A personal loan is an amount loaned to an individual borrower rather than a business or corporate customer. Majority of these loans are unsecured which means the borrower does not have to pledge a personal asset such as property or vehicle for the collateral. Personal loans can be used to finance anything and the borrower typically receives a principal amount which they pay off at a fixed interest rate.
Details on the NetCredit Personal Loans
The NetCredit personal loans are in the range of $1,000 and $10,000 but the eligibility depends on which state you live in and how good is your credit score. An online form can be filled to find out if you are eligible for the loan. Completing the form only takes a few minutes and does not affect the credit score.
The NetCredit personal loans offer the best rates available. They have partnered with certain banks to make their loans affordable to the general public. There are several variables NetCredit looks at when evaluating a borrower’s financial profile. Apart from the credit score, other personal information is required and then the highest loan amount you can borrow is given to you. You can choose the maximum amount or even select one lower than that depending upon your personal requirements.
Secured NetCredit Personal Loans
While an unsecured loan does not require any collateral, the secured loan has a mandatory requirement for putting up an automobile, expensive equipment or any other appraisable asset as security. In the event the borrower defaults on the repayment, NetCredit can claim ownership of the asset and use it to pay off the debt. The unsecured loan has no such requirement but it is usually accompanied by a higher interest rate.
Costs of the NetCredit Personal Loans
The NetCredit personal loans have a very straightforward fee structure. As long as the borrower makes timely payments, they will not be charged an application fee. The origination, prepayment and insufficient funds fee is also not applicable. NetCredit charges a late payment fee in some states of America.