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.
About NetCreditNetCredit 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.
- BONSAI FINANCE
Our take:Online marketplace to find you a personal loan offer that matches your needsAPPLY NOWCredit ScoreLoan Size/AmountLoan TermAPROrigination FeeAll can apply$100 – $15,0001 – 605.99% – 35.99%Varies by lender
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 CreditCreditNet 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 TimeIt 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 CustomersCreditNet 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 Review1. Only Available in Few StatesIf you live outside the 10 states that CreditNet serves, they won’t be able to help you.
2. Affects Your Hard Credit ScoreBy accepting a loan from CreditNet, they run your details through credit reporting agencies, meaning they don’t provide no credit check loans. This might have a negative effect on your credit score.
- BONSAI FINANCEOur take:Online marketplace to find you a personal loan offer that matches your needsAPPLY NOWCredit ScoreLoan Size/AmountLoan TermAPROrigination FeeAll can apply$100 – $15,0001 – 605.99% – 35.99%Varies by lender
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 ScoreCreditNet remains one of the best bad credit loan guaranteed approval 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.
