Different organizations have done research on the levels of credit by Americans with similar results. Most of the statistics show that at least 60 million people in the U.S have either bad credit or no credit score at all. The level of bad credit has given rise to institutions, mainly online based that offer credit regardless of your score.
Do you need a loan but don’t have the credit for a traditional loan? NetCredit is one of the lenders offering services for those with bad credit history. If you are exploring bad credit lenders, read this NetCredit review first.
NetCredit is an online lender based in Chicago that has been offering loans to people who have a bad credit record since 2003. It has established itself with loan options for very bad credit and the most famous of all bad credit loan lenders. It’s a subsidiary of Cash America International which is listed in the New York Stock Exchange.
We review some good and bad credit loan options and how they score for CreditNet below.
The Good NetCredit Review
1. Lending Fees Are Low
The rates for getting a loan are relatively lower compared to other lenders. They don’t charge a fee for application or a lateness penalty provided you pay before the grace period of 14 days.
2. Good for Bad Credit
CreditNet gained popularity due to its ability to provide loans for people with bad credit. While they might not allow anyone to get credit, at least they use other methods to determine if you qualify. By borrowing with CreditNet, it doesn’t affect your credit score, actually, it ends up boosting it.
3. Turnaround Time
It takes a very short time for the credit to be approved or denied. You will know whether you are getting a loan instantly, and once approved, it can take at least a day or at worst, three days.
4. Responsiveness to Customers
CreditNet has a responsive and interactive customer section. They provide lots of information for anyone willing to get a NetCredit bad credit loan.
The Bad NetCredit Review
1. Only Available in Few States
If you live outside the 10 states that CreditNet serves, they won’t be able to help you.
2. Affects Your Hard Credit Score
By accepting a loan from CreditNet, they run your details through credit reporting agencies. This might have a negative effect on your credit score.
3. There Is an Origination Fee
While we noted that the application is free, you might end up paying origination fees in some states.
NetCredit Is a Worth Lender, but Can Affect Your Credit Score
CreditNet remains one of the best bad credit loan options. In the above NetCredit review, we have seen how it’s important for you to have a full review of your situation before borrowing. However, based on the fact that your credit score is already in tatters, it’s good to consider it to repair your score. For you to qualify, check out if your state is covered as CreditNet only covers ten states.
There is more to learn about how you can manage your finances by visiting our site. We have a variety of articles on personal finance, business finance and how the two interact. Our learning center offers practical lessons on managing your finances, your credit score, and tips for improving it.