NetCredit

The Good

• No origination fees or late fees
• Quick funding
• Customer service

NetCredit is a personal lender that appears fairly straightforward about the interest rates and fees that they charge.  They do not charge for origination fees, having insufficient funds, late fees, or making monthly payments early, whereas many lenders do charge these fees.  They also can fund the same day for buyers who are approved.  Approval requires the consumer to enter his or her name, address, phone, and driver’s license number.  The borrower must then also have a valid  checking account.

NetCredit is owned by Enova Financial, a large financial services company based in Chicago, and this gives them sufficient resources for a well-staffed customer support department.  They provide different ways to contact them for comments, questions and concerns.. NetCredit customer support representatives are ready for any kinds of help such as technical help, account management, or general questions about how the loans work.

The Bad

• Reports of early debit
• Maximum loan of $10,000
• Limited state availability

NetCredit does not enjoy particularly high customer reviews, and the most common complaint involves early debits.  Borrowers with NetCredit loans often say that the company will debit payment two or three days earlier than expected.  Perhaps this is only when payments fall on a weekend or a holiday, but it indicates that NetCredit is not communicating the timing of payments well to its customers, and early debits can have serious negative consequences when borrowers have to pay bank fees.

NetCredit only lets  customers borrow up to $10,000 for the loan and this can be a  a drawback for some borrowers.  The company suggests some instances where the actual payments can be lowered by up to 15%.   Interest rates will be on the higher side because NetCredit is appealing to consumer with some negative history on their credit reports.

NetCredit’s services are available to customers in the following states:

• Alaska
• Colorado
• Connecticut
• Hawaii
• Illinois
• Iowa
• Maine
• Maryland
• Massachusetts
• Minnesota
• Nevada
• New Hampshire
• New Jersey
• New York
• North Carolina
• Oklahoma
• Pennsylvania
• Rhode Island
• Tennessee
• Vermont
• West Virginia
• Wyoming

The Summary

NetCredit has proven to be a beneficial and successful personal loan company with a good reputation and a solid company history for customers. They just not take the money of the customer; rather establish a culture of customer education. They only offer their services in 23 states due to their low maximum loan amount available.