FAQ

General Info

  • What is a personal loan?

    A personal loan is one way for an individual consumer to borrow money. Typically, the borrower receives a lump sum payment (the principal) from a lender and pays it back at a cost (interest rate plus any loan fees). Payments are made in regular installments over the term of the loan. Many personal loans are unsecured loans, which mean they do not require the consumer to pledge an asset (like a home or car title) as collateral.

    Personal loans are typically structured as installment loans, which are paid off over a defined period of time. The loan amounts and terms can range broadly, depending on the state and the lender. At NetCredit, our goal is to make sure you get the best loan offer we can offer provide, based on your unique financial and credit situation.

    The interest rates for these credit loans are generally set by the lender and can vary depending on factors such as the borrower’s credit worthiness and the size and duration of the loan requested. Rates will usually be fixed for the life of the loan and calculated as an Annual Percentage Rate (APR). If you qualify for a NetCredit loan, we’ll work to match you with our lowest rate possible based on your selected loan amount and financial eligibility.

    There are no specific limitations on how the funds can be used. Personal loans are most often used to cover unexpected expenses, large home or auto purchases, or to consolidate debt. We recently conducted a survey of over 1,000 consumers and found that most people will borrow money to purchase a new car.

    To determine how much you can borrow, use our online personal loan application form to quickly determine your personal loan qualification or call one of our representatives today for more information.

  • What is APR?

    Most credit loans—such as a home mortgage, car loan, or personal loan—will use an annual percentage rate (APR) to express the cost of the loan (the interest owed plus any additional fees). The APR is a standardized rate, allowing you to more easily compare costs across multiple loan options.

    It is important to note that the APR is typically not the same as the interest rate on the loan. There are many factors that can affect the cost of a loan, and the interest rate is just one of them. An APR considers all these factors, including whether the rate is simple or compound interest, any additional loan fees, and the duration of the loan.

    Here’s a simple example: Loan A and Loan B are both for $1,000, have a 1-year term, and a 100% interest rate. However, Loan A charges a $50 loan origination fee and compound interest, while Loan B has no fees and uses simple interest. If you compare the interest rates, these loans look the same; but when you compare the APRs, Loan B has a much lower rate because it is a less expensive loan.

    In compliance with the Truth In Lending Act, NetCredit states the APR for every personal loan offer in the loan agreement so customers can review all loan details before accepting any terms. If you qualify for a NetCredit loan, we’ll work to match you with our lowest rate possible based on your selected loan amount and financial eligibility.

  • What is simple interest?

    The interest rate on a credit loan—such as a home mortgage, car loan, or personal loan—is the amount charged by a lender to borrow the money. When evaluating your loan options, be sure to note whether the rate is simple interest or compound interest. Simple interest is calculated only on the remaining unpaid principal amount. Compound interest adds any interest accrued to the principal. Both are legitimate practices, but loans with compound interest can be more expensive, so it’s important to know what you’re agreeing to before you sign anything.

    NetCredit personal loans only use simple interest. At NetCredit, we are committed to a clear and simple fee structure. In fact, the only fee you will ever pay us is the daily simple interest accrued on your loan.

Application

  • How much can I borrow?

    Do you require a small personal loan? Or are you searching for a larger unsecured loan than those offered by cash advance lenders?

    At NetCredit, we believe it should be easy and satisfying to borrow money online. Our goal is to get you the best personal loan offer you can qualify for based on your unique financial situation.

    When you apply for a personal loan online, we’ll look at more than just your credit score to determine your loan eligibility. Then, if eligible, we’ll present you with the highest loan amount you qualify for and ask you to select the amount that’s right for you. You can choose the highest qualifying loan amount or opt for a smaller loan amount. The choice is yours.

    The specific loan amount for which you’ll qualify will depend on several factors, including the following:

    • state requirements
    • your current employment and income situation
    • your credit history

    However, we look at more than just traditional credit scores to design a customized loan offer for you, and perfect credit is not required. Plus, our automated system lets you know the maximum loan amount you qualify for in real time, without having to wait for additional reviews.

