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Key takeaways
- Both OppLoans and NetCredit offer personal loans for borrowers with bad credit.
- OppLoans may be a better choice if you want to avoid fees, but its starting APR is higher than NetCredit’s maximum.
- NetCredit offers loans of up to $10,000 and has a significantly lower range of rates than OppLoans.
OppLoans and NetCredit work with borrowers who have bad credit, but they have significantly higher interest rates compared to other bad credit personal loans. Because of this, you should compare other lenders before turning to these options.
If you do need to borrow from Opploans or NetCredit, apply for preapproval with both to see what you may qualify for. OppLoans is better if you want to avoid fees, but NetCredit has a lower APR range that may save you money on interest.
OppLoans vs. NetCredit at a glance
Personal loans from OppLoans and NetCredit are most suitable for consumers who struggle to get approved for funding with traditional lenders. Both come with steep annual percentage rates (APRs), but you’ll get more borrowing power and longer loan terms with NetCredit.
| OppLoans | NetCredit | |
|---|---|---|
| Bankrate Score | 4.4 | 3.9 |
| Better for | Fewer fees | More competitive rates |
| Loan amounts | $500–$4,000 | $1,000–$10,000 |
| APRs | 160.00%-195.00% | 34.00%-99.99% |
| Loan term lengths | 9 – 18 months | 6 – 60 months |
| Fees | None | Origination and late payment fees |
| Minimum credit score | Not disclosed | Not disclosed |
| Time to funding | Same-day funding | Same-day funding in select states |
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OppLoans is a payday loan alternative, but its interest rates are still significantly higher than you’d get with a traditional personal loan or with NetCredit. That said, it may still cost less than a payday loan, and you can access higher loan amounts. You’ll also get a loan term between nine and 18 months, which is far more flexible than the quick turnaround that comes with payday loans.
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NetCredit offers unsecured personal loans of up to $10,000 to borrowers with bad credit. Its loans are relatively flexible, with terms of up to 60 months. You could also get approved and funded on the same day. The starting and maximum annual percentage rate (APR) is lower than with OppLoans, which can offset some of the excessive borrowing costs.
How to choose between OppLoans and NetCredit
Depending on the APR you qualify for, NetCredit will likely be the more affordable option. It has a wider range of loan options, including terms up to 60 months. That said, OppLoans offers smaller loans with no fees, which could be useful if you need an emergency loan.
APR range
Personal loans from OppLoans and NetCredit are most suitable for consumers who struggle to get approved for funding with traditional lenders. Both come with steep interest rates — up to 195.00 percent with OppLoans and 99.99 percent with NetCredit. While that is lower than the starting rate for OppLoans, it is still significantly higher than industry averages.
Minimum credit score
Both of these lenders cater to those with poor credit, but neither discloses a specific minimum. However, OppLoans goes the extra mile to verify your income as easily as possible by allowing you to connect to your bank account electronically. Because of this, there’s usually no need to upload pay stubs, W-2s or tax returns.
Repayment terms
NetCredit has much 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. Just keep in mind that an extended loan term means you’ll pay more interest.
Loan amount
Borrowers seeking a small loan may be interested in Opploans’ $500 minimum loan versus NetCredit’s $1,000 minimum. In contrast, borrowers looking for a larger loan amount will be most attracted to NetCredit due to being able to borrow up to $10,000 versus OppsLoans’ $4,000 maximum.
Fees
Unlike NetCredit, OppLoans does not charge an origination fee on its personal loans. Even better, it has no late fees, which isn’t the case with NetCredit. That said, the lack of fees may not outweigh the higher borrowing cost. Check the total cost of your loan with both lenders to see which will be the less expensive option.
The bottom line: Which lender is better?
A bad credit score doesn’t mean you can’t qualify for a personal loan. Both OppLoans and NetCredit are options worth considering for fast funding if you have exhausted other options. Be sure to prequalify and compare your rates to determine which will work best in your financial situation.
Also, explore what other subprime lenders have to offer before applying for a loan with OppLoans and NetCredit. Many let you check loan offers online with a soft inquiry that doesn’t impact your credit score. Depending on your financial profile, you could be better off securing a loan elsewhere that offers rapid funding but with more attractive terms.
Compare more lenders before applying
There are lenders out there with loans designed specifically for people with bad credit that charge much lower interest rates. To find the right lender, apply with multiple loans to see your potential rates.
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