NetCredit offers a revolving line of credit that lets you draw cash up to a set limit, repay it over time, and borrow again as your balance goes down. It works similarly to a credit card, except instead of swiping for purchases, you request cash advances that get deposited into your bank account. Here’s how each piece of the product works in practice.
How Borrowing and Draws Work
Once approved, you manage everything through your NetCredit online account. To borrow money, you log in, click the “Request Cash Advance” button, and choose how much you want (up to your available credit). The funds are deposited directly into your bank account.
Timing depends on when you submit the request. If you request a cash advance between midnight and noon Central Time on a weekday, you’ll typically receive the money the same business day. Requests made after noon CT usually arrive the next business day. Weekend requests are generally funded the following Monday. Your bank’s own processing speed can also affect exactly when the deposit shows up.
Every time you borrow, your available credit decreases by that amount. As you make payments, your available credit increases, freeing up room to borrow again. There’s no fixed end date on the account. It stays open as long as you keep it in good standing, and you can take draws whenever you have available credit.
How Interest Is Calculated
NetCredit charges interest on the balance you carry each day, not on your total credit limit. The lender takes your annual interest rate, divides it by 365 to get a daily rate, and applies that rate to your outstanding balance every day. At the end of each billing period, those daily charges are totaled up.
The formula looks like this: (Balance × Annual Interest Rate × Number of Days in the Billing Period) / 365 = Interest for That Period. So if you borrow $1,000 at a 100% APR for a 30-day billing cycle, the interest charge would be roughly $82 for that period. The key takeaway: the faster you pay down what you borrow, the less interest you accumulate. Carrying a large balance for months gets expensive quickly.
NetCredit’s APR ranges vary by state, and the product is designed primarily for borrowers with less-than-perfect credit. That means the rates are significantly higher than what you’d find on a traditional bank line of credit or credit card. Check the rates and terms page for your specific state before applying so you know exactly what you’d be paying.
Fees Beyond Interest
In addition to interest, NetCredit charges a Statement Balance Fee each billing cycle. This fee is factored into your minimum payment and is based on the size of your outstanding cash advance balance. Some accounts may also include a cash advance fee when you draw funds. NetCredit references a “Fee Saver” program that can reduce certain charges over time, though the specifics depend on your account terms.
The line of credit has no fixed duration and no prepayment penalty mentioned in its terms, so you can pay off your balance whenever you want without an extra charge for doing so early.
Minimum Payments
Your minimum payment each billing cycle is calculated as a percentage of your cash advance balance plus the Statement Balance Fee. The percentage depends on how often you’re billed:
- Biweekly or semi-monthly billing: The minimum payment equals 2.5% of your cash advance balance plus the Statement Balance Fee. It will never be less than $50 unless your total remaining balance is smaller than that.
- Monthly billing: The minimum payment equals 5% of your cash advance balance plus the Statement Balance Fee. The floor here is $100 unless your remaining balance is lower.
Paying only the minimum keeps your account in good standing, but it stretches out repayment and increases total interest costs substantially. Paying more than the minimum, or paying off draws as quickly as possible, is the most effective way to control costs on a high-rate product like this.
Who Can Apply
NetCredit’s line of credit is available in a limited number of states. The product is offered through different lending partners depending on your location. Capital Community Bank and Republic Bank & Trust Company issue lines of credit in roughly 25 states, while NetCredit’s own family of companies covers about 11 additional states. Not every state where NetCredit operates offers the line of credit product specifically; some states only have personal loan options.
To find out if the line of credit is available where you live, visit NetCredit’s rates and terms page and select your state. The application is completed online. NetCredit doesn’t publicly list a minimum credit score or income requirement, but the product is marketed toward borrowers who may not qualify for traditional bank products. Checking your eligibility and seeing a preliminary offer typically does not require a hard credit inquiry, though finalizing a loan or line of credit may involve one.
How It Affects Your Credit
NetCredit reports account activity to the major credit bureaus. That means on-time payments can help build your credit history over time, but missed or late payments will hurt your score. If you’re using the line of credit partly to build credit, consistent on-time payments matter more than the size of your draws.
Because interest rates on NetCredit lines of credit tend to be much higher than traditional credit products, this type of borrowing works best as a short-term solution rather than a long-term financing strategy. Drawing only what you need, repaying it as fast as you can, and keeping your balance low relative to your limit will minimize costs and protect your credit profile.