    Upon selecting your qualifying loan amount and completing your online application, our dedicated service team will verify loan application details and work to finalize your approval as quickly as possible. After your personal loan application is fully approved, we can typically deposit the loan funds into your account by the next business day.

    The rates and terms of our NetCredit personal loans are also governed by state regulations. For more information about loan restrictions for your state, please select your state from the following:

  • What fees are associated with my personal loan?

    At NetCredit, we are committed to a clear and simple fee structure. The only fee you will ever pay us is the daily simple interest accrued on your loan.

    We’ll never charge you additional or hidden loan fees like application fees, origination fees, late fees, non-sufficient funds (NSF) fees, or prepayment fees. Of course, we can’t speak for your bank, so you should reach out to them directly if you have questions about the fees they may charge.

    Also, we’ll never require you to put up your home or car as collateral for our loans, meaning you won’t need to provide any of this information when you apply.

  • How fast will my loan be funded?

    We work hard to offer you fast loan funding. Typically, your personal loan will be deposited in your account as soon as the next business day once your application is approved. If your application is approved between 9pm Central Time Thursday and 7pm Central Time Sunday, you’ll typically receive your money the following Monday.

    Keep in mind that the exact funding time will depend on your bank. If there’s any delay, don’t hesitate to inquire with them.

  • Do you offer instant loan approval?

    At NetCredit, we’re committed to speed and service. As soon as you complete your online personal loan application, we’ll give you an instant decision on your eligibility for a NetCredit installment loan.

    If eligible, our automated online system will immediately present you with the highest personal loan offer for which you qualify. You can then select the exact personal loan amount that’s right for you, whether it’s the maximum or minimum, or anywhere in between.

    Next, we’ll generate loan agreement with all the details—including interest rate, number of payments, payment amount, and total cost of loan—for you to review. From loan application to agreement, our online loan application usually takes just a few minutes.

    NetCredit is able to offer instant approval decisions subject to verification checks that happen after you sign your agreement because of two important factors:

    • Direct lender. NetCredit is a direct lender. We process, underwrite and approve all the loans we make. Unlike brokers and agents, we don’t have to send your information to other parties to get a loan approval.
    • Online automation. At NetCredit, we’re committed to the efficiency that online automation provides. Our website does more than just collect your application information. We have automated our loan decision model to give qualified applicants an instant loan approval decision—in real time.

    This is what sets us apart from many other personal loan websites.

    Once you decide on a qualified loan amount and submit your personal loan agreement for our final approval, our team will work quickly to verify your loan application details and process your loan right away. After your loan is approved, we’ll then send a notice to your bank account to deposit your personal loan funds.

    Our dedicated loan team always aims for fast loan funding and can typically wire funds within one business day after final loan approval. To get started or see how much you can qualify for, visit our convenient online loan application.

  • Do you offer unsecured personal loans?

    Yes, we do. In fact, NetCredit offers unsecured personal loans and soon hopes to offer a secured loan product as well.

    In general, unsecured loans do not require borrowers to put up any collateral for the loan. Sometimes called personal or signature loans, they are a form of unsecured credit—structured as an installment loan.

    By contrast, car loans and home mortgage loans are typical examples of “secured” credit. Those loans use the borrower’s car or home as collateral for the loan.

    Car and title loan lenders, for example, require borrowers to “secure” their installment loan by providing them with the car’s title as collateral for the loan. The car owner still keeps using the vehicle. But if the car owner defaults on your loan, that lender can then seize the car and use it to offset the remaining car or title loan balance! Similarly, secured credit cards require a security deposit in order to qualify for a secured credit card.

    Unsecured personal loans do not require the borrower to put up collateral for the loan. As long as the applicant meets the lender’s underwriting requirement, they can qualify for an unsecured loan.

