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NetCredit vs LifeLoans

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NETCREDIT

NetCredit is new to the personal loan business. This Chicago based company opened doors in 2012 and currently hold a strong A- Better Business Bureau rating. NetCredit offers unsecured personal loans between $1,000 and $10,000 to customers of all credit scores. The process of applying and obtaining a loan is completely online. There's no need to make an appointment and take time away from work just to fill out a loan application.

NetCredit provides the funds for all of the personal loans issued from this company. The process is very simple:

  • Customers identify how much they'd like to borrow and for what purpose
  • Complete a quick and easy application that allows NetCredit to identify your name, your contact details, work history and more
  • Applicants can expect an immediate response upon submission of their application with the maximum loan amount and terms
  • The customer then identifies how much they would like to borrow and accepts the terms of the agreement
  • Loans are typically sent via direct deposit by the next business day unless documentation is required or questions still exist.

Interest rates are dependent on the loan size and your credit worthiness. Because of this, NetCredit does not publish their loan interest rates online. Loan payments back to NetCredit can be drawn automatically from your bank account and occur over time, based on the terms of the loan. Outside of interest, there are no associated fees with obtaining a loan at NetCredit. For those attempting to build back their credit, NetCredit does report payment history and activity to both Experian and TransUnion.

The only downside to working with NetCredit, at this time, is that they currently provide loans in only 13 states. While we believe they will be adding to the list over time, customers in states not supported by NetCredit will not be able to work with them until further expansion. However, if you are in a state that NetCredit does operate in, they offer a fast loan application and quick approval process. NetCredit is worth your consideration.

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LIFELOANS

Offering personal loans ranging from $100 to $35,000, LifeLoans says they can "get the cash you need fast". To get started, the site asks you to enter your desired loan amount, your monthly income, your credit score, and your zip code. From there, you are taken to a page that asks for much more specific personal information, including your address and zip code. From there, the site says they will pass along your details to up to 6 lending partners in their network, who will contact you directly. And, if you don't qualify for a traditional personal loan, the disclaimer also explains that you may be referred to lenders offering "payday loans", which typically have much higher interest rates than personal loans.

Of course, in this age of identity theft, it's important to confirm that your information will be safe before entrusting it to a website. Is LifeLoans a trustworthy source of personal loans?

LifeLoans is a member of the Online Lenders Alliance, which expects its members to uphold standards of integrity and honesty in the lending process. But, unlike most of the other personal loan services in our review, LifeLoans maintains no reputation with the Better Business Bureau.

In fact, we were unable to find a single review from a LifeLoans customer - positive or negative. We also couldn't find a phone number to call with questions, or an email address to contact them with. Residents of Connecticut, New Hampshire, Washington, and Vermont are not eligible to submit a request for a loan through this site.

Overall, we weren't impressed with what LifeLoans offers with respect to personal loans. If you're looking for transparency and an established track record of helping customers get the money they need, we suggest you consider one of the higher-ranked lenders in our review first.

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Personal Loans

To help you find the Best Personal Loans, TopConsumerReviews.com provides you with an in-depth comparison of NetCredit and LifeLoans.

Are you in need of some cash? Historically, borrowers have had limited options for a personal loan. You could ask a family member, a friend, or find a personal finance company that offered fixed-rate loans, typically at exobrtantly high interest rates.

Today, however, finding a personal loan brings several more options to the table. While you can still ask a family member, or get a high-rate loan from a finance company, you can also consider using a social lending network. These networks, also called peer-to-peer loans, generally have much lower overhead and as a result can offer much lower interest rates. They're facilitated by professional companies familiar with this type of lending, to simplify things for all parties.

No matter where you borrow money from, before you get your next personal loan you should consider the following:

  • BBB rating. Does the lending company have a solid history of doing good business with its customers?
  • Loan size and rate. How much will the lending company offer? What interest rate do they charge their customers?
  • Loan application process. When applying for your personal loan, can it be completed online? Is the lending process easy and straightforward?

TopConsumerReviews.com has reviewed and ranked the best online personal loan providers available today. We hope this information helps you find the best loan at an affordable rate that meets your needs!



Personal Loans In The News

Bank of America Income Rises on "Solid Loan Growth"

Its net revenue increased 4 percent to $22.8 billion, while its net interest income increased by $709 million to $11.9 billion on the back of higher interest rates as well as loan and deposit growth.

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Bank of America profit beats on lower costs, loan growth

(Reuters) - Bank of America Corp (BAC.N) reported a better-than-expected rise in quarterly profit on Monday as the second-largest U.S. lender benefited from cost cuts, while higher interest rates and ...

Published:  Mon, 15 Oct 2018 05:02:00 GMT



Is a personal loan for you

Personal loans have surged in popularity, in part because of increasing consumer confidence and a growing array of online lenders to provide them. Credit reporting agency Experian says that personal l...

Published:  Sat, 15 Sep 2018 18:57:00 GMT



More consumers are turning to personal loans

Personal loans have surged in popularity, due in part to increasing consumer confidence and a growing array of online lenders to provide them. Credit reporting agency Experian says that personal loans ...

Published:  Sat, 15 Sep 2018 21:07:00 GMT



What to consider before taking out a personal loan

Personal loans can be anywhere between $1,000 and $50,000, and should only be taken out for good reasons. If you have big expenses looming, you'll want to avoid putting it on a credit card, as credit ...

Published:  Fri, 28 Sep 2018 10:10:00 GMT



Agency sees increase in personal loan use

Personal loans have surged in popularity, due in part to increasing consumer confidence and a growing array of online lenders to provide them. Credit reporting agency Experian says that personal loans ...

Published:  Sat, 15 Sep 2018 22:38:00 GMT



Indians lap up personal loans: How much should you borrow

Don't live beyond your means; take a loan that you can easily repay. Get a personal loan in less than an hour; payday loans; convert your purchases into EMIs; apply for a loan online etc. It comes as ...

Published:  Wed, 12 Sep 2018 21:44:00 GMT



Americans are splurging on personal loans thanks to fintech startups

Ten years on from the credit crisis, Americans are again piling on debt in all its varieties, from credit cards to student loans to mortgages. These days, personal loans-a category turbocharged by fin...

Published:  Tue, 24 Jul 2018 07:29:00 GMT




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