts
- In some states, origination fees may be charged
- A short term loan can lead to higher monthly payments.