    At NetCredit, we believe applying for a personal loan should be easy and uncomplicated. That’s why we do not require an automobile’s title or any other asset as collateral for our standard, unsecured installment loans. We can offer unsecured loans, even for people with less-than-perfect credit because our underwriting doesn’t rely solely on traditional credit scores. Instead, we take a broader review of your credit history to determine your personal loan eligibility.

    Use our online personal loan application form to quickly determine your personal loan qualification or call one of our representatives today for more information. If qualified, our automated system can provide a NetCredit online personal loan offer right away.

  • Do you offer personal loans for bad credit?

    At NetCredit, we believe everyone deserves access to credit. That’s why we look at your broader financial picture—not just your credit score—to determine your eligibility for our personal installment loans.

    And, you can actually build your credit history with a NetCredit personal loan! We report payments made on or after July 15, 2013 to two major credit bureaus, TransUnion and Experian. On-time payments may build positive credit history, helping you get back on track.

    Our online personal loan application form makes it easy to apply and find out how much you can borrow. It only takes a few minutes to complete. If you qualify, our automated online system can issue a personal loan offer in real time. Best of all, you can complete this simple questionnaire from the privacy and comfort of your home—24 hours a day.

    At NetCredit we charge no hidden fees. And you can pay off the entire loan balance ahead of schedule, without a prepayment penalty.

    NetCredit also believes that being a good lender means more than just offering installment loans. Regardless of whether or not you apply for a NetCredit loan, we invite you to check out our personal finance blog section for tips and resources on finances and credit uses. In particular, check out the following blog posts for some great credit tips:

    To find out how much you can qualify for right away, please use our online loan application form.

  • What is the Servicemembers Civil Relief Act?

    The Servicemembers Civil Relief Act (SCRA) is a federal law that provides a range of relief to active duty servicemembers, their spouses and dependents. The law’s purpose is to postpone or suspend certain civil obligations so that members of the Armed Forces can focus their full attention on their military responsibilities without adverse consequences for them or their families. It covers issues such as rental agreements, security deposits, prepaid rent, eviction, installment contracts, credit card interest rates, mortgage interest rates, mortgage foreclosure, civil judicial proceedings, automobile leases, life insurance, health insurance and income tax payments.

    The types of relief provided under the law include:

    • reducing the rate of interest for debts incurred before entering active duty to 6 percent;
    • protecting servicemembers against default judgments, evictions, mortgage foreclosures, and repossessions of property;
    • giving servicemembers the ability to terminate residential and automobile leases.

    If you have questions regarding whether the SCRA applies to you or to your loan, please contact our customer service or compliance departments.

Repayment

  • How can I repay my personal loan?

    At NetCredit, we believe it's important to offer easy and convenient ways to pay back your loan. We offer two different automatic payment options so you never have to worry about forgetting a due date. When you apply for a personal loan, you'll have the opportunity to select your preferred option:

    Electronic Fund Transfer (ACH Debits)

    This is the more popular repayment method for many customers. We electronically debit your bank account for the amount you owe; debits are timed to coincide with your due dates. Typically, you will see the debit go through within 2 business days of your due date.

    Remotely-Created Checks (RCCs)

    We will create paper checks bearing your typed name, rather than your handwritten signature, drawn on your bank account for the amounts you owe and present these checks for payment. Although we try to time RCC payments to coincide with your due dates, this is not always possible due to processing delays from your bank. Typically, your payment will go through within 5 business days of your due date. If your bank is slow to process your RCC payment and you do not have money in your account when your check is presented, you may incur additional fees from your bank.

    Of course, you can always change your preferences during the life of your loan.

  • Can I make an early or additional payment?

    At NetCredit, we believe it should be easy to both borrow money online and to pay it back. That’s why we offer flexible options to make a payment ahead of schedule or to pay off your personal loan in full at any time. And what’s more, there are no penalties for any of these convenient options:

    1. Pay off your loan in full

    You may choose to pay off your personal loan in full at any time. Please note that if you select this option and for any reason your payment does not clear, the interest on your loan will continue to accrue and the total amount due will increase.

