Key Takeaways
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Both OppLoans and NetCredit offer personal loans for those who cannot get financing elsewhere.
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OppLoans is a suitable lender for a borrower who has bad credit and wants to avoid fees.
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NetCredit offers loans up to $10,000, which is a good option for borrowers looking for a larger loan.
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When comparing personal loan options with bad credit, it’s important to calculate what the potential rate will cost you depending on the term you choose.
It can be challenging to get a personal loan with less than perfect credit. Lenders like OppLoans and NetCredit understand the issues consumers with bad credit face and offer customized credit solutions to meet their needs.
However, these loans come with high costs because they are risky for the lenders. So it’s best to understand what each lender has to offer and compare other options before deciding which is best for you.
OppLoans vs NetCredit at a glance
Personal loans from OppLoans and NetCredit are best suited for consumers who have difficulty getting approved for financing from traditional lenders. Both have a high annual percentage rate (APR), but with NetCredit you get more borrowing power and longer loan terms.
OppLoans | NetCredit | |
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Bank rate score | 4.2 | 4.3 |
Better for | Less costs | Higher loan amounts |
Loan amounts | $500 – $4,000 | $1,000 – $10,000 |
APRs | 160.00%-179.00% | 34.00%-155.00% |
Length of the loan | 9 – 18 months | 6 – 60 months |
Costs | No | Origination and late payment fees |
Minimum credit score | Not disclosed | Not disclosed |
Time for financing | Same day financing | Same-day financing in select states |
Personal loans from OppLoans
OppLoans
More information
in our bank interest overview
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OppLoans acts as a payday alternative, but the APRs are still significantly higher than what you would get with a traditional personal loan. That said, it may still cost less than a personal loan and give you access to higher loan amounts. You also get a loan term of nine to 18 months, which is much more flexible than the quick turnaround associated with payday loans.
NetCredit personal loans
NetCredit
More information
in our bank interest overview
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NetCredit offers unsecured personal loans of up to $10,000 to borrowers with bad credit. The loans are relatively flexible, with terms of up to 60 months. You can also be approved and funded on the same day. The starting and maximum APR are lower than OppLoans, which can offset the excessive borrowing costs.
How to choose between OppLoans and NetCredit
Depending on the APR you qualify for, OppLoans may be the more affordable option. While you have access to smaller loan amounts and shorter loan terms, the lack of fees may make this a better choice. NetCredit charges additional fees in certain states. But you can receive financing a day earlier and get approved for a larger loan with a longer term.
APR range
Personal loans from OppLoans and NetCredit are best suited for consumers who have difficulty getting approved for financing from traditional lenders. Both have steep interest rates – up to 179.00 percent with OppLoans. NetCredit offers a cap of 155.00 percent, which, while lower than OppLoans, is still significantly higher than the industry average.
Minimum credit score
Both lenders target people with bad credit, but neither discloses a specific minimum. However, OppLoans goes the extra mile to verify your income in the easiest way possible by letting you connect to your bank account electronically. This usually eliminates the need to upload pay stubs, W-2s, or tax returns.
Refund Terms
NetCredit has a lot more flexibility when it comes to paying off your loan – up to 60 months versus the 18 that OppLoans offers. A term of up to five years can make your monthly payments more affordable. Keep in mind that a longer loan term means you pay more interest.
Time to receive money
Both lenders offer same-day financing terms, which can be life-saving for those in financial need. But NetCredit doesn’t offer fast financing nationwide, so be sure to check with your home state in advance.
Costs
Unlike NetCredit, OppLoans does not charge an origination fee for its personal loans. You also pay no application fees if you apply for the loan or decide to pay off the loan in full before the term ends. Even better, there are no late fees, which is not the case with NetCredit. Depending on where you live, NetCredit borrowers may also face loan origination fees.
The bottom line is: which lender is better?
A bad credit score doesn’t mean you don’t qualify for a personal loan. Both OppLoans and NetCredit are options worth considering to get fast financing if you’ve exhausted other options. Be sure to request quotes from each lender and compare them to determine if they are suitable for your financial situation.
Also, find out what other subprime lenders have to offer before applying for a loan with OppLoans and NetCredit. Many allow you to view loan offers online with a soft application that won’t impact your credit score. Depending on your financial profile, you may be better off taking out a loan elsewhere that offers quick financing but with more attractive terms.
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