How does NetCredit work?
NetCredit and our lending partners offer unsecured personal loans and lines of credit. The online application can be completed in minutes, with funds delivered as soon as the same day if approved before 1 p.m. CT, Monday through Friday, excluding federal holidays. Depending on where you live and your eligibility, you may qualify for a personal loan, or an open-end line of credit. There is no fee to repay early.
The NetCredit Application Process: Step-by-Step
The NetCredit application process consists of three steps before final approval and funding — checking your eligibility, reviewing your offer and completing verification.
If you submit your application before 1 p.m. CT, Monday through Friday, excluding federal holidays, you may receive your funds as soon as the same day.
Check your eligibility.
The first step in the application process is to check your eligibility. You'll do this by filling out the secure application with some simple personal and financial information. The process is easy and can often be completed in just a few minutes. NetCredit will perform a soft credit pull, which won’t affect your FICO® Score.
Checking your eligibility lets you see what you may qualify for. If you’re eligible, you’ll next be able to review your available offer before deciding whether to continue.
Review your offer.
If eligible, the second step is to review your offer. Receiving an offer is not a guarantee of funds, you’ll still need to pass final verification to be approved and receive your funds. Based on the information from your application and the state you live in, you may be eligible for a personal loan, a line of credit, or you may have the option to choose.
Your offers will include the maximum loan amount you qualify for and all of the terms upfront. It’s important to review all the information to be sure your offer is fit for your financial situation. If you have questions about your offers, you can contact our Customer Support Team.
Sign your contract and complete verification.
If you’re approved, the third step is signing your contract and completing any required verifications. After you sign, NetCredit will begin verifying the information in your application. Final verification will include a hard credit check, which can impact your FICO® Score. Additionally, you may be asked to link your bank account or upload bank statements or other documents to verify your income.
To ensure prompt funding, respond quickly if documents are requested. Use the bank account where most of your income is deposited. If you do not pass final verification, you will not receive funds.
Receive your funds.
Funding happens after final approval. If final approval happens before 1:00 p.m. Monday through Friday, excluding federal holidays, funds can be sent the same day. If final approval happens later or on a weekend, funds are typically sent the next business day.
Understanding Your Loan Costs
NetCredit is designed for borrowers who may not fit the eligibility requirements of other lenders. That means NetCredit may say yes in situations where other lenders say no.
However, broader access can also mean a higher cost of credit.
We know that cost matters, and NetCredit is committed to transparency. Before you proceed with a funding offer, make sure you understand the full cost of borrowing. Here is what you can expect.
Personal Loans |
Lines of Credit |
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|---|---|---|
Overview |
A personal loan through NetCredit offers a lump sum of cash that is repaid in regular installments. You'll pay interest on the loan amount. There are no fees. |
A personal line of credit gives you access to a credit limit that you can borrow from. Rather than charging interest, you'll pay a cash advance fee for fund withdrawals as well as a statement balance fee each billing period. |
Annual Percentage Rates (APR) |
Rates may run from 34.99% to 99.99%, depending on your eligibility and state. |
A personal line of credit is a fee-based product and does not charge interest. See the fee table to learn how line of credit fees work. |
Fees |
None |
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For a full list of terms and definitions, visit the line of credit glossary page. Click here to view how line of credit fees work. Visit the Rates & Terms page to learn more about borrowing options available in your state.
How NetCredit Payments Work
Payments are made on a bi-weekly/semi-monthly or monthly basis, depending on how often you receive income.
Personal Loans |
Lines of Credit |
|
|---|---|---|
Frequency |
Bi-weekly/semi-monthly, or monthly, depending on how often you receive income. |
Bi-weekly/semi-monthly, or monthly, depending on how often you receive income. |
Amount |
Fixed payments. |
Varies depending on cash advance activity and amount borrowed. |
Amortization |
Yes — early in repayment, a bigger portion of your payment will go toward interest. |
No - revolving balance with minimum payment requirements, where a bigger portion of your payment will go toward fees. |
Allotment |
Your payment is generally applied in this order:
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Your payment is generally applied in this order:
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Building Your Credit History
NetCredit and our lending partners report to Experian and TransUnion. This means that on-time payments can help build your credit history over time. However, keep in mind that late or missed payments can have negative effects on your credit score.
