For those in dire need of quick cash, NetCredit personal loan can be a last resort option. However, there are other options.
The NetCredit personal loan rates are high, as well as a possible origination fee and short repayment terms. This all increases borrowing costs. Although NetCredit loans do not qualify as payday loans, they are high-cost short-term loans that can last up to your next paycheck. However, the NetCredit APRs are much higher than the 36% threshold that the National Consumer Law Center considers predatory lending.
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One example will show you how interest could cost you more than twice what you borrowed.
Let’s assume you are approved for a $4500 loan with a 65 percent APR, a 50 month loan term and a $262.53 monthly payment. You will pay back approximately $13,127 over the term of the loan, $8,627 in interest.
These high-cost loans can create a vicious cycle of debt that is difficult to break. NetCredit loans and any other high-cost loans are not recommended by us unless you have no choice. You should make a plan to repay the loan as soon as you can. NetCredit does not charge prepayment penalties so there are no additional fees for zeroing out your balance early.
Alternatives to a netCredit loan
Even if you have poor credit, there are other options than the NetCredit personal loans for borrowing money. These are some options to a NetCredit personal loan:
Personal loans for people with bad credit. Other lenders offer personal loans to people with bad credit at lower APRs. Many lenders offer an option to instantly check your rate without asking for hard credit information. This allows you to shop around to get the best rate.
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Secured loan. Secured loan. Lenders are less likely to take on secured loans because they are backed up by collateral. Secured loans are easier to get than unsecured loans and may offer lower interest rates. You could lose your collateral if your loan is not paid on time.
You can withdraw from your retirement account. You might be able borrow from your retirement account or withdraw from it. You may be subject to taxes or early withdrawal penalties depending on which type of account you have, and what expense you are using the money for. Although we don’t recommend this, it may be an option to high-cost loans in emergency situations.
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Outside assistance. You may be able negotiate a payment plan or get help from non-profit agencies if you are having trouble paying your bills and living expenses. If you are in financial trouble, a friend or relative might be able to help you.
How do I Qualify to Receive a NetCredit Loan?
NetCredit claims it assesses the borrower’s financial picture and not only their credit score to determine their eligibility. Although it isn’t clear exactly what this means, NetCredit says that it looks at other data, such as the borrower’s employment history and residence history, when reviewing a loan application. This information is in addition to information from the credit reports.
Borrowers must meet the following requirements to be eligible for a personal loan from NetCredit:
In Alabama and Delaware you must be at least 19 years of age, in Mississippi 21 and in all other states 18 respectively.
- A valid personal checking account is required.
- Maintain an active email account
- A verifiable source for income.
- How to apply for a NetCredit loan
Due to the high APRs, we don’t recommend that you take out a NetCredit Loan. If you have considered all the pros and cons and are still willing to move forward, you can verify your eligibility for a personal loan through NetCredit. While you will need to provide some personal information (name, address, date of birth and age), NetCredit will not perform a credit check until you apply for the loan.
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Before applying for NetCredit, we recommend that you familiarize yourself with the terms and rates offered by NetCredit. NetCredit’s fees, terms and rates may differ by state.
