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Updated on Wednesday, June 26, 2019
6 to 60
Up to 5% if interest rate is 36% or less
Fees and penalties
If you joined active-duty military after taking out a NetCredit personal loan, you may be eligible to have your interest rate reduced under the Servicemembers Civil Relief Act (SCRA). This law requires lenders to reduce the rate of interest on installment agreements to 6% if the loan was taken out prior to entering active duty. You may also qualify for SCRA protection if you are the dependent of an active-duty servicemember.
Because of the Military Lending Act that governs consumer loans obtained by active-duty servicemembers, Enova says certain loans may be unavailable to military families.
- Minimum credit score: The average Enova customer has a credit score between 500 and 680.
- Minimum credit history: Enova looks at credit score when evaluating potential borrowers but says key factors it considers are income, rent or mortgage payment amount, length of employment, and how long you have lived at your current address.
- Maximum debt-to-income ratio: Enova will consider outstanding debts when considering loan applications.
NetCredit only issues loans to residents of the following 14 states:
- North Dakota
- New Mexico
- South Carolina
- South Dakota
Applying for a personal loan from NetCredit
To get started on your NetCredit personal loan, you will first have to check your eligibility. During this stage of the process, you will be asked for basic identification information like your name, date of birth, address and Social Security number. You’ll also have to provide information about how much you’d like to borrow, and the income with which you plan to repay the loan. NetCredit will do a soft pull on your credit to check eligibility; a soft pull does not affect your credit score.
You’ll immediately find out if you were deemed eligible. You’ll then be able to select the loan term and sign a loan agreement. Many borrowers have their final agreement approved the same day, but if NetCredit needs you to provide supporting documentation or additional information, the process could take up to three days. At this point, NetCredit will do a hard pull on your credit, which may lower your score. Once your final agreement is approved, your funding should be available the next business day.
Who’s the best fit for a NetCredit personal loan?
If you have a credit score hovering around 580 or lower and cannot get approved anywhere else, NetCredit may be a match for you. Be sure to carefully consider if taking out the loan is worth it, though. With such high interest rates, you may be better off delaying whatever purchase you’re making and saving the money up yourself.
NetCredit consumer reviews
Several LendingTree consumers have shared NetCredit personal loan reviews. Many of them raved about how fast and easy it was to obtain a loan. (Disclaimer: LendingTree is the parent company of MagnifyMoney).
“I could not believe how fast this all was. I had money in account the next day,” wrote Chassity from Richmond, Missouri. “The customer service was fantastic and she walked me through the whole thing online, and it didn’t take more than five minutes.”
“Great experience with NetCredit,” wrote Tyrone from Opelika, Alabama. “They made the process to apply for a loan easy and simple. The associates called and followed up with me frequently, making sure all my questions were answered.”
Several customers did note the high APR, however. One borrower added that unless you could pay off the loan quickly, they wouldn’t recommend the lender.
To apply for a NetCredit personal loan, you must be 18 years or older (19 in Alabama and Delaware) and have a personal checking account, active email address, and verifiable source of income.
No. NetCredit offers unsecured loans, meaning you don’t have to provide an asset and worry about it being taken away if you cannot repay your loan.
Yes. NetCredit offers refinance options, which can give you the opportunity to reduce your payments or borrow more money.
NetCredit offers electronic fund transfer (EFT) as a recurring payment option so you don’t have to worry about missing a due date. You can also pay via paper check if you prefer, or with a debit card, prepaid card or money order for one-time payments.
If you’re not able to make an upcoming payment, call the NetCredit Customer Support Team. They may be able to adjust your due date and give you some additional time to save for your payment.
NetCredit’s website has earned McAfee Secure and Norton Secured certifications to ensure optimal security of your personal data.
NetCredit offers My ScoreSaver™ so you can check your eligibility for a personal loan without hurting your credit score.
Alternative personal loan options
Apple Federal Credit Union
Minimum Credit Score
12 to 60
No origination fee
on Apple Federal Credit Union’s secure website
Apple Federal Credit Union offers a variety of benefits that are included with their personal loans, including no early payoff penalties, lump-sum funding, fixed rate payments and maximum loans amounts of $50,000.... Read More
A good place to look for lower rates is at credit unions such as Apple Federal Credit Union. While there is no origination fee, the term can potentially be longer, up to 60 months. Membership is restricted to those who live in certain parts of Virginia, attend certain schools or colleges there or are employees of “select employer groups.”
24 to 60
1.00% - 10.00%
OneMain Financial offers quick turnaround times and you may get your money the same day... Read More
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
OneMain Financial is another lender that works with those on the lower end of the credit scale with rates far lower than NetCredit. Like NetCredit, OneMain takes more than credit score into account when evaluating potential borrowers.
Minimum Credit Score
24 to 48
0.00% - 6.00%
LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More
LendingPoint prides itself on serving those with lower credit scores. Though its credit requirements are not specified, Chief Marketing Officer Mark Lorimer says customers may qualify with scores as low as 585. To top it off, terms are 24 to 48 months, potentially making the term as long as NetCredit’s, but with a dramatically lower interest rate.