    2. Pay your next installment in advance of your scheduled due date

    If you are enrolled in an automated payment plan, no action is required to make your next payment (although you should always make sure your account has sufficient funds on your due dates). You may choose to make your payment early by selecting this option. If your early payment clears, we will cancel your next scheduled payment (you will not be debited twice), and automated payments will resume on the following due date.

    3. Pay another amount toward your loan

    You may choose to make a payment of any amount at any time:

    • If this amount is less than the amount due on your next payment, you will still owe the remainder on your due date.
    • If this amount is greater than the amount due on your next payment, the additional amount will be deducted from your outstanding principal.

    Extra payments help you repay your loan faster, reducing the amount of interest that you will owe, but please keep in mind that they do not change or suspend your scheduled payments; you will still need to make your next scheduled payment.

  • What if I can’t make an upcoming payment or I default on my loan?

    If you know in advance that you will not be able to make an upcoming payment, the best thing to do is to call our Customer Support Team at (877) 392-2014. You may be eligible for a courtesy due date adjustment that will give you some extra time to save for your next payment.

    If you have already defaulted on your payment, our Collections Team is committed to helping you set up a payment arrangement that fits your budget. Give them a call at (877) 392-2016 to find out what payment plans are available to help you get back on track.

    Remember that any payment activity on or after July 15, 2013 will be reported to our credit bureau partners. Read more to learn about how this might affect you.

  • Can I refinance my personal loan?

    At NetCredit, we understand that financial situations change, and that you may need more flexibility when borrowing money. We now offer two refinance options that will be made available to eligible current customers. If eligible, customers may pick one of the following refinance options:


    "Lower My Payment"
    This refinance option offers customers the ability to reduce their contractual payment amounts by refinancing their existing loan balance into a brand new loan with a new contract and repayment schedule. Customers eligible for this option may be able to lower their payment by at least 15%!

    Eligible customers in the follow states may be able to Lower Their Payment: Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, South Dakota, Utah, Virginia.


    "Borrow More Money"
    Customers who borrow less than their full approved amount or have paid off a significant portion of their current loan may be eligible to top off their current loan amount with an additional disbursement amount. The existing loan balance along with the new disbursement will be refinanced into a brand new loan with a new contact and repayment schedule.

    Eligible customers in the follow states may be able to Borrow More Money: Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, South Dakota, Utah, Virginia.

Credit Reporting

My Account

  • What if I forgot my password?

    No worries! We’ll help you set a new password for your security. Here’s how:

    1. Click on the "Sign In" button in the upper right-hand corner of our site
    2. Click on the "Forgot password?" link
    3. Enter your email
    4. Check your email for instructions on how to set a new password
  • How do I change my password?

    To change your password, just follow these simple steps:

    1. Sign into your account using your current login and password
    2. Click on the "My Info" tab, followed by the "Personal Info" tab
    3. Click the "Edit" link for the information you want to update
    4. Enter your current password and your new password and save your changes
  • How do I update my phone, email or home address?

    To update your personal information, just follow these simple steps:

    1. Sign into your account
    2. Click on the "My Info" tab, followed by the "Personal Info" tab
    3. Click the "Edit" link for the information you want to update
    4. Enter your new information and save your changes
  • How do I update my employment or income information?

    To update your personal information, just follow these simple steps:

    1. Sign into your account
    2. Click on the "My Info" tab, followed by the "Employment Info" tab
    3. Click the "Edit" link
    4. Enter your new information and save your changes
  • Can I check the details of all my loan payments?

    Yes, you can view every little detail of your current loan if you want to. Just follow these simple steps:

    1. Sign into your account
    2. Click on the "My Account" tab, followed by the "Loan Details" link

    You'll be greeted by a "Loan Details" section, where you'll be able to see your amount borrowed, your outstanding balance, your next due date and much more!

    If you want to view the details of past loans, you can also access that information by clicking on the "Loan History" tab.

Check Your Eligibility

This won’t affect your credit score!

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