NetCredit is here to help when you need access to funds and your options are limited. While it can be an expensive way to borrow, personal loans or lines of credit through NetCredit can help you build your credit history and put you in a stronger position if you need to borrow again in the future.
Rewarding Your Financial Progress
For eligible customers, NetCredit offers features such as Fee Saver, credit limit increases and refinancing options that can help reduce costs and provide more breathing room. These benefits are tied to positive repayment history, which means that staying on track can help create more flexibility over time.
Fee saver
For line of credit customers, making a qualifying string of payments can help reduce the cash advance fee. This can help lower the cost of borrowing, and it means more of each future cash advance goes into your account instead of going toward fees. If you keep making qualifying payments, that fee may continue to decrease over time. Visit the Line of Credit Rewards page for full program details.
Credit limit increases
Line of credit borrowers may also qualify for a credit limit increase. That means the total amount you can borrow may go up over time. Additionally, it can help improve your credit utilization ratio, which is a factor of your FICO® Score. Credit utilization is the amount of credit you have available compared to the amount of credit you’ve used. Impact on credit score may vary.
Refinance to borrow more.
For eligible personal loan customers in select states, refinancing gives you a way to replace your current loan with a new one. If you qualify, the new loan pays off your existing loan first and may give you access to additional funds. That can create more flexibility if your needs change over time, but eligibility and availability vary by state.
FAQs: Applying & Repaying With NetCredit
Yes, we’re backed by Enova, a publicly traded company listed on the NYSE. We’ve been operating since 2012, have helped over 3.7 million customers by disbursing over $5 billion, and we have an A+ rating through the Better Business Bureau.
See why thousands of customers have left us five-star reviews on Trustpilot.
To apply through NetCredit you will need:
To be 18 years or older
An active email address
An active checking account
A verifiable source of income
To live in a state where NetCredit or its lending partners operate
During final processing, NetCredit may also ask for proof of identity, income, employment or bank account information for verification.
Yes, NetCredit reports your payment history to Transunion and Experian. This means that on-time payments can help you build your credit history. However, late or missed payments may damage your score.
Here’s how it works:
When you check your eligibility, a soft inquiry will be made on your credit report that will not be seen by third parties and will not affect your FICO® score.
If you sign the contract, a hard inquiry will be made on your credit report that may be seen by third parties and may have an impact on your credit score for a period of time.
When you make a payment for your personal loan or line of credit, it’s noted in our system.
Your payment is reported to major credit bureaus.
Each credit bureau factors this payment and any subsequent payments into your credit report and your overall credit score.
As you continue to make on-time payments, you will accumulate positive indicators in your credit history. (Note that late or missed payments could reflect negatively on your credit report.)
You can check your application status in your NetCredit account dashboard. After you sign your contract, NetCredit reviews any required documents and verification items. If more information is needed, NetCredit will email you with a request for documents like pay stubs or other documentation.
No, in the application process being eligible and viewing your offers does not guarantee that you will be approved. For approval and to receive funds, you must accept your offer, sign your contract, and complete final verification. If final verification is not successful, the application will be denied and funds will not be sent.
Loans through NetCredit are amortized, which means that at the start, most of your payment goes toward interest or fees rather than your balance. This is a common structure for many types of loans — it spreads the cost out over time and keeps the payment amount fixed. As you continue making payments, more of each payment goes toward the principal, and you'll see the balance drop more noticeably.
If you want the balance to come down faster to help you reduce the cost of borrowing, you can pay more than the minimum or make extra payments with no penalty.
NetCredit and its lending partners operate in Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Wisconsin and Wyoming.
NC is not available in Colorado, Connecticut, Maine, Maryland, Massachusetts, New Hampshire, New York, Oregon, Pennsylvania, Vermont, Washington and West Virginia.