Is NetCredit Legit? Who Lends and What to Check | Fintiex

Short answer: yes, NetCredit is a real online lender, and it publishes who it partners with and how its products work. The better question is whether a specific offer is a good deal for you, and whether the message in front of you is really from NetCredit. This guide walks through both.

Who is behind NetCredit

On its official site, NetCredit says that in some states it partners with Quill Bank and Republic Bank & Trust Company. In those states, applications are underwritten, approved, and made by the partner bank, while NetCredit services the account. Its rates and terms page adds that all loans and lines of credit come from a member of the NetCredit family of companies or a lending partner bank. So the lender on your paperwork may not be NetCredit itself, and that is normal for this model.

What it actually offers

NetCredit describes two products, and availability depends on your state:

• Personal loans. An installment loan paid out as a lump sum, with a fixed APR and set payments. NetCredit's homepage lists amounts up to $10,000 and terms from 6 to 60 months.
• Lines of credit. Revolving credit, listed up to $4,500 on the same page, where payments are based on what you have drawn rather than your full limit.

The site says checking your eligibility will not affect your FICO score, that no collateral is required, and that there is no penalty for paying off early. It does not publish one rate for everyone, so the APR on your own offer is the number that matters.

How to tell a real NetCredit offer from a fake

Legit lenders get copied. A few habits protect you:

1. Go to netcredit.com by typing it in, rather than clicking a link in a text or social media message.
2. Check that the lender named in your agreement matches the partner listed for your state on the rates and terms page.
3. Never pay a fee up front to "unlock" or "guarantee" a loan. NetCredit does not describe any such fee on its site.
4. Do not share a one time code or your password with someone who calls you.
5. If something feels off, call the support number shown on NetCredit's own site, (877) 392 2014, and ask.

Legit is not the same as cheap

NetCredit says it reports payment history to major credit bureaus, so on time payments can help your credit history. But online lenders that work with fair or poor credit are often far more expensive than a credit union or a mainstream personal loan. Before you accept, look at the APR, the total of all payments, and whether a shorter term would cost less overall. Our review of the Elastic line of credit, which also runs through Republic Bank & Trust, shows how quickly fees on this kind of credit can add up. The same gap between legit and cheap shows up with lenders like Dollar Loan Center, and with loan matching sites such as Bear Loan, which connect you to lenders rather than lending to you directly.

A quick checklist before you sign

• Which bank or company is the lender on my agreement?
• What is the APR and the total I will repay?
• Is this a loan or a line of credit?
• Can I pay off early, and how?
• What happens if I miss a payment?

Bottom line

NetCredit is a legitimate, established lender that is open about its bank partners. Whether it is right for you depends on the offer itself, so compare it with at least one other option. This page is general information, not financial advice.