Is NetCredit reliable?


Quick Answer

NetCredit is a subsidiary of Enova, a business owned by Cash America International, according to the Better Business Bureau of Chicago and Northern Illinois. Although the company admitted no wrong-doing, Cash America paid out $19 million in refunds and fines after the Consumer Financial Protection Bureau took action against it in 2013.

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Full Answer

After a routine investigation in 2012, the Consumer Financial Protection Bureau alleged that Enova was engaged in a number of unethical practices, including deleting recorded phone calls with consumers, withholding information about sales and marketing practices and shredding documents after they were requested by the agency, explains the Better Business Bureau. Additionally, the company withheld a report about the practice of robo-signing, a term that refers to the automatic signing of affidavits, particularly those related to foreclosures, without regard to their content, says FindLaw. Primarily, due to the federal enforcement action, Enova has been given a B-minus rating by the Better Business Bureau.

NetCredit is an online company that grants unsecured personal loans to consumers based on various criteria and not just the applicant's credit score, states NetCredit's website. Although the company claims it charges no "hidden" fees, its interest rates are as high as 210 percent in some states, and its loans are not available in a number of states, including Hawaii, Illinois, Florida and Indiana.

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