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New Online Lender NetCredit Offers Personal Loans for Americans "Abandoned" by Banks

CHICAGO, Oct. 17, 2012 (GLOBE NEWSWIRE) -- NetCredit is a new online lender specializing in personal loans for consumers who either cannot qualify for a small loan from their bank or who simply prefer the convenience of a fast, online approval process.

Following a quick on-line application process at www.NetCredit.com, its proprietary underwriting technology will make an instant eligibility decision. Qualified customers will then be presented with a customized loan offer ranging from $500 to $3,000 that can be repaid through installments over six to 36 months. Unlike some other online lenders, NetCredit looks at several variables in the applicant's broader financial picture - not just their credit score – to determine loan eligibility. This allows NetCredit to approve many customers who do not qualify for a traditional credit product through their local bank.

NetCredit does not charge any additional fees associated with the loan (application, origination, late or not-sufficient funds or prepayment). NetCredit will report repayment history to the major credit bureaus which may help borrowers build their credit history.

The FDIC recently released figures stating that 28.3 percent of households nationwide are unbanked or underbanked. This follows a May 2011 survey by the National Bureau of Economic Research (NBER) which found that nearly half of U.S. consumers would not be able to come up with $2,000 to cover a financial emergency within 30 days.

"There is a growing number of Americans in today's economy who are falling into the credit gap, unable to borrow from their bank and not adequately served by existing non-bank products in the marketplace," said Stephanie Klein, head of consumer lending at NetCredit. "NetCredit is designed as a solution for the millions of Americans who are turned down by their banks, but need access to credit to pay for unexpected expenses such as, medical costs, car repairs or home improvements."

"NetCredit research indicates that only 11 percent of Americans with fair or poor credit believe that banks will lend to them," said Klein. "Eighty-one percent of these same consumers feel judged by their banks; and 68 percent believe that banks have abandoned the average consumer. These survey responses highlight the need for innovative lenders like NetCredit to fill the void left by mainstream banks."

NetCredit personal loans are currently available in the states of Virginia, Missouri, Wisconsin, Utah, Idaho, Delaware, and South Dakota.

About the Survey

The NetCredit survey was conducted online in May 2012 among a sample of 1,090 Americans. The survey respondents include 484 individuals recruited from a market research panel by Redshift Research and 606 survey respondents recruited from a database of consumers who had previously used non-bank lending products. In order to participate in the survey, respondents needed to be employed adults (18 years or older) with an open checking account, annual personal income ranging from $50K to $100K, and a self-assessed credit rating of poor, poor to fair, fair, fair to good, good, or good to very good.

A videotaped interview with Stephanie Klein commenting on the NetCredit.com survey is available at http://bcove.me/sdpomkwq.

CONTACT:
Mike Gilhooly
NetCredit
Office: (312) 568-4230
Cell: (708) 814-5281
mgilhooly@enova.com

NetCredit, a service of Chicago-based Enova International, is a licensed online lender for small personal loans, and an ideal choice for consumers who cannot qualify for a traditional credit product through their local bank. A trusted online provider, NetCredit ingrains a "customer first" attitude into everything it does, and works hard to deliver the best financial services to close the credit gap for underserved customers.

Additional information may be found at www.netcredit.com | Blog: www.netcredit.com/blog | Facebook: www.facebook.com/netcredit |Twitter: @netcreditteam

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Source: NetCredit