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 means 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 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 creditworthiness 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 loan through NetCredit, we’ll work to match you with our best possible loan offer based on your financial eligibility.

    There are no specific limitations on how the funds can be used. Personal loans are most often used to cover unexpected expenses, pay for large home or auto purchases, or to consolidate debt.

    To determine how much you can borrow, fill out our quick online form to check your eligibility, or call one of our customer support 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 for a whole year (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 $10,000, have a 5-year term, and a 35% 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 APR because, when you consider the fees and interest, it is a less expensive loan.

    In compliance with the Truth In Lending Act, you'll see your APR with any loan offer extended, as well as in any loan agreement, so you can review all your loan details before accepting any terms. If you qualify for a loan through NetCredit, we’ll work to match you with our best possible loan offer based on your 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.

    At NetCredit, we are committed to a clear and simple fee structure. That's why all personal loans through NetCredit use simple interest and have no additional or hidden fees. The only fee you will ever pay is the daily simple interest accrued on your loan.

Application

  • Who offers personal loans through NetCredit?

    At NetCredit, we will always look for the best offer available to you.

    In certain states, NetCredit has partnered with Republic Bank & Trust Company, Member FDIC, to offer personal loans with annual percentage rates of less than 36%. If eligible, your loan will be underwritten, approved, and originated by Republic Bank. However, NetCredit will still service your loan, meaning you can continue to rely on our Customer Support team to answer any questions or assist you throughout the lifecycle of your loan. You will also have access to your loan through your online account with NetCredit.

    All other installment loans will be made by a member of the NetCredit family of companies.

    See our Rates & Terms page to check the lender and typical loan offers available in your state.

  • How much can I borrow?

    Personal loans through NetCredit range from $1,000 to $10,000, but your eligibility will depend on your state of residence and your creditworthiness. To see what you qualify for, just fill out our quick online form—it takes only minutes and won't affect your credit score.

    At NetCredit, we will always look for the best offer available to you. In certain states, NetCredit has partnered with Republic Bank & Trust Company, Member FDIC, to provide the best possible loan offers. Depending on your state of residence and the lender's eligibility requirements, your loan may be originated by either Republic Bank & Trust Company or by a member of the NetCredit family of companies.

    Your eligibility will be determined by looking at thousands of variables from your unique financial picture—not just your credit score. 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. That's the power of the My RightFit™ tool!

    For more information about the loan options and lender(s) in your state, visit our Rates & Terms page.

  • 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.

    Plus, ClearCost for Me™ promises no additional or hidden loan fees, such as application, origination, late, non-sufficient funds (NSF) or prepayment fees.

  • How fast will my loan be funded?

    We work hard to offer you a quick and convenient process. Our quick online form takes just minutes to fill out, and you'll receive an eligibility decision in seconds. If eligible, once you select your loan terms and sign your loan agreement, you'll typically receive a final approval decision within the same business day, but depending on whether we need to verify additional information, it could take up to 3 business days. Once approved, your personal loan will be deposited in your account as soon as the next business day! If your application is approved between 6pm CT Thursday and 6pm CT Friday, you’ll typically receive your money the following Monday. If you application is approved over the weekend (after 6pm CT Friday), you'll typically receive your money the following Tuesday.

    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 unsecured personal loans?

    Yes! Many personal loan lenders require you to "secure" your loan by providing them with your car or house title; if you happen to default on your loan, the lender can seize your car or home to offset your debt.

    At NetCredit, we believe access to credit should be straightforward and fair to all. You won't be asked to provide a home or car title as collateral for a personal loan through NetCredit when you fill out our online form.

  • Do you offer personal loans for bad credit?

    At NetCredit, we know that you're more than your credit score. That’s why we look at your broader financial picture—not just your credit score—to determine your eligibility.

    We also understand that increasing or protecting your score is important to you. That's why we know you'll love My ScoreSaver™ and My CreditBuilder!

    My ScoreSaver™ ensures that checking your eligibility won't affect your credit score.

    With My CreditBuilder, payment towards your personal loan will be reported to TransUnion and Experian, two of the major credit bureaus. On-time payments may build positive credit history, helping you move forward.

