In a Nutshell: When you’re already on a tight budget and have a less-than-ideal credit score, securing a loan can be difficult if an unexpected expense pops up. NetCredit helps consumers get loans for sums between $1,000 and $10,000 through a quick and easy application process. The company looks at the applicant’s broader financial picture — not just a credit score — to make its loan decisions. A suite of convenient tools makes the process as transparent and simple as possible for the borrower. And NetCredit includes a wealth of financial resources on its website through its partnership with EverFi. For its customer-focused approach, we are recognizing NetCredit with our Editor’s Choice™ Award.
It only takes one unexpected hardship to put many Americans on a downward financial spiral that will negatively impact their entire lives.
For Denice F., this nearly happened when she was in danger of falling behind on her car and auto insurance payment. Denice relied on her automobile to get to work, and she didn’t have another reliable means to get to her place of employment. Additionally, her daughter and granddaughter lived more than an hour away. Denice feared that without a car, she would miss out on seeing her granddaughter grow up.
Thankfully, because of a loan from NetCredit, Denice was able to get the funds she needed to keep her head above water, get back on track with her auto expenses, and give her much-needed peace of mind.
Jessica Newman, head of NetCredit Marketing, said this is just one of many stories of satisfied customers who were able to get the funds they needed when they needed it through NetCredit. The company focuses on providing a painless, transparent, and efficient borrowing experience for customers. Because of these efforts, we are honoring NetCredit with our Editor’s Choice™ Award.
We spoke with Newman about NetCredit, how the company works to provide loans to consumers who might have been turned down elsewhere, and how the customer always comes first.
With NetCredit’s Quick and Convenient Application Process, Borrowers Can Have Funds by the Next Day
“NetCredit was founded in 2012 when we saw an opportunity to provide access to credit to people with non-prime credit ratings who weren’t receiving credit from banks and other traditional credit providers,” Newman said.
The company realized that new consumer data was available that had not been attainable in years past. That, combined with NetCredit’s robust analytics and tech platform, made it possible for the company to make fast and accurate credit decisions that weren’t solely based on credit scores, Newman said.
“We developed an internal startup to test and launch the new product and develop a new brand that expressed the loan service we were offering: a more personal, Personal Loan,” she said. “Since then, we’ve grown to serve hundreds of thousands of customers across the U.S. with a customer satisfaction score higher than 90%.”
Customers experience an all-online process, available from their desktop or mobile device, with an intuitive application process that can be completed in minutes to get the funds they need in their bank account, typically by the next business day or sooner, Newman said.
If approved, the applicant can select the loan amount that is best for them within their approval limit, with amounts that vary between $1,000 and $10,000. The applicant is offered the flexibility to choose a loan term between six and 60 months, based on the amount they need to borrow.
“Our customers love the quick and easy application process and can be confident that we take measures to secure their personal information, with customer information on our online services secured and encrypted with Norton and McAfee technology,” Newman said.
A Suite of Unique Tools, Including My ScoreSaver™ and ClearCost for Me™, Puts Customers First
NetCredit not only provides a quick and easy application process, it makes sure the customer comes first throughout the process, Newman said. The company has developed several features that help create a simple and transparent experience for customers from start to finish.
Since NetCredit customers are often working to build their credit, taking a hit on their score just to see if they would even be approved for a loan is not the most appealing prospect.
That’s why NetCredit developed My ScoreSaver™, which allows customers to check their eligibility for an online loan without affecting their credit score, Newman said.
“Additionally, the My RightFit Tool™ lets customers customize their loan amount and repayments until they find the right fit for them,” she said. “A customer can select the repayment schedule that best fits their budget or goals — choose a lower payment over a longer period of time to minimize the impact on their monthly cash flow, or choose a higher payment over a shorter period of time to incur less interest and pay off their loan faster.”
NetCredit also offers My Choice Guarantee™, a feature that allows customers to rescind their loan if they decide it isn’t the right fit. Customers who have a loan with NetCredit have until 6 p.m. Central Time on the business day after funding to return their loan.
With My CreditBuilder, a customer can build a positive credit history by making timely repayments, and NetCredit will report the on-time payments to two of the three major credit bureaus.
The process of applying for and securing a loan can be daunting. Borrowers want to make sure a company is not taking advantage of them or that they are getting into a bad loan.
“Our ClearCost for Me™ promise means that all interest and fees are clearly explained during the application process and in the loan contract, so customers know exactly how much they will owe and when their payments will be due,” Newman explained.
If a customer has any questions, they can contact NetCredit’s customer support team seven days a week.
Providing Valuable Financial Education Tools Through a Partnership with EverFi
In keeping with NetCredit’s promise to put customers first, the company features a wealth of financial education resources on its website. NetCredit partnered with financial education experts EverFi to offer this information to its customers.
EverFi seeks to empower organizations to instill knowledge in the classroom, in offices, and in the community by connecting financial education to the real world.
Visitors to NetCredit’s website can select one of four main areas and access valuable and detailed information to help them along their financial path.
The budgeting tool helps consumers get a handle on their income and expenses to start getting their finances on better footing, according to the NetCredit website.
Another section focused on credit scores and reports helps borrowers understand the importance of their credit scores and learn more about how the score is calculated. Borrowers can also explore the factors that impact their scores and learn different ways to protect it.
The emergency savings category educates consumers about spending needs and wants, and helps to illustrate how small changes to one’s daily routine can add up to big savings over time. NetCredit also offers a general savings section to educate borrowers about savings goals, different savings account options, and how to develop smart habits to help meet financial needs.
Newman said NetCredit is always focused on finding new ways to deliver even more value to its customers.
“One project we’re currently working on is getting funds to our customers even faster than before,” she noted. “Another project on our roadmap is to make our application and customer online portal even more intuitive. We are continuing to add new features to allow customers to manage their accounts more easily.”