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There are places to get loans even if your credit score has fallen off the cliff. You may need that extra money for a medical or housing emergency despite the fact you have other financial obligations or are not making a top salary.
NetCredit is a lender that caters to clients with low credit ratings. That low credit score will cause you to pay a higher interest rate, though, because the lender feels you are at higher risk of not meeting your payments.
Take out a loan or open a line of credit from NetCredit, make your payments on time and you will likely see your credit rating climb. We review NetCredit here so you can decide if this lender is right for you.
What Is NetCredit?
NetCredit is an online lender, offering unsecured personal loans (and lines of credit) through their partnership with Republic Bank & Trust Company. Available in 36 states, NetCredit believes that borrowers are more than just their credit score and claims to use a broader financial summary of borrowers’ finances to create a loan plan that works for borrowers — even those with a poor credit history.
While a NetCredit personal loan is better than a payday loan, NetCredit’s personal loans have high APRs. Those APRs range from 19% to 155% depending on your state and that can make paying back the loan difficult.
We like that NetCredit’s loan term is decently flexible with repayment terms ranging from 6 to 60 months and that they have a fast deposit time. But with such high interest rates, NetCredit won’t be a good choice for most.
Personal Loans vs. Lines of Credit
Before we dive into NetCredit’s loans, here’s a quick review of NetCredit’s two services: personal loans and lines of credit.
Unlike a personal loan that is received as a lump sum, NetCredit’s open-end line of credit works as a flexible, revolving account. Basically, you can access the money up to the borrowing limit and then once repaid, you can access it up to that limit again.
NetCredit offers…
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