    And if you're looking for even more, we've gathered easy-to-understand explanations and helpful tips on credit scores and other financial topics in our blog!

  • 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 Support Team.

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. That's why we offer two different recurring 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. NOTE: Loans originated on or after October 3, 2016 to covered borrowers, as that term is defined by the Military Lending Act, cannot be repaid by remotely-created check.

    Other Repayment Methods

    You can always change your preferences during the life of your loan. Additional options include calling us to make a debit card or credit card payment, mailing us paper check or money order, or sending us a MoneyGram or Western Union payment. Please send payments to:

    NetCredit
    P.O. Box 645295
    Cincinnati, OH 45264-5295

    IMPORTANT: Account ID and Customer Name should be included with payment. All payments should be received by 9 pm CT on your scheduled installment due date.

    Please note that these options are not recurring, so you will need to schedule your payment in advance of each contractual due date. Call us at (877) 392-2014 for more details on how to set up a payment.

  • 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). However, you may make your next payment early by choosing a date more than two business days prior to your scheduled due date. 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 following states may be able to Lower Their Payment: Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, South Dakota, Utah, and Virginia.


    "Borrow More Money"
    Customers who borrow less than their full approved amount or who 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 following states may be able to Borrow More Money: Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, South Dakota, Utah, and Virginia.


    Sign in to your account or call us at (877) 392-2014 to check if you're eligible.

Credit Reporting

  • Do you report payment history to the major credit bureaus?

    Yes! We are committed to helping our customers build their credit history. As of July 15, 2013, we will report all payment activity to two major credit bureaus: TransUnion and Experian. At this time, we are only reporting payments made on or after July 15th, 2013. This new feature means that full, on-time installment payments toward your NetCredit loan may help you build positive credit history! Learn more.

    Check out our blog to learn more about how credit scores are calculated and what steps to take to improve your score.

  • How does credit reporting affect me?

    We will report all payment activity for installments due on or after July 15, 2013 to two major credit bureaus: TransUnion and Experian.

    This means that full, on-time installment payments toward your loan may help you build positive credit history!

    On the flip side, late payments could hurt your credit score or damage your credit health. If you have any concerns about making your payments on time, the best thing to do is call our Customer Support Team at (877) 392-2014 as soon as possible before your due date. If you have questions about errors on your credit report, learn more here.

    Check out our blog to learn more about how credit scores are calculated and what steps to take to improve your score.

  • What do I do if there is an error on my credit report regarding my loan?

    If you believe there is an error on your credit report regarding your loan, please contact us via email at support@netcredit.com. Be sure to include copies of documents that support your position. We will investigate the issue and correct any information we find to be inaccurate.

    For more information on how to dispute errors on your credit report, visit http://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports.

  • Will my credit score be affected if I apply for a loan?

    The first step in applying for a loan is checking your eligibility. If you are eligible, you will receive a loan offer and payment schedule. In order to provide you with a loan offer, we will pull your credit report. This soft inquiry will not be seen by third parties and will not impact your credit score.

    If you accept your loan offer and submit the loan contract, we will pull another credit report. This hard inquiry may be seen by third parties, and may have an impact on your credit score for a period of time.

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 the Menu icon in the top right corner of the site
    2. Click on Sign In
    3. Click on the "Forgot password?" link
    4. Enter your email
    5. 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 in to your account using your current login and password
    2. Click the Menu > My Info > Personal Info
    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 in to your account
    2. Click the Menu > My Info > Personal Info
    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 employment information, just follow these simple steps:

    1. Sign in to your account
    2. Click the Menu > My Info > Employment Info
    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 details about your current loan if you want to. Sign in to your account and you'll see a summary of your loan status and key information, such as your loan terms, your outstanding balance, your next due date and much more.

    Depending on your loan status, you may also see the following helpful links:

    • The "View Contract" link displays a copy of your signed loan agreement.
    • The "View Payment Schedule" link displays a copy of your full amortization schedule per the terms of your loan agreement.
    • The "Loan Details" link displays a summary of your payment history.

Check Your Eligibility

This won’t affect your credit score!