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- Rates based on amount and eligibility. Bad credit OK.
- Build credit with timely payments. $1k-$10K.
- State Licensed. Based in Chicago, IL. Since 2012.
|$10,000||Maximum First Loan|
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Net Credit is a subsidiary of Cash America International, Inc., a publicly traded company founded in 1983. Net Credit is operated within their Enova division along with CashNet USA. They are a state licensed lender.
Net Credit is a more recent player to the installment lending space but clearly comes from a very experienced background. They serve borrowers who are largely left underserved by traditional banks. This includes borrowers who have poor to fair credit history: roughly FICO scores between 550 - 680.
One of our favorite aspects of a Net Credit loan is that Net Credit reports to TransUnion and Experian credit bureaus. This means that paying your loan off and making payments on time may improve your credit score. Improving your credit score takes time but responsible borrowing may influence your score so this is a very attractive feature of a Net Credit loan. Payday lenders and most other installment lenders do not report to the credit bureaus. Net Credit told us they are working to begin reporting to Equifax, the third of the three major credit bureaus, as well. Banks, credit card companies, phone companies, and insurance companies will often pull reports from all three bureaus so we feel building credit history at two of the three is a great first step for any borrower looking to improve their credit history.
In addition, Net Credit has a feature that allows prospective borrowers to check their eligibility and terms without impacting your credit score. This means that like all companies you can learn your terms before you accept the loan agreement but unlike most loan companies the application will not impact your credit score. Typically, when you apply for a loan the loan company will make an inquiry to the credit bureau. This inquiry generally has a negative impact on your credit score. In other words, just applying for the loan already hurts your credit score. In this case, it appears Net Credit will be able to look up your credit score without it showing as a loan inquiry on your credit report. This means you can decide to accept the loan or not without your credit score being impacted.
Net Credit's pricing policy is very clear and transparent. We like that. There are no late fees, application fees, or prepayment fees. You only pay interest on your loan. The rates for the loan depend on your credit history, loan size, and income. Net Credit makes loans from $1,000 up to $10,000. The specific loan for which you qualify depends on state regulations, employment status, income situation, and credit history. They do consider more than just credit score so you don't need perfect credit to qualify. In addition, when you apply online their underwriting algorithms are automated so you will know the real time exactly how much you qualify for and the rate. You do not have to wait for additional review.
Net Credit makes loans to people with less than perfect credit, their fees are transparent, their rates are some of the lowest in the industry, and they report to two of the three major credit bureaus. We think they are a great choice.